Howard County has announced that a total of $109,185,000 of refunding bonds were sold the week of Oct. 5. This year Howard County saw significant savings compared to previous years, with an overall 1.68 percent interest rate and savings of $8.6 million.
These bonds are highly valued in the marketplace in large part due to the county’s AAA credit rating, which was affirmed by all three bond rating agencies last month. The refunded bonds will save county taxpayers $6.2 million in interest payments and generated $2.4 million in savings for the Water & Sewer Fund.
Additionally, Howard County was awarded Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) of the United States and Canada. The professional group recently honored the County for excellence in following generally accepted accounting principles in the “Comprehensive Annual Financial Report” (CAFR) submission for Fiscal Year 2019.
In April, Howard County was one of just 46 counties, among more than 3,000 in the U.S., to earn a AAA credit rating from all three bond ratings agencies. Howard County has maintained a AAA credit rating for 23 consecutive years. Fitch Ratings, Moody’s Investor Services and Standard & Poor’s all noted Howard County’s strong economy and financial flexibility, and even amid the current COVID-19 pandemic and changing economic conditions, all three awarded a stable outlook with the ratings.