Gilt-edged Georgia last week sold $600 million of general obligation bonds at record low interest rates to fund construction projects, repairs, and renovations throughout the state.

The new-money deal was sold as $520 million of tax-exempt GOs and $80 million of taxable GOs.

The transaction won “record” true interest costs of 2.69% and 2.7 %, state officials said.

JPMorgan was low bidder in both competitive sales.

They beat seven other bidders in both transactions.

The state also refinanced $146.35 million of outstanding debt at a rate of 1.98% for a present-value savings of $14.4 million.

“These are historically low rates that translate into savings for Georgians,” said Gov. Nathan Deal.

“Leveraging our triple-A bond rating, we can continue to invest in infrastructure around the state in a fiscally responsible manner,” Deal said.

“Earning the top bond ratings during the current economic climate illustrates Georgia’s commitment to sound fiscal management,” he said.

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