WASHINGTON — Virginia expects to sell competitively tomorrow $328 million of new-money and refunding general obligation bonds, which could include the first Build America Bonds issued by the state.

Virginia, which has held a triple-A rating longer than any other state, will use the new-money proceeds to fund higher education, parks and recreation projects, and other capital needs. The refunding bonds will refinance outstanding GO debt from 2001 through 2006.

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