Havre De Grace City Council Moves Toward Obtaining $15M In Bonds

Havre de Grace MD

03 June, 2020

1:07 PM

Description

HAVRE DE GRACE, MD — The City of Havre de Grace will pursue $15 million in bond funding to finance multiple sewer and infrastructure projects following a vote of the city council on Monday. Council members on Monday voted 5-0 in support of an ordinance that allows city officials to enter the bond market to seek the funds. A public hearing is scheduled for June 15 when a public hearing will be held to discuss the ordinance. Voters approved a measure in February to authorize city officials to seek the funds. According to the Baltimore Sun, city officials will enter the market in July and will conduct the borrowing through the state of Maryland. The water and sewer projects will be funded over the next five years, the Sun reported, beginning with the new fiscal year, which begins in July. If the ordinance is approved at the council's upcoming meeting, the city will issue and sell "upon its full faith and credit" up to $15 million in general obligation bonds.