For Immediate Release
Tuesday, 9 January 2001

 
COLUMBIA, SC – Three General Obligation Bonds totaling $327 million dollars were issued by the State of South Carolina, today. State Treasurer Grady L. Patterson, Jr.’s office received bids for bonds between 11:00-11:15 a.m.

Five bids were received for the $250 million School Facilities Bond Issuance. Goldman, Sachs & Co. won with a low bid of 4.31%. PaineWebber, Inc. 4.34% was next as the cover bid. Last year the low bid was 5.34%.

"I have worked with many courageous leaders to make this day a reality since 1998 when I first began fighting for School Facilities Bonds," Mr. Patterson said. "From Governor Hodges and the Senate, to the 58 House members who passed this bond by one vote, their courage means school districts* around the state will meet their building needs without raising taxes."

State Treasurer Patterson continued: "We have subjected our children to learning in overcrowded and unsafe classrooms. Now, with this $250 million, our districts will build new schools, renovate old ones, and make sure that our classrooms are technology-ready. This is the second step in assuring that our children will prepare for the new economy in 21^st Century classrooms."

The $75 million in Capital Improvement Bonds received three bids. The low bid was by Goldman, Sachs & Co. at 4.31%. First Union National Bank won the $2 million in State Highway Bonds with a low bid of 4.70%.

"Today, South Carolina is the beneficiary of our own financial history. Our credit rating means we received the lowest interest rates available – and the credit rating is due to our responsible spending and borrowing in the past," Mr. Patterson concluded. "Because of our history of intelligent, conservative debt management, we can complete major projects like these that will benefit South Carolina for generations to come."

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*Information on individual school district disbursement is available.

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For more information, contact:
David A. Adams, 803-734-0380