State Treasurer
State of Washington
Office of the Treasurer
For immediate release: February 11, 1999
For more information: Barton
Potter (360) 902-9033
State Finance Committee Sets the Stage for New Money
Construction Needs and Refinancing
OLYMPIA—On February 10, 1999, The Washington State Finance Committee
(SFC) approved Resolution #883 which authorized the issuance and sale of $300,000,000
State of Washington General Obligation Bonds, Series 1999B, and $38,555,000 State of
Washington Motor Vehicle Fuel Tax General Obligation Bonds, Series 1999C. The
Series 1999B will be sold competitively on March 23, 1999. The
Series 1999C will be sold competitively on March 30, 1999.
Proceeds from the Series 1999B sale will be used to finance seasonal capital construction projects. These projects have been previously authorized by the legislature. Proceeds from the Series 1999C sale will be applied to a variety of highway and transportation improvement projects.
The State Finance Committee also authorized Resolution #884, which provides for the refinancing of the Department of Ecology building. “This is the type of deal I like to bring before the committee. This refinancing is expected to save the Department of Ecology $300,000 a year in building costs,” stated State Treasurer Michael J. Murphy. Resolution #884 approved the issuance of $50,000,000 State of Washington Refunding Certificates of Participation authorizing the execution of a financing contract and trust agreement. The transaction will be brought to market later this spring.
Resolution #883 also provides for the use of electronic bidding, in addition to the traditional hand delivered bids. There are currently three electronic bidding firms in the market. The bidders will select the method and route to transmit their bids. This process is intended to allow an opportunity to review all three electronic bidding processes without favoring one over another. “This method which increases choice, convenience and competition by expanding the opportunities for bidders to participate. I certainly look forward to the results in March,” said Treasurer Murphy.
Treasurer imurphy is chairman of the State Finance Committee. The other members of the committee are Governor Locke and Lieutenant Governor Brad Owen. Their next meeting is tentatively scheduled for March 2, 1999.
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