RI treasurer hails successful $81M bond sale

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Associated Press

Posted on October 11, 2012 at 10:30 AM

PROVIDENCE, R.I. (AP) — Rhode Island officials say a recent sale of state general obligation bonds shows investor confidence in the state.

State Treasurer Gina Raimondo and Gov. Lincoln Chafee (CHAY'-fee) announced Thursday the state sold $81.4 million in bonds at an interest rate below 3 percent.

The money raised through the bond sale will fund transportation, education and open space projects around the state.

Raimondo says the successful bond sale shows investors have confidence in the state's financial management and says a recent pension overhaul designed to save billions of dollars in future years is a key reason why.

The state routinely uses bond sales to raise money for construction projects.

The bond sale comes after the state saved $7 million in April by selling bonds to refinance $122.9 million in debt.

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