For Immediate Release
Wednesday, 7 July 1999
$311 MILLION BOND SALE A SUCCESS
Columbia, SC – Merrill Lynch & Co. was the low bidder at the State Infrastructure Bank’s Bond Sale this morning. We received five good bids from five good companies, but Merrill Lynch’s bid was 5.399% -- the lowest bid.
Our responsibility to the citizens of South Carolina is not only to address the state’s critical road needs, but also provide for those needs in a cost-effective manner. We were cautious, and conservative in issuing these bonds to ensure success. Today, we have received an outstanding deal for the people of South Carolina.
South Carolina is growing so fast that we are struggling to keep up with our transportation needs. Today, we have continued our commitment to improve our existing system, and we will responsibly pursue projects that meet needs before road problems arise. It is critical to our economy and our quality of life to provide the best roads anywhere.
With today’s bond sale, we are relieving congestion and building roads without overtaxing and overburdening all of South Carolina’s working families. This bond sale was a huge success for all of us.
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For Notification
Tuesday, 6 July 1999
FUNDING SOUTH CAROLINA’S
INFRASTRUCTURE
$311 Million Infrastructure Bank Bond Sale Tomorrow
Columbia, SC – State Treasurer Grady L. Patterson, Jr. will serve as the trustee for the Transportation Infrastructure Bank Bond Sale on Wednesday, July 7, at 11:00 a.m. in Room 121 of the Wade Hampton Building. The proceeds will be used to fund specific road projects around South Carolina.
"South Carolina is growing so fast that we’re struggling to keep up with our transportation needs," General Patterson said. "Through the Infrastructure Bank we are able to target critical road needs around the state without burdening all of South Carolina’s hard working families with higher taxes."
The South Carolina Transportation Infrastructure Bank (SCTIB) was created by the General Assembly in 1997 to select and assist major projects around the state. The major projects to benefit from tomorrow’s sale are:
"Fitch IBCA, Inc. has given the infrastructure bonds an ‘A’ rating, and Moody’s Investors Service gave a rating of ‘A1’ which is very encouraging," General Patterson said. "We believe that things are lining up nicely for a successful sale tomorrow.
"With tomorrow’s sale – the continued hard work of the Infrastructure Bank and elected officials – South Carolina will keep improving its transportation system," he concluded. "My hope is that we will responsibly pursue projects that meet needs before problems arise. It is critical to our economy, and our quality of life to provide the best roads around."
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For more information contact:
David A. Adams, 803/734-0380