For immediate release:  January 22, 2003
For more information:  Barton Potter (360) 902-9033

State issues bonds for new Narrows Bridge, other projects

OLYMPIA, Wash.—The second set of bonds for the new Tacoma Narrows Bridge were sold today in the Office of the State Treasurer.

Morgan Stanley, Dean Witter was the winning bidder for $75 million in motor vehicle fuel tax general obligation bonds (Series 2003F) for the Narrows Bridge project. Morgan Stanley offered a true interest cost (TIC) bid of 5.237513 percent. Also bidding were Salomon Smith Barney (5.246547 percent) and UBS Paine Webber (5.275487 percent).

“These are very attractive, competitive rates, which is what we expect for a project of this importance,” said State Treasurer Michael J. Murphy, who chairs the State Finance Committee.

The State Finance Committee met later in the morning and voted to approve the bridge bond sale and two other bond issues.

Salomon Smith Barney was the winning bidder for $190 million in various purpose general obligation bonds (Series 2003D), the proceeds of which will be used for construction projects around the state, including state buildings, higher education, outdoor recreation, habitat conservation and the Capitol Historic District.

Salomon Smith Barney offered a TIC bid of 4.620208 percent. Also bidding were Morgan Stanley, Dean Witter (4.621456 percent), Merrill Lynch (4.643652) and UBS Paine Webber (4.643959 percent).

Salomon Smith Barney was also the winning bidder for $27.53 million in motor vehicle fuel tax general obligation bonds (Series 2003E), the proceeds of which will be used for state highway and ferry improvements. The low TIC bid was 4.635665 percent. Also bidding were Merrill Lynch (4.671688 percent) and UBS Paine Webber (4.705165 percent).

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