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Baltimore County, Maryland; (Ii) Under Existing Law, the Bans and the Interest NEW ISSUES–Book-Entryonly

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Baltimore County, Maryland; (Ii) Under Existing Law, the Bans and the Interest NEW ISSUES–Book-Entryonly PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 21, 2018 NEW ISSUES – Book-Entry Only Fitch Ratings: Moody’s Investors Service: S&P Global Ratings: See “Ratings” Official Statement Relating to the Issuance of $491,000,000 BALTIMORE COUNTY, MARYLAND General Obligation Bond Anticipation Notes $245,000,000 Baltimore County Metropolitan District Bond Anticipation Notes – 2018 Series $246,000,000 Baltimore County Consolidated Public Improvement Bond Anticipation Notes – 2018 Series Dated: Date of Delivery Due: March 18, 2019 The Bond Anticipation Notes (“BANs”) will be issuable as fully registered notes in the denomination of $5,000 each or any integral multiple thereof. As described under “DESCRIPTION OF THE BANS - Book-Entry Only System,” the BANs will initially be issued in book-entry form and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), to which principal and interest payments on the BANs will be made so long as Cede & Co. is the registered owner of the BANs. The BANs will bear interest from the date of delivery to the maturity date of the BANs, computed on the basis of a year consisting of twelve 30- day months. Interest on the BANs will be payable on September 18, 2018 and the maturity date of the BANs. Baltimore County, Maryland will act as Paying Agent and Note Registrar. The BANs are not redeemable prior to maturity. In the opinion of Bond Counsel, (i) the BANs will be valid and legally binding general obligations of Baltimore County, Maryland; (ii) under existing law, the BANs and the interest payable on them are exempt from State of Maryland and local taxation; no opinion is expressed as to estate or inheritance taxes, or any other taxes not levied or assessed directly on the BANs or the interest thereon; and (iii) assuming compliance with certain covenants described herein and under existing statutes, regulations and decisions, interest on the BANs will be excludable from gross income for federal income tax purposes. As described herein under “TAX MATTERS,” interest earned on the BANs, for federal income tax purposes, is not included in the alternative minimum taxable income of individuals as an enumerated item of tax preference or other specific adjustment and interest earned on the BANs will be includable in the applicable taxable base for the purpose of determining the branch profits tax imposed on certain foreign corporations. The BANs are offered for delivery when, as and if issued, subject to the approving opinions of McKennon Shelton & Henn LLP, Baltimore, Maryland, Bond Counsel, and other conditions specified in the Notices of Sale. The BANs in definitive form will be available for delivery to DTC on or about March 16, 2018. The date of this Official Statement is March __, 2018 and the information contained This Preliminary Official Statement and the information contained herein are subject to completion or amendment and approval by the County. These securities may not be sold nor may offers to buy be accepted prior to the time Official to offers not be sold nor may These securities may by the County. This Preliminary contained herein are subject to completion or amendment and approval Official Statement and the information any sale of these securitiesany jurisdiction nor shall there be in in which such buy, to Under no circumstances shall this Preliminary to sell or the solicitation of an offer Official Statement constitute an offer form. in final Statement is delivered such jurisdiction. prior of any or qualification under the securities to registration be unlawful laws solicitation or sale would offer, herein speaks only as of that date. AMOUNTS, INTEREST RATES AND PRICES OR YIELDS $245,000,000 Baltimore County Metropolitan District Bond Anticipation Notes – 2018 Series Interest Rate*: Price or Yield*: CUSIP No.: $246,000,000 Baltimore County Consolidated Public Improvement Bond Anticipation Notes – 2018 Series Interest Rate*: Price or Yield*: CUSIP No.: *The interest rates shown above are the interest rates payable by the County resulting from the successful bids for the BANs on March 1, 2018 by groups of banks and investment banking firms. The prices or yields shown above were furnished by the successful bidders for the BANs. Other information concerning the terms of reoffering of the BANs should be obtained from the successful bidders, and not from the County. See “SALE AT COMPETITIVE BIDDING.” The CUSIP numbers listed above are provided by CUSIP Global Services and the County does not take any responsibility for the accuracy thereof. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Global Services information. ii BALTIMORE COUNTY, MARYLAND CERTAIN ELECTED OFFICIALS COUNTY EXECUTIVE Kevin Kamenetz COUNTY COUNCIL Julian Earl Jones, Jr., Fourth District, Chairman Tom Quirk, First District Vicki Almond, Second District Wade Kach, Third District David Marks, Fifth District Cathy A. Bevins, Sixth District Todd Crandell, Seventh District ____________________ CERTAIN APPOINTED OFFICIALS Fred Homan, County Administrative Officer Keith Dorsey, Director of Budget and Finance Michael E. Field, County Attorney Will Anderson, Director of Economic and Workforce Development ___________________ BOND COUNSEL McKennon Shelton & Henn LLP 401 East Pratt Street, Suite 2600 Baltimore, Maryland 21202 ___________________ FINANCIAL ADVISOR Public Resources Advisory Group 39 Broadway, Suite 1210 New York, New York 10006 iii No dealer, broker, salesman or other person has been authorized by the County to give any information or to make any representations with respect to Baltimore County, Maryland, or the BANs issued thereby, other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by the County. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the BANs by any person, in any jurisdiction in which it is unlawful for such person to make such offer, solicitation, or sale. TABLE OF CONTENTS Page Page SUMMARY OF OFFICIAL STATEMENT ......................... v General Fund Revenues and Expenditures ............................. 28 SECTION I − THE ISSUES ................................................... 1 Baltimore County’s 25 Largest Taxpayers ............................. 30 Description of the BANs ....................................................... 1 Metropolitan District Enterprise Fund .................................... 33 Application of Proceeds ........................................................ 4 Budgetary Procedure.............................................................. 34 Tax Matters ........................................................................... 5 Pension and Retirement Plans ................................................ 36 Ratings .................................................................................. 7 SECTION IV − ECONOMIC AND DEMOGRAPHIC Sale at Competitive Bidding ................................................. 7 INFORMATION .................................................................. 39 Continuing Disclosure .......................................................... 8 Location and Size................................................................... 39 Approval of Legal Proceedings ............................................ 8 Population .............................................................................. 39 Approval of Official Statement ............................................. 8 Population by Age Group....................................................... 39 SECTION II − DEBT SUMMARY ........................................ 9 Income Levels ........................................................................ 40 Issuance and Authorization of Bonded Indebtedness............ 9 Per Capita Personal Income.................................................... 40 Legal Debt Margin ................................................................ 9 Distribution of Households by Effective Buying Income....... 40 Short Term Borrowing .......................................................... 9 Employment ........................................................................... 40 Net Tax-Supported Debt Outstanding ................................... 10 Average Annual Employment ................................................ 41 Metropolitan District Debt Outstanding................................ 10 Employment by Industry Profile ............................................ 41 No Overlapping Debt ............................................................ 10 Labor Market Characteristics ................................................. 42 Debt Information .................................................................. 10 Private and Public Sector Employers ..................................... 43 Key Debt Ratios .................................................................... 10 Commercial and Residential Growth ...................................... 44 Rapidity of Principal Retirement .......................................... 11 New Business and Real Estate Activity .................................. 44 Ratio of Debt Service to General Fund Revenues ................. 11 New Business Formation........................................................ 48 Summary of Debt Service Charges Until Maturity ............... 12 Transportation
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