UPDATE: $800M in bonds sold to finance West Virginia road projects

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West Virginia Gov. Jim Justice says $800 million in bonds to finance state road repairs and construction have been sold on Wall Street.

Justice says in a news release the bonds were sold this week 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.

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On Monday, May 21, the State of West Virginia will start selling $800 million in bonds to fund the $2 billion Roads to Prosperity project.

The State of West Virginia will be offering $800 million in General Obligation State Road Bonds for the Roads to Prosperity Program, beginning on Monday, May 21, 2018, with the sale of Series 2018A Bonds prioritizing West Virginia residents.

The bonds carry the State’s strong credit ratings of “AA2”, “AA-”, and “AA” by Moody’s, S&P Global Ratings and Fitch Ratings, respectively, and have maturities ranging from 1 to 25 years.

The bonds are part of a $2 billion program to rebuild West Virginia’s aging roads and bridges, and to build new road projects.

West Virginia residents can purchase tax-exempt bonds by contacting one of 15 firms in the underwriting syndicate and selling group led by Bank of America Merrill Lynch.

Additional information relating to the bonds may be found at the link under the "Related Links" section of this story.

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