Triple-A Delaware will sell $345.1 million of tax-exempt general obligation debt today, ahead of its first-ever Build America Bond issue set for Oct. 14 via competitive bid.

Officials moved up the bond deal from Oct. 22 to take advantage of a stronger municipal market. The two transactions will enable the state to take advantage of refunding opportunities and utilize the taxable BAB program, which gives issuers a federal subsidy of 35%. By law, Delaware must sell its new-money debt through a competitive process, while it can issue refinancing bonds through negotiated sales.

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