--- title: Baltimore County, MD Launches $3.8 Billion Debt Restructuring Plan description: Baltimore County launches a $3.8 billion debt restructuring initiative to fund critical projects and refinance bonds, optimizing savings and leveraging elite credit ratings. image: https://cdn.prod.website-files.com/66525ec138843cc1ccb1c325/68c301ebaa36be33aa2af8f7_1a3f16114a452999cc4d7d6b36ae1602_Obedio%20march%20of%20progress.png --- [Skip to content](https://hs.getobedio.com/blog/baltimore-county-md-launches-3.8-billion-debt-restructuring-plan#main-content) [![Obedio logo with black text and an orange graphic composed of four circles and a diagonal arrow pointing up and right.](https://cdn.prod.website-files.com/66525ec138843cc1ccb1c325/66529844eddaa630d6da1b42_obedio%20gold%20for%20white%20background.png)](https://getobedio.com) [Team](https://www.getobedio.com/team) [Pricing](https://www.getobedio.com/pricing) [Contact](https://www.getobedio.com/demo) [Blog](https://www.getobedio.com/blog) [Login](https://obed.io/v4/login) Financing Municipal Bond Maryland # Baltimore County, MD to Review $3.8 Billion Debt Refinancing Plan at Today’s Meeting ![Obedio research](https://7528315.fs1.hubspotusercontent-na1.net/hub/7528315/hubfs/raw_assets/public/mV0_d-cms-elevate-theme_hubspot/elevate/images/avatar-placeholder.jpg?width=48&height=48&name=avatar-placeholder.jpg) Obedio research November 25, 2025 Baltimore County, MD has kicked off a sweeping debt restructuring plan, combining funding for critical capital projects with an ambitious refinancing of outstanding General Obligation (G.O.) bonds. The initiative was unveiled during the County Council’s December 1, 2025 Legislative Session with the introduction of Bill 89-25, presented by Kevin Reed, Director of the Office of Budget and Finance, at the request of the County Executive. ### New G.O. Debt for Capital Projects The ordinance authorizes up to $358 million in new G.O. debt, split between $198 million for Consolidated Public Improvements (CPI) and $160 million for Metropolitan District projects. CPI allocations span a broad range of county priorities, including: - Schools: $123 million - Public Works (roads, bridges, stormwater): $34 million - Waterways: $21 million - Parks, preservation, greenways: $8 million - Community College: $4 million - Agricultural Land Preservation: $3 million - Community improvements: $3 million - Refuse disposal: $2 million Debt service on CPI bonds is secured by the County’s full faith and credit and financed through General Fund revenues. Bonds for CPI and Metropolitan District projects are expected to be issued in **March 2026**, with the Office of Budget and Finance retaining flexibility on timing to optimize market conditions. ### Massive Refunding Operation The ordinance also authorizes up to $3.44 billion in refunding bonds, exceeding 130% of the callable G.O. debt issued from 2010–2025, totaling $2.64 billion. This includes $1.29 billion in CPI bonds and $1.36 billion in Metropolitan District bonds. The refunding is designed to capture debt service savings by accessing favorable credit markets. While new bonds are typically sold competitively, refunding bonds may be issued through private negotiated sales, a method the County successfully used in September 2024, achieving $2.12 million in net present value savings. ### Financial Oversight and Advisory Baltimore County’s debt operations are guided by a team of specialized advisors: - **Financial Consultant:** Public Resources Advisory Group (PRAG), in its 2025 Debt Study, confirmed Baltimore County is one of only 50 U.S. counties—and ten in Maryland—with triple triple-A ratings. PRAG projects future debt ratios remain well within legal and affordability limits. - **Underwriters:** Projected premiums for March 2026 issuances are $24.7 million for CPI bonds and $10.3 million for Metropolitan District bonds, based on competitive bids. Previous sales netted premiums after underwriter discounts and issuance costs. - **Legal Counsel:** Total one-time administrative costs are $524,000, including $55,000 for bond counsel, ensuring full compliance with the Internal Revenue Code and maintaining tax-advantaged status. - **Rating Agencies:** Fees of $450,000 are allocated to rating agency services, expected to be covered by bond premium proceeds. Baltimore County’s $3.8 billion refinancing and capital plan underscores its strategic approach to debt management, leveraging elite credit ratings and market flexibility to secure long-term fiscal efficiency. ## Share this post [mailto:https%3A%2F%2Fhs.getobedio.com%2Fblog%2Fbaltimore-county-md-launches-3.8-billion-debt-restructuring-plan](mailto:https%3A%2F%2Fhs.getobedio.com%2Fblog%2Fbaltimore-county-md-launches-3.8-billion-debt-restructuring-plan) ## Keep reading ### [California Ballot Measure Local Municipalities California voters will decide 118 local tax measures and $8.07 billion in bond requests on November 3](https://hs.getobedio.com/blog/california-voters-will-decide-118-local-tax-measures-and-8.07-billion-in-bond-requests-on-november-3) ### [Local Ordinance Zoning Ordinance Development Data Federal Realty Asks La Mesa to Approve a 165,000-Square-Foot Bass Pro Shops Where Macy's Stood at Grossmont Center](https://hs.getobedio.com/blog/federal-realty-asks-la-mesa-to-approve-a-165000-square-foot-bass-pro-shops-where-macys-stood-at-grossmont-center) [![Obedio your municipal data source](https://hs.getobedio.com/hs-fs/hubfs/google%20workspace-1.png?width=100&height=41&name=google%20workspace-1.png "Obedio your municipal data source")](https://getobedio.com) Obedio's business intelligence platform provides data and insights from over 25,000 municipalities, enabling retail, manufacturing, finance, real estate, and government clients to make informed decisions, assess risk, and identify opportunities. **Data Source & Liability Disclaimer:** The data presented on this website is aggregated from various official government and public entities ("The Original Government Sources"). This data may have been modified for use from its original source. The Original Government Sources do not vouch for the quality, accuracy, or timeliness of the data as presented here. All data is provided "as is." Neither Global Regulatory Risk Advisors, Inc. (d/b/a Obedio) nor The Original Government Sources make any representations or warranties as to the completeness, accuracy, or content of any data made available through this site. All warranties, whether express or implied, including implied warranties of merchantability or fitness for a particular purpose, are expressly disclaimed. **Usage & Intellectual Property:** While the underlying facts are public records, the specific compilation, organization, and presentation of this information are proprietary to ****Global Regulatory Risk Advisors, Inc. (d/b/a Obedio)****. Any unauthorized copying, distribution, or display of this proprietary presentation is prohibited. Copyright © 2018–2026 Global Regulatory Risk Advisors, Inc. 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