ANNAPOLIS – Maryland State Treasurer Nancy K. Kopp announced that the Board of Public Works (BPW), comprised of Governor Martin O’Malley, Comptroller Peter Franchot and Treasurer Kopp, approved yesterday the anticipated sale of up to $790,320,000 of General Obligation bonds in five series.
This offering will include the direct retail sale of approximately $75 million of bonds with first priority to Maryland citizens, similar to recent successful transactions. “Marylanders receive first preference in buying highly desirable, conservative quality bonds while investing in their State – a win-win situation,” Treasurer Kopp said.
The retail bond sale begins July 27th and likely will end on July 30th. For more information, potential buyers should check www.buymarylandbonds.com.
The bond sale will conclude with the BPW presiding over the competitive bond sale on Wednesday, August 1st in the Assembly Room in the Goldstein Treasury Building in Annapolis. This sale will include four competitively bid series for the remaining bonds, which are expected to be sold to institutions. The sale will include approximately $430 million of tax-exempt bonds, $20 million of taxable bonds, $15.3 million of taxable Qualified Zone Academy bonds, and up to $250 million of tax-exempt refunding bonds.
As has always been the case with the issuance of Maryland’s General Obligation Bonds, the State will use the proceeds to finance necessary capital projects,
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Maryland is about to go broke.
ReplyDeleteO'Mally is trying to cover his out of control spending and budget shortfall with the sale of these bonds, and stick the bondholders.
See the Wall Street Journal article.
BY BOBBY WHITE
Stockton, Calif., is set to declare bankruptcy as early as this week, according to local officials, a move that would make it one of the largest U.S. cities ever to file for reorganization.
On Monday, a state-required mediation with creditors to find a fiscal solution is scheduled to expire. Stockton's City Council is then slated to meet Tuesday to decide whether to adopt a budget for operating in bankruptcy, a move widely considered the last step before the city formally submits a Chapter 9 petition to federal bankruptcy court.
Stockton is required to file a budget before ...