CHICAGO - Iowa is ready to enter the market next week with $600 million of special obligation bonds to support the new $750 million jobs program proposed by Gov. Chet Culver to jump-start the state's economy and rebuild infrastructure damaged by last year's floods and storms.
Treasurer Michael Fitzgerald's office will hold a retail order period on Monday ahead of the institutional pricing on Tuesday. Iowa is offering two series, one for $387 million of tax-exempt bonds with the remainder of later-maturing term bonds to be sold under the federal stimulus' taxable Build America Bond program. The state will apply for the federal government's direct-pay 35% interest subsidy.