Office of State Treasurer Grady L. Patterson Jr. |
FOR IMMEDIATE RELEASE |
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Tuesday 16 July 2002
FINAL SCHOOL BONDS ISSUED PATTERSON ISSUES EDUCATION CHALLENGE
Columbia, SC – State Treasurer Grady L. Patterson, Jr., issued $122.2 million in education bonds, and $27.7 million in refinancing bonds this morning. The three ‘triple-A’ rated bonds, issued separately, included the final $100 million in bonds for school facilities and renovations. They also included a challenge from Mr. Patterson. In 1998, State Treasurer Patterson was the first to call for $1 billion in state money to address over $4 billion in school facilities needs. A year later—with lobbying from Governor Hodges and Superintendent of Education Tenenbaum—the Senate unanimously adopted the plan, which then passed by one vote in the House. Since its passage, all 86 South Carolina school districts have received over $750 million for new schools, renovations to older schools, and for technology improvements. Prior to these bonds, South Carolina had not made state funds available for school facilities since Governor Jimmy Byrnes’ administration half a century ago. "This must be the beginning of the state helping fund school infrastructure needs, " Patterson said. " We cannot let our vision to prepare our children for the new economy in 21st Century classrooms end with this bond sale today." "I call on the General Assembly, and our leaders in both parties interested in strengthening our economic base, to first focus on the fundamentals—a strong education system. Invest now to make sure our future is prosperous – don’t wait another 50 years." Mr. Patterson implored. "Our students and teachers have made great progress, but there is still a facilities crisis. We must give them the tools that they need," he continued. "I ask that we create a permanent bonding formula that will make South Carolina’s school facilities—and South Carolina’s schools—the best in the nation." Lehman Brothers won the $100 million in school facilities bonds at 3.959%. Merrill Lynch & Company won the $22.2 million in Clemson University bonds at 4.145%. Wachovia Bank won the $27.7 million in state refinancing bonds at a rate of 2.0106%. The savings of the refinancing of these bonds will save the State $1,003,500 over the life of the issue. "I am so proud that we were able to build and repair school buildings around South Carolina without raising taxes a dime on our hard working families," State Treasurer Patterson concluded. "By protecting the AAA credit rating, we can complete even larger projects that lay the foundation for a stronger South Carolina."
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Contact: |
BrentA.Weaver |
803-734-2665 |
weavb@sto.state.sc.us |