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Build America bonds fund road work

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High Five
Monday, May 10, 2010

Oregon's first-ever sale of Build America bonds will enable the Oregon Department of Transportation to fund bridge and highway projects throughout the state.

The road work projects will by funded by $580 million in bonds, 93 percent in new bonds and the rest in tax-exempt bonds.

The new Build America bonds will save Oregon an estimated $56 million in financing costs. The bonds, whose chief congressional sponsor was U.S. Sen. Ron Wyden, D-Ore., are taxable. But the U.S. Treasury provides a subsidy to offset borrowing costs. The average interest rate was 3.74 percent.

"We are stretching public dollars further and can create even more jobs," said state Treasurer Ted Wheeler.

Read the whole story at the Statesman Journal.

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