State sells $460 million in bonds at lower rates

Associated Press

The state sold nearly $460 million in general obligation bonds yesterday, including more than $156 million to refinance existing bonds at a lower interest rate, the governor's office said.

The refinancing will save the state more than $7 million, the office said.

The other $300 million in bonds will be used for state building projects, including public schools and university facilities.

The bonds were sold at a 4.72 percent interest rate.

The last bond sale in October saw an interest rate of 5.41 percent.

The favorable rates in yesterday's sale demonstrate investor confidence in the state's long-term fiscal practices and the recent upgrading of the state's credit rating by Standard and Poor's from A+ to AA-, the governor's office said.