PROVIDENCE – Rhode Island recently sold $223.6 million in bonds, R.I. General Treasurer Seth Magaziner announced in a press release.
The average 1.59% interest rate was one “not experienced in recent history” and the sale, which includes both tax-exempt and taxable general obligation bonds, will help spur job-creation and economic development, the release stated.
“With this bond sale, our state can now put thousands of Rhode Islanders back to work fixing our roads and bridges, building more affordable housing for those in need, preserving our pristine natural landmarks that are so important to our tourism industry, and more,” Magaziner said in a statement. “I’m proud the state was able to take advantage of historically low interest rates on these bond sales, which will go a long way towards boosting economic development in the state.”
Earlier this year, Magaziner also announced refinancing of existing state bonds to a lower interest rate, generating an estimated $6 million dollars in savings.
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
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