Vermont to offer ‘Citizens’ Bonds’ for sale on February 25

first_imgApproximately $20 million in State of Vermont Citizens Bonds will be offered for sale on February 25. The opportunity to purchase the general obligation bonds will be made available first to Vermont residents and businesses. The last Vermont Citizens Bonds offering in March 2009 sold out in less than three hours.Bonds may be purchased in $1,000 increments and must be bought through a registered broker/dealer. The bonds maturities will range from one to 10 years. The State Treasurer s Office does not sell the bonds directly and does not endorse any particular broker/dealer. Any bonds remaining after Vermonters have had the opportunity to invest will then be made available to retail and institutional investors from outside of the state. Based on the strong response to our March 2009 bond offering, I would urge anyone interested in purchasing these bonds to contact a registered broker/dealer right away, said State Treasurer Jeb Spaulding. Interest earnings from the bonds are exempt from state and federal taxes. As a new bond issue, these bonds are sold without commission or trading mark-up.The sale of bonds to investors is the process by which states borrow money to make critical investments in public infrastructure. The money raised by a bond sale funds the construction and maintenance of a wide range of State buildings and transportation projects. Moody s Investor Service has rated Vermont bonds as triple-A, the highest rating available to government issuers. Vermont bonds are also rated AA+ by Standard & Poor s Ratings Service and by Fitch Ratings. The higher the bond rating, the more creditworthy the rating agency evaluates a bond issuer to be.In addition to the Vermont Citizens Bonds, on February 25 the State Treasurer s Office also plans to make available up to $50 million in negotiated general obligation refunding bonds. The amount of refunding bonds, if any, will depend upon the level of interest rates at the time of the sale. Lower interest rates will mean that more bonds can be refinanced for savings. The process of issuing refunding bonds is similar in concept to a homeowner refinancing a home to take advantage of lower interest rates, explained Spaulding. Sales of these bonds enable the State to retire debt with higher interest rates and replace it with debt obligations that have lower interest charges.Investors interested in the Vermont Citizen s Bonds should contact their registered broker/dealer. If an investor does not have a broker/dealer, he or she may consult the Vermont Department of Banking, Insurance, Securities and Health Care Administration s web site to search a data base of registered broker/dealers with offices in the state. For a link to the BISHCA database go to www.BuyBonds.Vermont.gov(link is external) . The preliminary Official Statement for this offering also will be available at this link on the State Treasurer s web site around February 18. The offering is named: State of Vermont General Obligation Bonds, 2010 Series B (Citizens Bonds) and 2010 Series C (Refunding Bonds).Under no circumstances should this announcement of bond issuance be considered an offer to sell or a solicitation to offer to buy, nor shall there be any sales of the bonds in any jurisdiction in which such offer, solicitation, or sales would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The bonds will be offered for sale by means of an Official Statement.Source: Office of the State Treasurer. 2.4.2010.last_img read more

UP Appoints Committee to Write “Vetting Procedures” for Speaker Candidates

first_img– Advertisement – Rep-elect Richard Koon of UP The National Executive Committee of the ruling Unity Party (UP) has set-up a committee to write the “Vetting Regulations and Procedures” for Representatives-elect of the party who wish to be nominated for the House Speaker election.UP has appointed a five-man Committee with the task of producing appropriate “Vetting Rules, Regulations and Procedures” within four working days to enable the party to evaluate and streamline candidates for the Speaker’s race.Representative-elect Richard W. Koon of District #11 Montserrado County is one of the committee members. He told the Daily Observer in an exclusive interview that the committee will on Thursday, November 23, submit the Vetting Regulations and Procedures to UP executive members.Other members of the committee are Representatives-elect J. Nagbe Sloh (Sinoe District #2), Thomas A. Goshua II, Grand Bassa County, and Hanson Kiazolu (Montserrado District #17).“Besides being a member of the UP committee to write the vetting procedures, I have been contacted by Deputy Speaker Hans Barchue, Representative-elect Cllr. Fonati Koffa and other candidates who have expressed the desire to become Speaker for the 54th Legislature,” Koon said.Among the 73 reelected incumbents and newly elected lawmakers, UP is second to the Coalition for Democratic Change (CDC) with 20 Representatives, while the CDC has 21. UP’s collaborating party, the People’s Unification Party, has six Representatives – totaling 26 for the party.The Daily Observer later gathered that besides the six names earlier announced for the post, two names have been added.  They are Deputy Speaker Hans Barchue (Independent); Ways, Means and Finance Chairman, Prince Moye (UP); and Cllr. Fonati Koffa (newly elected LP Representative).Others are former speaker Edwin M. Snowe (UP); former chairman of the House National Defense Committee, Dr. Bhofal Chambers (CDC); and the Chairman of the Public Accounts Committee, Thomas Fallah (CDC).The additional names include Lawrence Morris (Independent) and Johnson Gwaikolo of the Victory for Change Party.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more