PRINCE FREDERICK, Md. – In a significant move to enhance local infrastructure and community facilities, the Calvert County Board of County Commissioners has approved the sale of $69,327,533 in public improvement general obligation bonds. This decision, made during a public meeting on December 19, 2023, aims to finance various projects across the county.
The bond sale is set to address various key areas. Funds will be allocated for improvements and construction of several critical facilities, including Beach Elementary School and the volunteer fire departments in North Beach and Dunkirk. Also on the list are the detention center, Twin Beaches Library, and the Calvert Pines Senior Center. Enhancements at the Chesapeake Hills Golf Course Clubhouse and the County Administration Building are also planned. Additionally, the Barstow Salt Dome, a vital component of the county’s infrastructure, will be upgraded.
Roadway maintenance and safety are also a priority. The bond will cover repairs and safety improvements for Little Cove Point Road and Ball Road. Road drainage enhancements throughout the county are also slated, ensuring safer and more efficient transportation routes for residents.
Furthermore, the county’s water and sewer systems are set to benefit from these funds. The bond sale will enable expansions, upgrades, and improvements in these essential services, reflecting the country’s commitment to maintaining robust public utilities.
Another significant aspect of the funding will be the acquisition of a new Career EMS apparatus, which is crucial for improving emergency medical services in the region. The Breezy Point shoreline, a key environmental and recreational area, will also undergo restoration, highlighting the county’s focus on environmental conservation and community well-being.
Morgan Stanley & Co., LLC won the bidding for the bond sale, offering a true interest rate of approximately 2.86%. This competitive rate is a testament to the county’s strong financial standing.
In December 2023, the Calvert County Government’s sound economic management and robust revenues earned AAA credit ratings from three independent credit agencies. This highest rating indicates the county’s strong economy and prudent fiscal management. The AAA rating is crucial in securing funding through bond sales at favorable interest rates, benefiting the county’s major capital projects.
For those seeking more information on this significant development, the Calvert County Department of Finance & Budget is available for inquiries. They can be reached at 410-535-1600, ext. 2836, or at bruce.miller@calvertcountymd.gov. This bond sale represents a strategic investment in Calvert County’s future, focusing on enhancing public services, infrastructure, and the overall quality of life for its residents.
