WESTMINSTER — Bolstered by the first in a wave of annual bond ratings, Carroll County is set to sell $58.7 million in general obligation bonds on Nov. 12.

The bond sale will pay for projects that are near or already completed, such as Manchester Valley High School, new South Carroll Senior and Community Center and the new Carroll Community College classroom building, according to county Comptroller Rob Burk.

The county is also considering refinancing $8 million in bonds from 1998 that would boost the sale to $66.7 million, Burk said. The bonds will be for a 20-year-term, he said.

The county earned an AA+ rating from Fitch Ratings last week, and the county is awaiting bond ratings from Standard & Poor's and Moody's rating houses. Those ratings are expected Monday, Nov. 9.

"The higher the rating, the lower the interest rate (the county pays)," Burk said.

Larry Twele, county director of Department of Economic Development, touted Carroll's position in the state and region as a reason behind the credit ratings. The county is third in the region for job growth and is one of three counties that had positive job growth in 2008, he said.

Bonds are rated up to AAA. Burk said Carroll does not earn an AAA rating because investors see the county's economy as not mature, compared to surrounding counties, due to its small industrial base.

Baltimore and Howard counties and the state of Maryland have AAA bonds.

Last year's bond sale interest rate was just under 4.37 percent and sold to Citigroup Global Markets Inc.

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