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SOUTH CAROLINA STATE TREASURER GRADY PATTERSON ANNOUNCES THE AWARD OF GENERAL OBLIGATION STATE INSTITUTION BONDS

SOUTH CAROLINA STATE TREASURER GRADY PATTERSON ANNOUNCES THE AWARD
 OF GENERAL OBLIGATION STATE INSTITUTION BONDS
 COLUMBIA, S.C., April 28 /PRNewswire/ -- State Treasurer Grady L. Patterson, Jr., announced today the award of $6,565,000 General Obligation State Institution Bonds, Series 1992A, issued on behalf of the Medical University of South Carolina, $3,795,000 General Obligation State Institution Bonds, Series 1992B, issued on behalf of Clemson University and $9,570,000 General Obligation State Institution Bonds, Series 1992C, issued on behalf of the University of South Carolina.
 The successful bid for the $6,565,000 General Obligation State Institution Bonds, Series 1992A, issued on behalf of the Medical University of South Carolina, was submitted by Merrill Lynch & Co. and Associates, New York, at an average interest cost of 6.010 percent. Proceeds from this issue will provide a portion of the funding for the Student Wellness Center of The Medical University of South Carolina and the acquisition of several parcels of real property for the site of the MUSC Joint Biomedical Research Facility.
 The successful bid for the $3,795,000 General Obligation State Institution Bonds, Series 1992B, issued on behalf of Clemson University was submitted by Merrill Lynch & Co. and Associates, New York, at an average interest cost of 6.015 percent. Proceeds from this issue will be used to provide a portion of the funds necessary for the repair and renovation of buildings on the Clemson Campus.
 The successful bid for the $9,570,000 General Obligation State Institution Bonds, Series 1992C, issued on behalf of The University of South Carolina was submitted by The Robinson-Humphrey Company, Inc., Atlanta, Ga., at an average interest cost of 5.628 percent. Proceeds from this issue will be used to acquire land and buildings, construct improvements and refurbish existing facilities of the University of South Carolina.
 Once again the rating agencies have recognized the State of South Carolina's commitment to responsible fiscal management with a AAA credit rating, making this one of only 6 states which currently hold this coveted rating. Standard and Poor's, however, did send South Carolina a strong warning when it placed the State on its CreditWatch list, which means that to retain the highest rating South Carolina must take certain actions to keep its fiscal house in order.
 Patterson has met with Standard & Poor's on this issue and continues to communicate with them regularly. He has advised the State Budget and Control Board and the Legislature of these concerns and presented proposals to address the situation. The State's AAA credit rating saves taxpayers millions of dollars in interest costs and is a source of pride and prestige for South Carolina.
 -0- 4/28/92
 /CONTACT: Grady L. Patterson, Jr., South Carolina State Treasurer, 803-734-2101/ CO: South Carolina State Treasurer ST: South Carolina IN: SU:


CM -- CH011 -- 4020 04/28/92 16:48 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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