ROANOKE TIMES 
                      Copyright (c) 1996, Roanoke Times

DATE: Thursday, October 10, 1996             TAG: 9610100069
SECTION: BUSINESS                 PAGE: B8   EDITION: METRO 

IN BUSINESS

Virginia to invest in commercial paper

RICHMOND - Virginia will become one of the first states to move into the commercial paper market by selling short-term IOUs to investors, Treasurer Susan Dewey said Tuesday.

Hoping to save money, the state plans to sell up to $25 million of commercial paper later this month to provide temporary financing for Virginia Public Building Authority projects, Dewey said.

Short-term borrowings such as commercial paper carry lower interest rates than long-term debt, such as bonds. Dewey said the state can save money by borrowing a little at low interest rates when a project is getting under way, rather than raising funds to cover the full cost at higher, long-term rates.

-Associated Press

Briefly

* PSIWeb Commerce - a joint venture of Reston-based Cybercash Inc., Herndon-based PSINet Inc. and Lisle, Ill.-based Mercantec Inc. - started Wednesday helping companies that want to sell products and services on the Internet without investing in hardware and communications services.

* Omni Services Inc., a Culpeper-based industrial laundry, broke ground Wednesday on a large addition to its corporate headquarters on U.S. 29 in Culpeper. The company also is wrapping up construction on its newest site, a $4.5 million uniform and equipment storage facility in Caroline County.

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