Utah is getting ready to issue $1.25 billion in bonds, its largest debt offering ever. The state expects to offer the bonds for sale later this week after it determines the interest rate they will carry. “Things are looking pretty good in terms of our borrowing costs,” said State Treasurer Richard Ellis, indicating he anticipates the interest rate should be lower than that for last year’s $1 billion bond offering. Those 15-year bonds carried a 2.99 percent interest rate. By paying lower interest on the money it borrows, the state and its taxpayers save money.
The bulk of the proceeds from the bond offering will be used to fund the continued renovation of Interstate 15. However, a little less than $100 million will be directed toward construction of several buildings at the University of Utah and Utah State University. The Salt Lake Tribune