PROVIDENCE, R.I. - General Treasurer Gina M. Raimondo today announced that Rhode Islanders will have the opportunity to invest in the state’s upcoming general obligation bond sale in smaller denominations. On August 22 and 23 the state will be selling approximately $145 million in INVEST RI bonds to support various transportation, education and open space projects statewide.
“Rhode Islanders will be given first priority to invest tax-free in their state,” Raimondo said. “Making this investment is one way for individuals and families to save, while supporting the state’s future economic growth.”
Invest RI Bonds will mature from 2012 to 2031 and will be sold in $5,000 increments. Bonds maturing February 1, 2014 will be sold in $1,000 increments.
The INVEST IN RI bonds will be offered to individual investors during a special order period August 22 and August 23. The interest earned on the bonds is exempt from federal and Rhode Island income taxes. INVEST RI bond proceeds will support various transportation, education and open space projects statewide, including:
• Improving the RIPTA bus fleet
• Constructing a new chemistry building at the University of Rhode Island
• Completing a public park at the old Rocky Point Amusement Park
• Renovating Fort Adams State Park for improved preservation and public accessibility
Rhode Island recently made a series of important upgrades related to improving the disclosure of its financial information in advance of this offering, including the launch of an investor relations Web portal, a one-stop clearinghouse for many of the state’s pertinent financial information. After a complete review of all bond disclosure practices, other changes included:
- Expansion of the information statement and related disclosure information for bond offerings with respect to the state pension system
- Development of a training program for state employees on bond disclosure practices and standards
- Development of new procedures and protocols for executing bond offerings
Rhode Islanders interested in purchasing tax-free Rhode Island bonds should contact the following underwriters prior to August 23, 2011:
Senior Managing Underwriter JP Morgan – 888.299-7553
Co-Senior Underwriter Barclay’s Capital 800-392-5000
Co-Managers Fidelity Capital Markets – 800-544-6666 Morgan Stanley – 877-937-6739 Goldman, Sachs & Co. – 917-343-7900 Oppenheimer & Co. Inc – 800-767-1932 Janney Montgomery Scott – 888-567-4769
For more information, please visit www.treasury.ri.gov or contact your financial advisor today.
This announcement is not intended to be nor does it constitute an offer to sell or a solicitation of an offer to buy securities or effect a sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities herein are preliminarily described in that certain Preliminary Official Statement dated as of August 12, 2011, a copy of which may be obtained from the underwriters listed above. Bonds may only be purchased through a broker and the official statement. Investors should read the entire Official Statement that describes the actual terms of the bonds before making any decisions to invest in the bonds. Transactions involving the bonds may not be suitable for all investors. You should consult with your advisors as to the suitability of the bonds for your particular circumstances.