For Immediate Release
Tuesday, 31 October 2000
$268 Million Infrastructure Bank Bond Sale a Success
Columbia, SC – State Treasurer Grady L. Patterson, Jr. accepted bids for the State Transportation Infrastructure Bank’s $268 million bond sale at 11:00 a.m. this morning. The proceeds will be used to fund specific road projects around South Carolina. Merrill Lynch won with 5.439% -- the lowest bid.
"South Carolina is growing so fast that we’re struggling to keep up with our transportation needs," General Patterson said. "Today, we have continued our commitment to improve our existing transportation system. It is critical to our economy, and to our quality of life, that we provide the best roads. Through the Infrastructure Bank we are able to target, and raise funds for critical road needs around the state without raising taxes statewide."
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 today’s sale are:
"With this bond sale, we are relieving traffic congestion and building roads without overtaxing and overburdening all of our hard-working people. This bond sale was a huge success for all of us," Mr. Patterson concluded.
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For more information, contact:
David A. Adams, 803/734-0380