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COMMONWEALTH ISSUES $250 MILLION G.O. BONDS

 COMMONWEALTH ISSUES $250 MILLION G.O. BONDS
 HARRISBURG, Pa., March 25 /PRNewswire/ -- Gov. Robert P. Casey


announced today that the state's $250 million general obligation bond issue was well received in the financial markets.
 "Once again Wall Street has acknowledged that Commonwealth bonds remain a sound investment," Casey said. "Our credit rating remains solid and our bonds sold at a good interest rate."
 Goldman Sachs & Co. was the winning bidder with a 6.437 percent average interest rate. Three bids were placed. The Commonwealth's last bond issue received an average interest rate of 6.354 percent.
 The interest rate received was the second lowest since 1986.
 The Commowealth's existing credit ratings were all affirmed by the major bond rating firms:
 -- Fitch Investors Service, Inc. AA-
 -- Moody's Investors Service A1
 -- Standard and Poor's Corporation AA-
 The proceeds of the bonds will be used as follows:
 -- $152 million for capital facilities projects;
 -- $53 million for the Pennvest program;
 -- $10 million for the purchase of agriculture conservation easements;
 -- $15 million for the Pennsylvania Economic Revitalization fund;
 -- $1 million for the Land and Water Development fund; and,
 -- $19 million for the initial borrowing for the Local Criminal Justice fund to help counties pay for local prison facilities.
 General obligation bonds are long-term borrowings used to make investments in various infrastructure facilities and equipment that are usable over many years.
 /delval/
 -0- 3/25/92
 /CONTACT: Sue Grimm of the Commonwealth News Bureau, 717-783-1116/ CO: Pennsylvania Governor's Office ST: Pennsylvania IN: SU:


MK -- PH033 -- 1646 03/25/92 16:05 EST
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Date:Mar 25, 1992
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