Connecticut Treasurer Erick Russell announced the state completed a $1.2 billion transportation bond sale that will be used to fund several transportation infrastructure and safety projects.
The State of Connecticut, Special Tax Obligation (STO) Transportation Infrastructure bond offering included $875 million of 2023 Series A new money tax-exempt bonds that will fund an
projects including the rehabilitation and replacement of bridges across the state, rehabilitation and reconstruction of highway systems, public transit systems including bus and rail facilities, and an initiative to expand wrong way driving countermeasures. The sale also included $349 million of 2023 Series B tax-exempt refunding bonds to refinance previously issued STO
bonds, resulting in debt service savings of $26 million.
The bond sale was completed after the Kroll Bond Rating Agency upgraded the State’s STO bond credit rating from “AA+” to “AAA”, which is the agency’s highest rating.
“The sale of these bonds will allow our state to begin critical transportation work that will keep our residents safer, create local jobs, and drive long-term economic growth,” said Russell.
“Investors continue to see opportunity in Connecticut and recognize our improved financial standing as a symbol of sustainable strength. The impact of our collaborative, bipartisan work to
stabilize state finances in recent years is reflected in both the credit rating increase our transportation bonds received prior to this offering and the affordable borrowing costs we were able to secure at a time of high national interest rates, directly saving money for taxpayers.”
