Unprecedented Sale to Provide Critically Needed Infrastructure Improvements in Six Municipalities
CROWNSVILLE, MD – The Maryland Department of Housing and Community Development is selling more than $41 million in bonds through the Local Government Infrastructure Financing program, the largest issuance in the nearly 30-year history of the program.
Proceeds from the Aug. 11 sale will provide much-needed resources for critically needed local projects including shoreline protection in the Town of Charlestown; emergency response equipment in the City of Cumberland; street improvements in the Town of North East; water and sewer improvements in St. Mary’s County; and a wastewater treatment plant upgrade in Taneytown.
“This program helps our small municipalities invest in essential projects that have been deferred for far too long,” said Maryland Governor Martin O’Malley. “Working together and by pooling our resources, we can help local governments across the state raise the resources to build and maintain the infrastructure they need for an economy that works.
Through the Local Government Infrastructure Financing Program, DHCD issues bonds on behalf of counties, municipalities, or their agencies to finance projects that serve the community at large. The department has at its disposal the expertise and resources to manage the details of public bond issuance, and to help local governments navigate successfully through the complexities of tax-exempt bond financing.
The program generates savings in the costs of borrowing by pooling local demand and securing affordable capital with advantageous terms. Since the first bond financing in 1988, the program has financed 346 distinct local projects totaling over $340 million.
“A sale of this magnitude is a real tribute to our ability to work in partnership with local governments who have a need for access to the capital markets,” said DHCD Secretary Raymond Skinner.
To obtain the Preliminary Official Statement, click here.