State Agency Financing

Howard County, Maryland

Pat O'Connell advised Howard County as financial advisor in connection with a $1,577,530 borrowing in 1995 through the Maryland Environmental Service. Proceeds financed a yard debris composting facility used by Baltimore, Anne Arundel and Howard counties. Mr. O'Connell reviewed documents in connection with the transaction, made recommendations regarding the structuring of the transaction and verified the amount of Howard County's obligation under the financing agreement.

He also served as financial advisor to Howard County in connection with borrowing totaling $90 million in five series between 1992 and 2006 through the Maryland Water Quality Financing Administration. Mr. O'Connell reviewed documents in connection with these state revolving fund loans, and structured the ability to defease obligations should the county need relief from covenants in the future. The 1999 loan allowed the county to borrow at a subsidized rate and invest at an unrestricted yield to realize savings from refunding non-callable maturities.