Pennsylvania's $473M Turnpike Deal Delayed Due to Falling Treasury Yields

D'Ambrosio, Gillian
May 2003
Bond Buyer;5/23/2003, Vol. 344 Issue 31642, p3
Trade Publication
The Pennsylvania Turnpike Commission's (PTC) sale of 473 million dollar of refunding and new-money oil franchise tax revenue bonds to fund construction of the long-awaited Mon/Fayette Expressway project has been postponed for at least two months in view of falling Treasury yields, a PTC official said on May 23, 2003. Roughly 350 million dollar of the issue will refund what is left of the PTC's 538.9 million dollar of 1998 oil franchise tax revenue bonds, while the remaining 120 million dollar will be new money. Both series will be backed by revenues from an oil franchise tax, a measure that state legislators passed in 1991 to help fund the construction of the Mon/Fayette Expressway and Southern Beltway projects, a four billion dollar public works program intended to revitalize the corridor between Pittsburgh and Morgantown, West Virginia, by directly linking the two cities.


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