County's capital bond bill heard

February 14, 2007|by ANDREW SCHOTZ

ANNAPOLIS - A bill to let Washington County issue up to $80 million in bonds for capital projects was discussed in a Maryland House committee on Tuesday.

The Washington County Commissioners requested the bill, which the county's delegation to the Maryland General Assembly filed.

The county did not specify any particular projects as part of the bond bill.

A summary of the bill notes that the county's 2007-2012 Capital Improvement Plan lists several projects that could be funded through bond proceeds over the next five years, including $34 million worth of road improvements and $15 million worth of school projects.

The summary notes that Washington County received authorization to issue up to $50 million in bonds in 1999 and up to $75 million in bonds in 2004.

The summary says that annual debt service costs would be about $6 million for an $80 million bond issuance, based on an interest rate of 4.35 percent and a 20-year term of maturity.


The bill requires the county commissioners to present a plan for a land-preservation and landowner equity program to the delegation by Jan. 1, 2008.

The House Appropriations Committee did not vote on the bill. The only person to speak during a short hearing on Tuesday was Del. LeRoy E. Myers Jr., R-Washington/Allegany, the delegation chairman, who also sits on the committee.

On the Web at HB 352

The Herald-Mail Articles