Final Sale for Capitol

This week’s sale of $55 million of 20-year revenue bonds by Kansas Development Finance Authority is expected to be the last debt issued for renovation of the Kansas state capitol in Topeka.

It will be the 11th sale to provide proceeds for the $325 million project. The effort is being financed with a total of $285 million of debt issued by the authority. The 10th tranche was $39.7 million of Build America Bonds in 2010.

The authority’s appropriations-backed debt is rated Aa2 by Moody’s Investors Service and AA by Standard & Poor’s.

The renovation project was approved by the 2000 Legislature and work began the next year.

The cost was first estimated at $120 million, but adjusted to include an underground parking garage, more office space for lawmakers, and a visitors center.

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Kansas
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