The TANs will support the State's fiscal year 2010 budget

Providence, RI 8/11/2009 - Rhode Island General Treasurer Frank T. Caprio announced on Tuesday that the State of Rhode Island's $350 million Tax Anticipation Notes (TANs) sale will begin at 10 A.M. on Wednesday, August 12th. Once again, local investors will have the first opportunity to purchase the notes.

"As my office did for the first time ever in 2009, we are making the initial portion of the 2010 TANs sale available to Rhode Island's retail community," said Treasurer Caprio. "Rhode Islanders should be able to invest in their own state and it shouldn't be just the large financial institutions who benefit," Caprio said.

The short-term notes mature June 30, 2010 and will support Rhode Island's fiscal year 2010 budget.

Standard & Poor's rating service has assigned its highest short term rating of SP-1+ for Rhode Island's planned offering of the TANs on Wednesday.

"The SP-1+ rating was awarded to Rhode Island as a result of the strong financial management practices demonstrated by the Office of the General Treasurer, as well as the State and Legislative Budget offices," said Treasurer Caprio.

A retail order period lasting from 10 A.M. to 12 P.M. will be followed by an institutional offering from noon until 1:30 P.M.

Underwriters for the sale are Janney Montgomery Scott and Citigroup Global Markets.

Individual investors interested in purchasing the TANs should contact Janney Montgomery Scott or Smith Barney, a division of Citigroup, for sale information.

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