Pennsylvania preps $1 billion G.O. bond offering for Wednesday sale

By Sheri Kasprzak

New York, May 14 - The Commonwealth of Pennsylvania is expected to bring to market $1 billion in second series 2010 general obligation bonds on Wednesday, according to a preliminary official statement.

The bonds will be sold competitively with Public Financial Management Inc. as the financial adviser.

The offering includes $451.1 million in series 2010A tax-exempt bonds and $548.9 million in series 2010B Build America Bonds.

The 2010A bonds are due 2011 to 2021, and the 2010B bonds are due 2022 to 2030.

Proceeds from the sale will be used to fund open space initiatives; construction, renovation and rehabilitation of capital projects; and the renovation of water supply and sewer systems.

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