Pennsylvania intends to sell $825.77 million G.O. bonds Tuesday

By Sheri Kasprzak

New York, Oct. 17 - The Commonwealth of Pennsylvania is gearing up to offer $825.765 million of series 2011 general obligation bonds on Tuesday, according to a preliminary official statement.

The offering includes $650 million of first series of 2011 bonds and $175.765 million of first refunding series 2011 bonds.

The first series bonds are due 2012 to 2031, and the first refunding series bonds are due 2012 to 2022.

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

Proceeds will be used to fund the construction, acquisition and equipment of capital projects throughout the state; make grants and loans for capital improvement projects, including water and sewage treatment facilities; and refund existing bonds.

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