Washington plans $1.1 billion sale of motor vehicle fuel tax G.O. bonds

By Sheri Kasprzak

New York, May 14 - The State of Washington plans to price $1.1 billion in series 2010F motor vehicle fuel tax general obligation bonds, according to a preliminary official statement.

The bonds (Aa1/AA+/AA+) will be sold on a negotiated basis with J.P. Morgan Securities Inc. as the senior manager. The co-managers are Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Goldman, Sachs & Co. and Morgan Stanley & Co. Inc.

The maturities have not been set.

Proceeds from the deal will be used to reimburse the state for highway and transportation improvements, including improvements to Interstate 5 in Tacoma, Wash., Interstate 405 in Bellevue, Wash., and U.S. Route 395 in Spokane, Wash.

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