(June 5, 2015) The Worcester County Commissioners on Tuesday agreed to proceed with the sale of about $43 million in bonds to finance a number of capital projects and save an estimated $800,000 to $850,000 because of improved interest rates.
County Treasurer Phil Thompson said the projects included in a $12 million capital improvement bond issue are the Berlin rubble fill cap and closure project, which will close the operation, a new 800 MHz radio system for the Emergency Services department, financing for the construction of a new cell at the landfill and interconnections for the Mystic Harbour wastewater interconnections plus costs, fees and capitalized interest on the bonds.
The county is also pursuing $30 million in refunding bonds, which are essentially refinancing old debt at a lower interest rate. Included in that are the 2007 refunding bonds, covering the Worcester Career and Technology Center construction and other public works projects, and 2008 capital improvement bonds for the Pocomoke High addition and renovation plus a loan from Taylor Bank financing the Ocean Pines Fire Protection system loan as well as fees, interest and other associated costs.
Bond rates change frequently, and Thompson said he believes market conditions will remain favorable for Worcester County ahead of next week’s sale. Thompson and his staff met with credit agencies last week to shore up the county’s credit score in preparation for the sale, but the final report will not be available before Ocean City Today’s press time.
Commissioner Jim Bunting asked Thompson what the expected savings might be, to which he replied, “It’s a moving target but I would expect between $800,000 to $850,000. It still seems to be there.”
Thompson said he has had his eye on the market for a while to ensure the trends were favorable for the county.