County refinances $74 million of bonds

THE BALTIMORE SUN

Anne Arundel County yesterday refinanced $74 million worth of previously issued bonds for water and sewer projects, a move that will save $4.5 million in interest charges.

The county had twice as many offers as it had bonds to refinance, a sign that bond purchasers still have confidence in the county's fiscal strength, said Dennis Parkinson, the chief administrative officer.

"This is real money in the bank that we've saved as the result of refunding these bonds," Mr. Parkinson said.

The bond market has been good to the county lately. Last month, the county sold $56 million worth of bonds and received an interest rate of 4.98 percent, its lowest in years.

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