For Immediate Release
Wednesday, 16 January 2002
SCHOOL FACILITIES WILL CONTINUE TO IMPROVE
NEW BONDS ISSUED FOR CONSTRUCTION & RENOVATION
Columbia, SC – Two General Obligation Bonds totaling $275 million dollars were issued by the State of South Carolina, today. The bids were submitted on-line to State Treasurer Grady Patterson’s this morning between 11:00 and 11:45. The bulk of the bonds will pay for school facilities in all school districts.
Four bids were received for the $150 million School Facility Bond issuance. Morgan Stanley Dean Witter won with a low bid of 4.195%. Salomon Smith Barney, Inc. was next with 4.201% as the cover bid. Last year the winning bid was 4.31%. State Treasurer Patterson called the bids "surprisingly low".
Mr. Patterson said: "This is a result of a lot of work by the Governor, myself and Superintendent Tenenbaum several years ago. Along with Senators and fifty-eight House members (who passed this bond by one vote) our work is paying off today for schools districts statewide who will meet their critical building needs without raising taxes."
The State Treasurer continued: "We have subjected our children to learning in overcrowded and unsafe classrooms. Now our districts will build new schools, renovate old ones, and make sure that our classrooms are technology-ready. This is one more step in assuring that our children will prepare for the new economy in modern classrooms."
$125 million in Capital Improvement Bonds were also issued and received four bids. The low bid was by Salomon Smith Barney, Inc. at 4.203%. The cover bid was Morgan Stanley Dean Witter at 4.218%.
"All of these projects will benefit South Carolina for generations – long after these bonds are paid," Mr. Patterson concluded.
For More Information, contact:
David A. Adams, 803/734-0380