Montgomery County has announced the results of a competitive bond sale offering of $62.3 million in Series A and B bonds at a recent Board of Commissioners meeting.
Six bidders offered submissions with Mesirow Financial, Inc. offering the lowest rate of 2.752 percent. The difference between the highest and lowest bids was only 0.062 percent.
The sale came on the heels of Moody’s reaffirming the county’s Aa1 bond rating and noting, “Montgomery County benefits from strong management that adheres to fiscal policies, multi-year budgeting, and long-term capital planning.”
“I am very pleased to see the financial community responding so positively to the county bond offering,” said Valerie Arkoosh, Chair of the Montgomery County Board of Commissioners.
“The high level of interest in investing in Montgomery County is the result of sound fiscal management policies and smart capital planning, and is a direct reflection of Montgomery County’s vibrant and strong economy.”
The Series B bonds will provide the county with $372,000 of budgetary savings in 2017 and $1.2 million between 2018 and 2024.
The Series A bond proceeds will be used to fund important infrastructure projects in the county’s capital plan and leverage the revenue from the motor vehicle registration fee passed by the county in 2016.