FOR RELEASE:

State Comptroller Alan G. Hevesi today awarded, through a competitive sale, three series of General Obligation Bonds. All bids were received via BiDCOMP facilities. These include:

• $111.140 Million Series 2003F Tax-Exempt General Obligation Refunding Bonds were awarded to a syndicate led by Goldman, Sachs & Co. The winning bid resulted in a true interest cost of 3.429500 percent. The other bids were submitted by syndicates led by Morgan Stanley & Co. Incorporated; Citigroup Global Markets Inc.; and Merrill Lynch & Co. at true interest costs of 3.531376 percent, 3.599045 percent, and 3.639850 percent, respectively. The net proceeds of the Series 2003F Tax-Exempt Refunding Bonds will be used to provide funds to refund certain outstanding general obligation bonds of the State.
  
  
• $109.1 Million Series 2003D Tax-Exempt General Obligation Bonds were awarded to a syndicate led by Morgan Stanley & Co. Incorporated. The winning bid resulted in a true interest cost of 3.221676 percent. The other bids were submitted by syndicates led by Citigroup Global Markets Inc. and Merrill Lynch & Co. at true interest costs of 3.387443 percent, and 3.427708 percent, respectively. The net proceeds of the Series 2003D Tax-Exempt Bonds will be used to finance capital expenditures made or anticipated to be made, during the current or subsequent fiscal years for Environmental Quality 1972, Environmental Quality 1986 and Clean Water/Clean Air purposes.
  
  
• $29.960 Million Series 2003E Taxable General Obligation Bonds Awarded to a syndicate led by Morgan Stanley & Co. Incorporated. The winning bid resulted in a true interest cost of 3.209630 percent. The other bids were submitted by syndicates led by Lehman Brothers; Goldman, Sachs & Co.; UBS Financial Services Inc.; and Citigroup Global Markets Inc. at true interest costs of 3.248688 percent, 3.335046 percent, 3.339097 percent, and 3.432433 percent, respectively. The net proceeds of the Series 2003E Taxable Bonds will be used to finance capital expenditures made or anticipated to be made, during the current or subsequent fiscal years for Clean Water/Clean Air purposes.
  

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