CHICAGO - Wisconsin will competitively sell $800 million of operating notes today to smooth out its cash-flow needs over the next fiscal year, a deal that marks the first in a series of financings set for this year that include a $180 million transportation revenue bond sale, a general obligation issue, and a long-planned tobacco bond restructuring.
The state will close on the note transaction on July 1 and repay them by their June 15, 2009, maturity. Foley & Lardner LLP is the bond counsel. Wisconsin will take electronic bids until 10 a.m. Central Daylight Time. General fund revenues not needed for repayment of GOs are pledged toward repayment.