The Maine Municipal Bond Bank later this month will issue nearly $50 million of debt backed by revenue allocated to the state's new TransCap Fund that lawmakers established to help finance transportation infrastructure needs.

Citi is the book-runner on the fixed-rate transaction and Wachovia Bank NA is co-senior manager on the deal, which is set to price Sept. 23. Hawkins, Delafield & Wood LLP is bond counsel. There is no outside financial adviser.

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