News
$800M In Bonds Sold To Finance West Virginia Road Projects
By: Associated Press
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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 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.