Maine plans to issue $116.8 million of general obligation bonds through competitive bid, the first time the state will sell long-term debt competitively since 1990.

The transaction includes $40.5 million of Series 2011A taxable bonds and $76.3 million of Series 2011B tax-exempt bonds. The taxable portion will mature in 2012, 2013 and 2014, while the tax-exempt bonds will mature annually from 2012 through 2021, according to the preliminary official statement. By law, Maine’s borrowing must amortize over 10 years.

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