$800M in bonds sold to finance West Virginia road projects - WVVA TV Bluefield Beckley WV News, Weather and Sports

$800M in bonds sold to finance West Virginia road projects

Posted: Updated:

CHARLESTON, W.Va. (AP) - West Virginia Gov. Jim Justice says $800 million in bonds to finance state road repairs and construction have been sold on Wall Street.

Justice says in a news release the bonds were sold this week at a 3.575 percent interest rate, meaning that with interest the state will borrow about $915 million.

Justice says $168 million of the bonds were sold to retail investors and the rest were sold to Citigroup and Bank of America Merrill Lynch.

Voters last October passed a referendum for the state to sell $1.6 billion in bonds. The Justice administration listed more than 600 planned projects, some in every county.

The Legislature in December authorized issuing up to $800 million in bonds through this summer followed by another $800 million in the next three years.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly