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PENNVEST HOLDS THIRD SUCCESSFUL BOND ISSUE

 PENNVEST HOLDS THIRD SUCCESSFUL BOND ISSUE
 HARRISBURG, Pa., June 16 /PRNewswire/ -- Gov. Robert P. Casey


announced today that the Pennsylvania Infrastructure Investment Authority (PENNVEST) has issued $32.5 million in revenue bonds to fund more than 20 clean water projects in the commonwealth.
 "PENNVEST represents a significant and ongoing commitment by the citizens of Pennsylvania to a cleaner environment and an economically vigorous future for our children," Casey said. "Today's successful bond sale provides additional financing that will help us fulfill this commitment."
 Smith Barney, Harris Upham & Co. submitted the winning bid for the agency's third revenue bond issue. The firm will purchase the entire bond issue at a true interest cost of 3.30 percent and an initial rate of 3.25 percent. Nine bids were received.
 Standard and Poor's, a New York securities rating agency, has continued PENNVEST's excellent long-term rating of AA. This rating was applied to the agency's first two revenue bond issues of $60 million in October 1990, and $50 million in June 1991.
 Investors confidence was also displayed in the agency's recent (April 1) conversion of $40 million in previously issued variable-rate bonds to fixed-rate bonds.
 The PENNVEST board of directors, chaired by the governor, has approved 596 projects totaling $980 million since the independent state agency was established in 1988. PENNVEST is the largest state-funded sewer and water infrastructure funding agency in the nation.
 /delval/
 -0- 6/16/92
 /CONTACT: Sue Grimm of the Commonwealth News Bureau, 717-783-1116/ CO: Pennsylvania Infrastructure Investment Authority (PENNVEST) ST: Pennsylvania IN: SU:


MK -- PH030 -- 0743 06/16/92 14:27 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
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