St. Mary’s County 2022

St. Mary’s County, Maryland
General Obligation Bond
Consolidated Public Improvement Bonds, Series 2022


St. Mary’s County was established in 1637 and was the first Maryland county. The County is located in the southern part of Maryland and consists of a long, triangular shaped peninsula bordered on the northwest by Charles County, on the northeast and east by the Patuxent River and the Chesapeake Bay, and on the southwest by the Potomac River. The County’s population for the 2020 Census is estimated to exceed 120,000 residents. The County is rated AA+/Aa1/AA+ by S&P, Moody’s and Fitch.

Project Overview

Wye River Group was selected by St. Mary’s County, Maryland to serve as its financial advisor after a competitive solicitation process conducted in late 2019. Since our engagement, we have assisted the County with three bond financings, the most recent of which was a general obligation bond issue that financed certain projects identified in the County’s capital improvement plan.

Financing Overview

The County’s financing was structured as a single series of AA+/Aa1/AA+ rated tax-exempt bonds that were sold via competitive, public offering on July 26, 2022. The County received bids from 12 municipal underwriting firms, the lowest of which produced a TIC bid of 3.18%. The bonds were amortized over a 20-year period to produce level annual debt service payments. The interest rates on the bonds are fixed for the term of the financing. The financing closed on August 9, 2022.