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$800M in Bonds Sold to Finance Road Projects

Fri June 22, 2018 - Northeast Edition #13
Associated Press


Voters last October passed a referendum for the state to sell $1.6 billion in bonds.
Voters last October passed a referendum for the state to sell $1.6 billion in bonds.

CHARLESTON, W. Va. (AP) West Virginia Gov. Jim Justice says $800 million in bonds to finance state road repairs and construction have been sold on Wall Street.

Justice said in a news release the bonds were sold at a 3.575 percent interest rate, meaning that with interest the state will borrow about $915 million.

Justice says $168 million of the bonds were sold to retail investors and the rest were sold to Citigroup and Bank of America Merrill Lynch.

Voters last October passed a referendum for the state to sell $1.6 billion in bonds. The Justice administration listed more than 600 planned projects, some in every county.

The Legislature in December authorized issuing up to $800 million in bonds through this summer followed by another $800 million in the next three years.