A planned $12.5 million coral reef exhibit will be the first step toward a rejuvenated National Aquarium, officials said this week.
The
Wings in the Water exhibit, the centerpiece of the Pier 3 Pavilion and a
home for rays, sharks and other large fish, will be turned into what
officials are calling Blacktip Reef. The replica of an Indo-Pacific
Coral Reef — thinkAustralia'sGreat Barrier Reef, though much smaller —
it will be home to a school of more than a dozen sharks, plus other
creatures that call such habitats home.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Wednesday, August 01, 2012
Maryland Sells $727 Million In General Obligation Bonds
ANNAPOLIS (August 1, 2012) – Maryland State Treasurer Nancy K. Kopp announced that the Board of Public Works (BPW), composed of Governor Martin O’Malley, Comptroller Peter Franchot and Treasurer Kopp, completed the sale of $727,025,000 of General Obligation bonds today in five series, including the direct retail sale of $26.34 million of Series A bonds which sold on July 27 and 30 exclusively to retail investors and with first priority to Maryland citizens.
The direct retail bond sale (Series A), conducted through a group of underwriters led by Citigroup Global Markets, Inc., carried a true interest rate of 2.52%. The net premium was $3,826,554.
Treasurer Kopp said, “The State of Maryland was very successful in today’s sale of General Obligation bonds, achieving an interest rate that is the second lowest for the State since 1988. This historically low interest rate means that Maryland’s schools, colleges, hospitals, prisons and cultural projects can be built at an unusually reduced cost. This is good news for the taxpayers of Maryland. It is also good news that all Marylanders who wanted to do so were able to buy the State’s high-quality bonds during the retail sale. Their investment in Maryland in turn will allow Maryland to invest in projects that benefit communities throughout the State.”
Competitive sales for Series B, Series C, Series D and Series E occurred at today’s BPW meeting. The State received bids for the $478,660,000 of Tax-Exempt Bonds (Series B), the $23,000,000 of Taxable Bonds (Series C), the $15,230,000 of Taxable Qualified Zone Academy Bonds (Series D) and the $183,795,000 of Tax-Exempt Refunding Bonds (Series E). The Series D Bonds are eligible for direct federal subsidies that will reduce the interest cost below a comparable tax-exempt bond. The Series E Refunding Bonds will reduce the State’s debt service costs by approximately $16.1 million.
In today’s competitive sales: $478.66 million in tax-exempt bonds in Series B sold at a true interest cost of 2.17%; the winning bidder was Bank of America Merrill Lynch and the net premium was $70,374,981. Bank of America Merrill Lynch was also the winning bidder on the $23 million of taxable bonds in Series C. The Series C Bonds sold at a true interest cost of 0.45%. Series D, taxable Qualified Zone Academy Bonds, sold in a principal amount of $15,230,000 with a coupon of 2.8% that is eligible for a 100% interest subsidy payment from the US Treasury Department. For Series D, the net premium was $92,751 and the winning bidder was Morgan Stanley & Co, LLC. $183.795 million of Series E refunding bonds sold at a true interest cost of 1.25%; the winning bidder was J.P. Morgan Securities, LLC and the net premium was $41,647,797.
There were 6 bidders on Series B, 11 bidders on Series C, 10 bidders on Series D and 6 bidders on Series E.
“Today’s results were very satisfying. Again, Maryland’s Triple AAA-rated bonds drew significant interest — and a very favorable and low interest rate. Maryland taxpayers benefit not only from saving millions of dollars because of the State’s low interest rates, but also from the investment in our infrastructure that these bond proceeds provide.” Treasurer Kopp said.
Maryland is one of only eight states to currently hold the AAA rating, the highest possible rating, from all three bond rating agencies. The Triple AAA was affirmed as recently as July 19, 2012, in anticipation of this bond sale.
The Maryland State Treasurer’s
The direct retail bond sale (Series A), conducted through a group of underwriters led by Citigroup Global Markets, Inc., carried a true interest rate of 2.52%. The net premium was $3,826,554.
Treasurer Kopp said, “The State of Maryland was very successful in today’s sale of General Obligation bonds, achieving an interest rate that is the second lowest for the State since 1988. This historically low interest rate means that Maryland’s schools, colleges, hospitals, prisons and cultural projects can be built at an unusually reduced cost. This is good news for the taxpayers of Maryland. It is also good news that all Marylanders who wanted to do so were able to buy the State’s high-quality bonds during the retail sale. Their investment in Maryland in turn will allow Maryland to invest in projects that benefit communities throughout the State.”
Competitive sales for Series B, Series C, Series D and Series E occurred at today’s BPW meeting. The State received bids for the $478,660,000 of Tax-Exempt Bonds (Series B), the $23,000,000 of Taxable Bonds (Series C), the $15,230,000 of Taxable Qualified Zone Academy Bonds (Series D) and the $183,795,000 of Tax-Exempt Refunding Bonds (Series E). The Series D Bonds are eligible for direct federal subsidies that will reduce the interest cost below a comparable tax-exempt bond. The Series E Refunding Bonds will reduce the State’s debt service costs by approximately $16.1 million.
In today’s competitive sales: $478.66 million in tax-exempt bonds in Series B sold at a true interest cost of 2.17%; the winning bidder was Bank of America Merrill Lynch and the net premium was $70,374,981. Bank of America Merrill Lynch was also the winning bidder on the $23 million of taxable bonds in Series C. The Series C Bonds sold at a true interest cost of 0.45%. Series D, taxable Qualified Zone Academy Bonds, sold in a principal amount of $15,230,000 with a coupon of 2.8% that is eligible for a 100% interest subsidy payment from the US Treasury Department. For Series D, the net premium was $92,751 and the winning bidder was Morgan Stanley & Co, LLC. $183.795 million of Series E refunding bonds sold at a true interest cost of 1.25%; the winning bidder was J.P. Morgan Securities, LLC and the net premium was $41,647,797.
There were 6 bidders on Series B, 11 bidders on Series C, 10 bidders on Series D and 6 bidders on Series E.
“Today’s results were very satisfying. Again, Maryland’s Triple AAA-rated bonds drew significant interest — and a very favorable and low interest rate. Maryland taxpayers benefit not only from saving millions of dollars because of the State’s low interest rates, but also from the investment in our infrastructure that these bond proceeds provide.” Treasurer Kopp said.
Maryland is one of only eight states to currently hold the AAA rating, the highest possible rating, from all three bond rating agencies. The Triple AAA was affirmed as recently as July 19, 2012, in anticipation of this bond sale.
The Maryland State Treasurer’s
BREAKING NEWS: House Votes Down Democrats' Tax Plan
Republican-led House defeats bill passed by Democrat-led Senate to maintain tax rates for most Americans but raise them for top earners.
From Fox News
From Fox News
‘Nobody 2012’: Occupy Wall Street Turns on Obama
When the Occupy Wall Street movement first emerged, there was an
understandable rush to compare it to the Tea Party. Both movements
suffered from initial image problems (though the Tea Party overcame them
far more quickly), both movements were created by insurgent, grassroots
forces opposed to established political trends, both took aim at large,
comfortable institutions and both were essentially phenomena that began
with a party’s base.
Yet since each movement’s inception, the end result of their activism has been completely different. Just look at the reception they each will receive at the conventions held by their respective parties. At the Republican National Convention this year, Tea Party elected Senators will be speaking. Tea Party elected politicians at all levels will be in attendance. Ideas like the Ryan plan, which may make the platform, will have come from the Tea Party, and Freedomworks will be pressuring the party to place 12 Tea Party-generated ideas on that platform.
More
Yet since each movement’s inception, the end result of their activism has been completely different. Just look at the reception they each will receive at the conventions held by their respective parties. At the Republican National Convention this year, Tea Party elected Senators will be speaking. Tea Party elected politicians at all levels will be in attendance. Ideas like the Ryan plan, which may make the platform, will have come from the Tea Party, and Freedomworks will be pressuring the party to place 12 Tea Party-generated ideas on that platform.
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Chick-Fil-A Creates Major Traffic Jam
The people continue to speak out by showing up at Chick-Fil-A. You have to wait at the front door just to get into the restaurant.
I'm thinking I may have to get out there around 6 PM tonight. Maybe I'll bring some Albero for Mayor tee shirts to let people know this candidate supports their cause. What do you think?
From a follower: Joe,
When I got to CFA today at 12:10, the drive through line started at M&T Bank and at the turn behind WaWa from the other direction. The line was twice around the building. I counted 90 cars on Kohl's parking lot alone. I bravely got in the pedestrian line which was out the doors, and waited. By the time I got my food and sat down to eat, (Yes, there was still plenty of seats available!) it was only 40 minutes from when I had first parked!
EVERYONE there was smiling, laughing, and generally having a great time.
When I left at 1:00, I counted cars again in Kohl's lot...140! The drive up lines were just as long, and everyone was still smiling away! It is fantastic to see this kind of support for this cause.
Chick-Fil-A In The Mall Packed
There are TWO people in line in the business next to Chick-Fil-A. Once again, I'd say the people have spoken.I've been told some Wendy's restaurants are putting out signs that say, please go and support Chick-Fil-A today.
There Are 90 Cars In Their Lot Right Now
There are cars literally wrapped around the Drive Thru TWICE at Chick-Fil-A! Pictures do not lie. I am so excited for this company. I want to thank ALL of you who have shown their support towards Chick-Fil-A. Know that this Mayoral Hopeful supports Chick-Fil-A. Again, opposite extremes.
State Workers Rake In Big Bucks In Maryland, Virginia
More than 11,500 state employees in Maryland
and Virginia earn more than $100,000 annually in base salaries, led by
higher education and medical professionals, but also including state
archivists and computer specialists.
Virginia pays 6,194 workers more than $100,000 a year, while Maryland pays 5,501 employees that amount, bringing the total to 11,695.
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Virginia pays 6,194 workers more than $100,000 a year, while Maryland pays 5,501 employees that amount, bringing the total to 11,695.
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"Buy Local" At The Riverside Arts & Crafts Market
Each Saturday at Riverside Arts & Crafts Market residents will find original art and unique craft items designed and created by local entrepreneurs. Purchasing these one-of-a-kind treasures offers another way that residents can "buy local" and ensure that their dollars return to the local economy. Vendors vary week-to-week, so customers may see new items weekly. Some artisans also offer special order items. This week customers may select from original acrylic and oil paintings and abstract geometric prints, dichroic fused glass jewelry that twinkles with reflected light, stained glass and ceramic creations, photographs of historic regional train stations, and charming hand-crafted fabric bears that can entertain a little one or be the start of a collection. To see recent photos, visit Riverside Market's Facebook page.
Riverside Arts & Crafts Market is an outdoor market held from 9-2 each Saturday (weather- permitting) in downtown Salisbury on the river at W. Main and Lake St. near Chesapeake East, Yum Café and Brew River. Driving from the Farmer's Market or Park & Flea, take Main Street through the Downtown Plaza and across the drawbridge. Follow the signs. Parking nearby.
The Market is a project of the Salisbury Arts & Entertainment District Committee. Artists interested in participating as vendors must apply in advance by contacting riversidearts1@gmail.com.
Hope to see you this Saturday!
Washington's New Massive Snooping Plan – 'Biosurveillance'
WASHINGTON – First there were satellites in the sky that could read license plates from space.
Then there were cameras on every major street and highway.
Then there were full-body scans at airports.
Then came the proliferation of drones over the skies of America.
Barack Obama announced today the next phase of government national surveillance – with a budget of billions.
It’s called “the National Strategy for Biosurveillance.”
But, don’t worry, it’s all for the public good, health and safety, officials say.
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Then there were cameras on every major street and highway.
Then there were full-body scans at airports.
Then came the proliferation of drones over the skies of America.
Barack Obama announced today the next phase of government national surveillance – with a budget of billions.
It’s called “the National Strategy for Biosurveillance.”
But, don’t worry, it’s all for the public good, health and safety, officials say.
More
Police And Protesters Clash In Anaheim
Tensions have been high for more than a week in Anaheim after two fatal shootings by police – one involving an unarmed man and another involving an allegedly handcuffed man.
Last weekend authorities fired rubber bullets at a crowd of protesters and arrested 24 people during violent clashes last Tuesday.
On Sunday more than 200 demonstrators gathered outside of police headquarters before deciding to take the protest to Disneyland. Police in heavy military gear were not about to let that happen:
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Last weekend authorities fired rubber bullets at a crowd of protesters and arrested 24 people during violent clashes last Tuesday.
On Sunday more than 200 demonstrators gathered outside of police headquarters before deciding to take the protest to Disneyland. Police in heavy military gear were not about to let that happen:
More
White House: We Don’t Have That Churchill Bust, After All
When Massachusetts Governor Mitt Romney criticized President Obama for
sending a bust of Winston Churchill back to England – a charge that was
repeated by syndicated columnist Charles Krauthammer – the White House
initially responded with immediate, cutting defensiveness. Specifically,
White House Communications Director Dan Pfeiffer fired back
on the charge, calling it a “rumor” that was “patently false,“ and
citing Krauthammer as someone who had ”repeated this ridiculous claim.”
In fact, Pfeiffer went so far as to post a picture of President Obama
and British Prime Minister David Cameron looking at a bust of Churchill,
presumably the bust in question.
More
More
How Algae Could Be The Biofuel Of The Future
For decades, scientists have been trying to harness tiny plants called algae to make fuel. This algae-based fuel could be a viable alternative to the traditional petroleum-based fuel we use today, studies have shown.
Click here to see how algae is converted into biofuel >
These algae are a huge group of microorganisms that grow naturally over the world, in many different environments — some examples are seaweed (a multicellular form) and pondscum (single-celled algae). Like other plants, algae use the energy from the sun to create sugars, which they live off of. Some of them contain a high amount of fatty molecules, similar to vegetable oils, that can be converted into biodiesel.
‘Criminals’: Former Muslim Brotherhood Spokesman Says America Will Be ‘Brought To Its Knees’
The Muslim Brotherhood has been the focus of significant
media and administration attention in recent months, as the United
States tries to conclude where the organization truly stands.
Is it a “largely secular,” reformed organization as James Clapper, the Director of National Intelligence believes? Or is it simply biding its time until it has amassed enough influence to be a credible threat?
Today, Leon Panetta met with Egypt’s new Islamist President Muhammad Morsi, who is affiliated with the Muslim Brotherhood, and said he is “convinced“ that Morsi ”is truly committed to implementing democratic reforms here in Egypt.”
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Is it a “largely secular,” reformed organization as James Clapper, the Director of National Intelligence believes? Or is it simply biding its time until it has amassed enough influence to be a credible threat?
Today, Leon Panetta met with Egypt’s new Islamist President Muhammad Morsi, who is affiliated with the Muslim Brotherhood, and said he is “convinced“ that Morsi ”is truly committed to implementing democratic reforms here in Egypt.”
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STORY TIME – WHEN DID YOU WAKE UP?
Dustwallow suggested a thread on when people woke up and realized our economic and political system was corrupt, rigged, dysfunctional, and designed to benefit the few at the expense of the many. I’ll start it off.
I turned 40 in 2003. I knew the world had changed after 9/11 but I was still a diehard Republican. I had voted for Bush in 2000. I was outraged by the 9/11 terrorist attack and fully supported the invasion of Afghanistan. I didn’t question the rapid passage of the Patriot Act. I had never even heard of Ron Paul. I also believed the rhetoric from the Bush administration leading up to the Iraq War. I particularly trusted Colin Powell, so when he went before the world showing pictures of weapons sites and mobile labs, I was convinced.
As the Iraq War got under way and no weapons of mass destruction were found, I began to question the entire story. This coincided with my personal disillusionment with the company I had helped go from $80 million in revenue to $1 billion in revenue. My fourteen years of dedicated service was ending badly as a clueless CEO ruined the company and people I thought were friends threw me under the bus.
After leaving IKEA and being so angry at Bush’s lies that I actually voted for Kerry in 2004, I began to read the writings of Bill Bonner, John Mauldin, Richard Russell, John Hussman, Robert Shiller, Doug Casey, and many of the websites listed on the side of this page. These people opened my eyes to the evils of the Federal Reserve, inflation and debt financed “prosperity”. I began following Ron Paul and reading his
More
I turned 40 in 2003. I knew the world had changed after 9/11 but I was still a diehard Republican. I had voted for Bush in 2000. I was outraged by the 9/11 terrorist attack and fully supported the invasion of Afghanistan. I didn’t question the rapid passage of the Patriot Act. I had never even heard of Ron Paul. I also believed the rhetoric from the Bush administration leading up to the Iraq War. I particularly trusted Colin Powell, so when he went before the world showing pictures of weapons sites and mobile labs, I was convinced.
As the Iraq War got under way and no weapons of mass destruction were found, I began to question the entire story. This coincided with my personal disillusionment with the company I had helped go from $80 million in revenue to $1 billion in revenue. My fourteen years of dedicated service was ending badly as a clueless CEO ruined the company and people I thought were friends threw me under the bus.
After leaving IKEA and being so angry at Bush’s lies that I actually voted for Kerry in 2004, I began to read the writings of Bill Bonner, John Mauldin, Richard Russell, John Hussman, Robert Shiller, Doug Casey, and many of the websites listed on the side of this page. These people opened my eyes to the evils of the Federal Reserve, inflation and debt financed “prosperity”. I began following Ron Paul and reading his
More
Inhofe: Obama Administration 'Doesn't Want All These Pink Slips Going Out 5 Days Before Election'
President Obama is trying to prevent thousands of layoff notices from
going out a few days before the November election, Sen. Jame Inhofe
(R-Okla.) said on Tuesday.
Obama's Labor Department on Monday issued "guidance" to the states, telling them that a federal law requiring advance notice of mass layoffs does not apply to the layoffs that may occur in January as a result of automatic budget cuts known as "sequestration."
More
Obama's Labor Department on Monday issued "guidance" to the states, telling them that a federal law requiring advance notice of mass layoffs does not apply to the layoffs that may occur in January as a result of automatic budget cuts known as "sequestration."
More
How Obama Lost The Middle Class
When I saw that James Carville and Stan Greenberg had just published It's the Middle Class, Stupid! (Blue Rider Press), I knew that I would want to read it. I had always liked Carville's We're Right, They're Wrong and wanted to know his take on approaching the declining fortunes of the middle class.
While this book includes some diagnosis of the problems and has a very detailed and very good set of policy proposals, primarily it is a work on political strategy. Based on polling and focus groups the authors have conducted over the last several years (as well as their long experience running campaigns and polling), Carville and Greenberg analyze what they consider some of the political failures of the Obama Administration, particularly with regards to messaging.
More
While this book includes some diagnosis of the problems and has a very detailed and very good set of policy proposals, primarily it is a work on political strategy. Based on polling and focus groups the authors have conducted over the last several years (as well as their long experience running campaigns and polling), Carville and Greenberg analyze what they consider some of the political failures of the Obama Administration, particularly with regards to messaging.
More
Mom Booted From Hospital As Baby Snatched
A social worker who called police after apparently making up a story
about a possible danger to a newborn, and the hospital that then gave a
shot to the infant based on the social worker’s story, now want a
federal court to ignore their actions.
According to the Home School Legal Defense Association, which brought a case against the Hershey Medical Center and social worker Angelica Lopez-Heagy on behalf of Scott and Jodi Ferris, the defendants have asked the U.S. District Court for the Middle District of Pennsylvania to dismiss the claim.
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According to the Home School Legal Defense Association, which brought a case against the Hershey Medical Center and social worker Angelica Lopez-Heagy on behalf of Scott and Jodi Ferris, the defendants have asked the U.S. District Court for the Middle District of Pennsylvania to dismiss the claim.
More
Treasury Admits It Underestimated Debt Needs, Predicts Ceiling Breach In 2012; $600 Billion More Debt In Second Half
Back on April 30, when the US Treasury, together with the TBAC chaired by Matt Zames (who as everyone knows is being groomed to take over JPMorgan after Jamie gracefully steps down) sat down put together its latest debt funding needs projection, we openly mocked [6]the numbers when we said "Now obviously we are all for the US needing less debt, however we wonder: did the US discover some magical source of tax revenue: last we checked the companies with $100+ billion in cash were paying virtually zero taxes, and US workers were making less and less courtesy of more and more jobs being converted into temp jobs with lower wages, and less withheld tax as a result." Sure enough, minutes ago the Treasury just admitted [7]what we and our readers knew all along: in its quarterly Treasury refunding appetizer, it noted that during the "September 2012 quarter, Treasury expects to issue $276 billion in net marketable debt, assuming an end-of-September cash balance of $60 billion. This borrowing estimate is $12 billion higher than announced in April 2012. The increase is primarily due to lower receipts, higher outlays, redemptions of portfolio holdings by the Federal Reserve System, and higher issuances of State and Local Government securities." In other words: if only it wasn't for that pesky lack of revenue and excess spending our mocking would have been for nothing. Alas, it was spot on, and as a result instead of needing $253 billion in fiscal Q4, the US will need $272 billion (after having a $5 greater financing need in fiscal Q3, calendar Q1 as also expected).
Finally, in calendar Q4, the Treasury expects to get back to its roots, at which point it will need $331 billion in debt, 21% more than in calendar Q3, and 17% more than in calendar Q4 of 2011.
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Finally, in calendar Q4, the Treasury expects to get back to its roots, at which point it will need $331 billion in debt, 21% more than in calendar Q3, and 17% more than in calendar Q4 of 2011.
More
Gov’t Bars Fannie-Freddie From Reducing Principal
A federal regulator is standing by its decision to bar Fannie Mae and
Freddie Mac from reducing principal for borrowers at risk of
foreclosure, resisting pressure from the Obama administration.
The Federal Housing Finance Agency announced the decision Tuesday after months of considering the option.
The agency’s acting director, Edward DeMarco, has long opposed allowing Fannie and Freddie to offer principal reduction.
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The Federal Housing Finance Agency announced the decision Tuesday after months of considering the option.
The agency’s acting director, Edward DeMarco, has long opposed allowing Fannie and Freddie to offer principal reduction.
More
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