Connecticut earlier this week sold $650 million worth of bonds to pay for infrastructure improvements and upgrades, including classrooms and the state’s pending new downtown Hartford office space, the state treasurer says.
State Treasurer Denise L. Nappier said Thursday that the bond sale that closed on Tuesday drew the most retail interest in nearly 18 months and left taxpayers with an overall interest rate of 3.26 percent, an attractive cost of funds.
According to Nappier, proceeds from the general obligation (GO) 2015 series F bonds will fund $300 million in local school construction grants; $125.2 million for various state building projects, including $63 million for ongoing renovations to 450 Columbus Blvd. in Hartford and $38 million for upgrades to the CORE-CT accounting system; $100 million for the Connecticut State University System, including $35 million for technology upgrades and smart classrooms; $30 million for the Town Aid Road program, $15 million toward the Local Capital Improvement Program; and $14.8 million for various grants programs.
In addition, proceeds of the GO 2015 Series G – Green Bonds will fund $65 million in grants to local municipalities for Clean Water infrastructure projects statewide.
Moody’s Investor Service, Standard & Poor’s, Fitch Ratings and Kroll Bond Ratings reported that Connecticut’s general obligation bonds will remain rated at Aa3, AA, AA and AA, respectively.
The bonds were offered through an underwriting syndicate led by Barclays. Disclosure counsel are Day Pitney LLP and Finn Dixon & Herling LLP. Tax counsel are Robinson & Cole LLP and Soeder & Associates LLC. Financial advisors are Acacia Financial Group Inc. and A.C. Advisory.