PHOENIX - Washington sold $321.6 million of various purpose general obligation bonds and $200.5 million of motor vehicle fuel tax general obligation bonds in competitive sales Tuesday, touting the success it achieved in "volatile" market conditions.
Barclays was the lowest of five bidders for the Series 2016C Various Purpose General Obligation Bonds.
The Office of the State Treasurer sold those securities at a true interest cost of 3.22%.
Citi was the lowest of five bidders for the Motor Vehicle Fuel Tax General Obligation Bonds Series 2016D at a TIC of 3.22%.
"We are very pleased with today's bids," said State Treasurer James McIntire. "The tight range of bids demonstrates that underwriters have a good understanding of the strong investor demand for Washington bonds."
McIntire said Washington's AA-plus ratings reflect a strong economy, sound financial practices and sensible debt management.
Examples of projects to be financed with proceeds of the Series 2016C Bonds include K-12 school renewal and replacement projects, facilities for state universities and community and technical colleges, outdoor recreation facilities, and state programs for water supply development, flood mitigation and prevention.
The Series 2016D Bonds will finance high occupancy vehicle projects in Pierce County, widening of Interstate 405, improvements to Interstate 90 at Snoqualmie Pass, improvements and realignment to the North Spokane corridor of U.S. 395, and improvements to I-5 in Cowlitz and Lewis Counties.
