West Virginia sold $600 million in General Obligation State Road Bonds, Series 2019 A, on Tuesday, generating more than $746.5 million in proceeds, with a premium of $146.5 million.
The funds will be used for bridge, highway, and secondary road construction projects.
Residents approved the sale Oct. 7, 2017, when they voted to support the Governor’s Roads To Prosperity program. The program has funded more than 500 projects.
“This program is truly bringing prosperity to West Virginia in many ways, and today’s sale of these bonds is going to keep all of this goodness going for years to come,” Gov. Jim Justice said. “By giving our entire transportation infrastructure these much-needed improvements, not only are we are providing jobs for people to work on these projects, but we’re also building the roads that are going to bring more and more people and businesses into our great state for the long haul.
The state offered a borrowing rate of 2.9 percent on the bonds. The state also sold bonds in May 2018 at a borrowing rate of 3.575 percent.
The two sales of the bonds offered a borrowing rate of 3.324 percent on $1.4 billion of the $1.6 billion of the bonds sold.