Wicomico County, Maryland successfully issued $1.605 Million of Series 2014B Taxable General Obligation Public Improvement Bonds.
The bonds are rated Aa2 by Moody’s and AA+ by Standard & Poor’s.
The Bonds are being issued for the purpose of financing the A.W. Perdue Stadium restoration/modernization project, funding a contingency, and paying the costs of issuance. The Series 2014B Bonds are valid and legally binding general obligations of the County to the payment of which the faith and credit and taxing power of the County are pledged. The County is empowered to levy ad valorem taxes, subject to the limitations on the County’s taxing power set forth in its Charter. Article VII, Section 706.B of the County’s Charter provides that revenues derived from taxes on properties existing on the County real property tax rolls at the commencement of the fiscal year shall not increase, compared with the previous year, by more than two percent, or by the Consumer Price Index for all urban consumers (CPI-U), whichever is the lesser.
Wicomico County, with a population of approximately 100,000, is centrally located on the Delmarva Peninsula at the intersection of U.S. Route 13 and U.S. Route 50, the two major trans-peninsular highways. The County is 115 miles from Washington, D.C., 115 miles from Baltimore, Maryland, 100 miles from Wilmington, Delaware, and 110 miles from Norfolk, Virginia.