TITLE

Maryland's Triple-A Seen Impervious to Budget Wrangling

AUTHOR(S)
Newman, Emily
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/11/2003, Vol. 344 Issue 31613, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Maryland governor Robert L. Ehrlich Jr. may oppose a property tax increase designed to finance the state's debt service and might decide to deduct the state's spending, but financial experts say the state's triple-A bond rating will ultimately be unaffected. Ehrlich reportedly sponsored a 50 percent hike in the state's portion of the property tax that would pay off that debt. The property tax increase would generate approximately 165.7 million dollar in revenue to pay debt service ordinarily financed by the state's general fund. The state is constitutionally obliged to pay its debt service, and currently enjoys a lower borrowing cost for construction projects due to the strength of its triple-A rating.
ACCESSION #
9611070

 

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