Governor McDonnell Announces $492.7 Million Transportation Bond Sale

The Commonwealth Transportation Board today sold $492.7 million of Transportation Capital Projects Revenue Bonds to advance transportation projects managed by the Virginia Department of Transportation and the Virginia Department of Rail and Public Transportation.

The bonds were sold through competitive bidding. Seven underwriters submitted bids on the bonds. Goldman Sachs and Co. had the winning bid with a true interest cost of 3.247 percent. The bonds were rated AA+ by Fitch and Standard and Poor's, and Aa1 by Moody's.

The bond funding will be combined with other state and federal dollars to keep highway, rail and transit projects moving forward when the Commonwealth updates its Fiscal Years 2011-2016 Six-Year Improvement Program this spring.

The bond sale, recently approved by Governor Bob McDonnell, is the first issuance of the Transportation Capital Projects Revenue Bonds that were authorized by the Virginia General Assembly in 2007.

For more information about these bonds and transportation financing, visit www.VirginiaDOT.org or www.DRPT.Virginia.gov.

Read the complete Governor's press release.

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