Rhode Island has sold $49.4 million in COPs

PROVIDENCE – Gov.-elect Gina M. Raimondo, in her role as general treasurer, this month announced that Rhode Island has sold $49,495,000 in certificates of participation. The funds will be used for energy-conservation projects at Rhode Island College and the Pastore Complex in Cranston and for the acquisition of a modern, integrated computer system for the R.I. Division of Taxation.
According to a statement, the cost savings generated from the energy projects should be sufficient to pay for the debt service on the COPs.
The COPs were rated by Moody’s Investor Service, Standard & Poor’s Corporation and Fitch Ratings at Aa3, AA- and AA-, respectively. Interest rates on the issue ranged from 0.5 percent for a one-year investment to 3.43 percent for a 15-year investment. •

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