Ocean City Today

County issues bond to pay for Mystic Harbour system

By Brian Gilliland | Mar 08, 2018

(March 9, 2018) With about 75 percent of the $3.2 million cost to build the Mystic Harbour effluent disposal project incurred, the Worcester County Commissioners this week decided to issue a bond to pay the bill.

The project was initially funded by a U.S. Department of Agriculture loan of $2,450,000 and a USDA grant of $750,000.

The county, through enabling legislation, is selling the bond to the USDA in the amount of $2.45 million based on its full faith, credit and taxing ability.

The interest rate set at either 2.75 percent, or the market rate during the calendar quarter when the bond is issued.

Payments will begin three months after the bond is issued, and will continue quarterly for the next 40 years. Without accrued interest, the payments are about $15,312 per quarter.

The vote was unanimous.

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