Pennsylvania to sell $405.03 million in G.O. bonds May 20

By Sheri Kasprzak

New York, May 9 - The Commonwealth of Pennsylvania intends to price $405.03 million in series 2008 general obligation bonds on May 20, said a preliminary official statement released Friday.

The bonds include $325 million in first series bonds and $80.03 million in first series refunding bonds.

The bonds will be sold on a competitive basis.

The first series bonds are due 2009 to 2028, and the first series refunding bonds are due 2008 to 2013.

Proceeds will be used for the construction, acquisition and rehabilitation of capital facilities; the maintenance and protection of open space and farmland preservation, watershed protection, abandoned mine reclamation and other environmental initiatives; the expansion and construction of county and multi-county regional prison facilities; the compensation for service in the Persian Gulf conflict; and for the refunding of Pennsylvania's outstanding general obligation bonds.

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