Carroll County?s high bond ratings lessens the possibility of a tax increase.
“That?s important because property taxes are already rising because of rising home values,” said Anirban Basu, CEO of the Sage Policy Group, a Baltimore economic consultingfirm.
The county issues bonds to finance roads and schools, just as a homeowner obtains a mortgage to buy a house, said Robert Burk, county comptroller.
The nation?s three major bond-rating agencies awarded their ratings on Carroll?s economy Friday.
Fitch Ratings gave Carroll an AA+, Standard and Poor?s AA and Moody?s Investor Service Aa2, all solid scores on a scale that ranks from C as the worst to AAA as the best, according to Carroll County government.
The better the ratings, the lower the interest rate on bonds and the less expensive the capital projects are for the county and, in turn, the residents.
The three counties in Maryland to boast AAA ratings are Howard, Baltimore and Montgomery.
To join them, Carroll will have to increase its commercial-industrial tax base, which currently breaks down to 82 percent residential, 12 percent commercial/industrial and 6 percent agricultural.
Carroll is working to increase its white-collar professional work force, said Burk, who pointed to the Warfield business complex in Sykesville as an example.
This year?s bonds will fund Carroll County?s shift to full-day kindergarten, the new library in Finksburg and easements in the agricultural land preservation program, Burk said.
A sale of $20.6 million in bonds is set for 11 a.m. today and will work like an online auction.
The county expects from seven to 10 financial institutions to bid, and the one that offers the lowest interest rate will win.
Last year?s interest rate was 3.97 percent with LaSalle Bank, and the interest rate for this year?s bonds will be announced to county commissioners by noon today.
