The Harford County Council approved Tuesday the sale of about $64 million worth of bonds for county projects.
The resolutions included $55 million for public improvement bonds, sold at an interest cost of $15.9 million to Robert W. Baird & Co. Inc., and about $9 million in refunding bonds, sold at an interest cost of $1.1 million to Janney Montgomery Scott LLC.
The aggregate rate on the public improvement bonds is 2.6 percent. The rate on the refunding bonds is 1.62 percent.
County officials and legal representatives told the council the interest rates are even lower than in the past.
"I am extremely proud of the rates and the way the sale went off," Treasurer Kathryn Hewitt said. "This was a very tight sale, extremely good rates and very much a success for Harford County that we were able to do this and come to market at this time."
"It's a low-volume month," she added.
Council president Billy Boniface said one of his concerns is that the county still has millions that has been approved to be spent, and he was wondering when the administration would be back before the council about another sale.
Hewitt said the county hopes to do bond sales annually, raising smaller amounts of money.
Harford County Executive David Craig also said the administration is slowing down some projects so as not to overburden the county's debt service obligations.
"You will see us coming here more often, probably once a budget year, with smaller amounts," Craig said, after the council ratified the sale in a special meeting.