Kathy Liebler |
C O M M I S S I O N N E W S R E L E A S E |
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Contact: |
Carl DeFebo 717-939-9551, extension 2934 cdefebo@paturnpike.com |
March 12, 2001 |
PENNSYLVANIA TURNPIKE COMMISSION WILL ISSUE The Pennsylvania Turnpike Commission today announced the issuance of approximately $185 million in Turnpike Revenue Bonds, Series R of 2001. The sale of the bonds will take place during the week of March 12. "These bonds are being sold to fund a portion of the Commission’s 10-year capital plan," said Deputy Executive Director of Finance J. Blair Fishburn. "The capital plan identifies more than $2.3 billion in infrastructure needs over the next decade to improve the existing Turnpike system." Proceeds from the bond sale will help subsidize Turnpike projects ranging from six-lane widening ventures and total roadway reconstruction initiatives to the system-wide implementation of E-ZPass (electronic toll collection) and service-plaza upgrades, among others. AMBAC Assurance, a global bond-insurance firm, has made a commitment to issue a Financial Guaranty insurance policy relating to the Series R Bonds effective March 1, 2001. Based on this commitment, the Commission has received from Standard & Poor’s Corp., Moody’s Investors Service and Fitch Inc. municipal bond ratings of "AAA," "Aaa," and "AAA" respectively for the Series R Bonds. Tucker Anthony — senior underwriter for the Turnpike Series R revenue bonds — has teamed with 14 other bond managers to underwrite this sale. For a complete listing of underwriters, visit the Turnpike web site at www.paturnpike.com. Fishburn added that the purchase of a Turnpike revenue bond is tax exempt on both the state and federal level for Pennsylvania residents. |
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P.O. Box 67676, Harrisburg, PA 17106-7676 Phone: (717) 939-9551 Fax: (717) 986-9649 |