U.S. 58 BONDS WILL BE REFINANCED

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, March 20, 1993                   TAG: 9303200333
SECTION: VIRGINIA                    PAGE: B2   EDITION: NEW RIVER VALLEY 
SOURCE: 
DATELINE: RICHMOND                                LENGTH: Short
U.S. 58 BONDS WILL BE REFINANCED
The Commonwealth Transportation Board plans to refinance all or part of a $200 million bond package for U.S. 58 to take advantage of lower interest rates.
The board told Virginia Department of Transportation staff Thursday to issue "refunding" bonds with an overall interest rate not to exceed 5.75 percent. The bond proceeds will be used to make remaining payments on the 1989 bond package that was issued at a 7 percent interest rate.
The move is expected to free up about $10 million in payments over the remaining 26-year life of the bond issue that was issued in 1989 for U.S. 58 improvements.
Refinancing the 1989 bonds will save about $400,000 each year which will be combined with a $7 million appropriation approved during the last General Assembly session to support another U.S. 58 bond issue this summer, according to Secretary of Transportation John Milliken.
- Associated Press

by Archana Subramaniam by CNB