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Published on 2/10/2009 in the Prospect News Municipals Daily.

New Issue: Baltimore County, Md., prices $97.54 million refunding G.O.s at 1.95% TIC

By Aaron Hochman-Zimmerman

New York, Feb. 10 - Baltimore County in Maryland priced $97.54 million 2009 refunding series general obligation bonds at a TIC of 1.95%, according to Robert Burros, county investment administrator.

The bonds came in three tranches.

The county priced $24.515 million in metropolitan district bonds, $26.880 million in consolidated public improvement bonds and $46.140 million in pension funding bonds.

The bonds carry maturities from 2009 to 2018 and priced with yields ranging from 0.59% to 2.61%.

J.P. Morgan Securities Inc. was the winner of the competitive sale. Public Resources Advisory Group acted as financial adviser.

Proceeds from the deal will be used to refund outstanding bonds.

The Baltimore County seat is located in Towson, Md.

Issuer: Baltimore County

Issue: 2009 refunding series general obligation bonds

Amount:$97.54 million
Type: Competitive
Underwriter:J.P. Morgan Securities Inc.
Yield range:0.59% to 2.61%
True interest cost:1.95%
Pricing date:Feb. 10
Issue:Metropolitan district bonds
Amount:$24.515 million
MaturityAmountCouponPriceYield
Aug. 1, 2009$3.380 million3.00%101.0470.59%
Aug. 1, 2010$3.155 million4.00%104.5590.80%
Aug. 1, 2011$3.075 million4.00%106.7511.18%
Aug. 1, 2012$3.000 million4.00%108.9381.33%
Aug. 1, 2013$3.365 million4.00%110.6891.50%
Aug. 1, 2014$5,000 4.00%111.4531.78%
Aug. 1, 2015$5,0004.00%112.2771.96%
Aug. 1, 2016$5.195 million5.00%119.5632.14%
Aug. 1, 2017$5,0004.00%112.3952.37%
Aug. 1, 2018$3.330 million4.00%111.5582.61%
Issue:Consolidated public improvement bonds
Amount: $26.880 million
MaturityAmountCouponPriceYield
Aug. 1, 2009$3.160 million3.00%101.0470.59%
Aug. 1, 2010$2.935 million3.00%103.1340.80%
Aug. 1, 2011$2.845 million3.00%104.3571.18%
Aug. 1, 2012$2.740 million3.00%105.5901.33%
Aug. 1, 2013$790,0002.00%102.1371.50%
Aug. 1, 2014$5,000 3.00%106.2931.78%
Aug. 1, 2015$150,0002.25%101.7441.96%
Aug. 1, 2016$3.9 million5.00%119.5632.14%
Aug. 1, 2017$2.870 million5.00%120.0012.37%
Aug. 1, 2018$7.485 million5.00%119.8732.61%
Issue:Pension funding bonds
Amount: $46.140 million
MaturityAmountCouponPriceYield
Aug. 1, 2009$7.255 million3.00%101.0470.59%
Aug. 1, 2010$7.080 million5.00%105.9840.80%
Aug. 1, 2011$7.070 million5.00%109.1461.18%
Aug. 1, 2012$7.015 million5.00%112.2851.33%
Aug. 1, 2013$6.925 million5.00%114.9651.50%
Aug. 1, 2014$6.790 million5.00%116.6121.78%
Aug. 1, 2015$4.005 million5.00%118.2961.96%

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