Massachusetts to Sell $500M of GOs for School Building Agency

O'Brien, Elizabeth
March 2005
Bond Buyer;3/3/2005, Vol. 351 Issue 32082, p7
Trade Publication
The article reports that Massachusetts plans to sell $500 million of general obligation bonds this month in the first state general orders deal to designate proceeds for the state's newly created School Building Authority (SBA). At least $200 million of the sale will go to the SBA, officials said, and the rest will fund the commonwealth's capital projects. The state's capital budget is capped at $1.25 billion annually, though lawmakers last year authorized an additional $1 billion of GO borrowing on behalf of the SBA. The commonwealth plans to issue the full $1 billion by June 2006. A highly anticipated credit, the school authority plans to make its own market debut in May 2004 with a sale of about $1.2 billion of revenue bonds. A portion of the state sales tax will back those bonds.


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