BRADENTON, Fla. - Georgia competitively priced $173 million of general obligation bonds Nov. 13 to fund new construction projects and to make repairs and renovations to existing facilities throughout the state.

Bank of America Merrill Lynch won the bid with a true interest cost of 3.16%.

The tax exempt deal sold with 20-year bonds yielding 3.32% and five-year maturities that sold at 0.82%.

“These bonds were sold at very low rates given current market conditions and that translates into savings for Georgia’s citizens,” said Gov. Nathan Deal. “The state’s AAA bond ratings enable us to invest in vital infrastructure around the state in a fiscally responsible manner.”

The Georgia State Financing and Investment Commission, which is responsible for issuing the state’s bonds, approved the bond sale Wednesday.

“The bond issue was sold on a competitive basis with investors showing strong demand for Georgia’s highest rated bonds,” the commission said.

Proceeds will be used for a variety of purposes, including $54 million for Technical College System of Georgia projects throughout the state, $50 million for the Savannah Harbor deepening project, $44.37 million for Board of Regents projects, and $19.3 million for state and local public school systems.

All three major rating agencies assigned triple-A ratings to the bonds, and said the outlook is stable.

Fitch Ratings and Standard & Poor’s affirmed their ratings on the state’s $9 billion outstanding GO and guaranteed revenue bonds.

Public Resources Advisory Group was financial advisor.

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