Pennsylvania to Sell $836 Million, With Emphasis on Refunding

D'Ambrosio, Gillian
May 2003
Bond Buyer;5/13/2003, Vol. 344 Issue 31634, p3
Trade Publication
Pennsylvania is getting ready to sell 836.45 million dollars worth of general obligation bonds next Tuesday as of May 13, 2003, in a larger-than-usual deal that includes nearly 663 million dollars in refundings. Of the bonds being sold next week, about 543 million dollars will refund Pennsylvania's Series 1993A certificates of participation that funded the construction of five leased prisons in the state, said Rick Dreher, director of the Bureau of Revenue, Cash Flow, and Debt. In keeping with the state's policy not to extend the terms of refunded bond issues, the refunded 1993 series will keep its original maturity of 2013, as will the 1996 series that will mature in 2016. Holding the refunding before July 1, 2003 the start of fiscal 2004, allows the state to save money by locking in lower rates on the prisons' lease payments.


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