COUNTY CONDUCTS SUCCESSFUL BOND SALE

Wicomico County Executive Richard M. Pollitt, Jr., announced that the county sold $6,795,000 in bonds at competitive bid yesterday.  Part of these bonds ($2,590,000) will finance architectural and engineering costs for Bennett Middle School, a small sum to finish the Allied Health Building at Wor-Wic Community College, and another small amount to make capital improvements at the county-owned Perdue Stadium.  The balance ($4,205,000) is to refinance bonds sold in 2002 to take advantage of a lower interest rate. 

There were 3 bidders, with bids ranging from 3.27% to 3.88%.  The award was to Robert W. Baird & Co.,Inc., the low bidder.

The sale came after a successful trip to New York City to meet with the three leading bond rating agencies.  This year, all three rating agencies affirmed the County’s strong ratings. Mr. Pollitt said that this was “a very positive result in today’s challenging economic climate. Of particular note is the $127,000 savings realized in interest expenses by the refinancing of the 2002 bonds. It’s always good news when we can save our citizens money.”

Moody’s Investors Service assigned an Aa3 rating, citing a healthy financial position, proactive management and conservative fiscal policies and practices.  Fitch ratings assigned an AA-/stable rating, commenting on our sold fund balance levels, available financial flexibility, and low overall debt levels.  In assigning an AA-/stable rating, Standard and Poor's also noted a good financial position, strong reserves, conservative management practices, and low debt burden.

“I am very pleased with the results of our bond sale,” said County Executive Rick Pollitt.  “It was clear that the rating agencies felt Wicomico County was managing its financial affairs well, and that is reflected in our solid ratings and the market based interest rate we received on the sale.”