Tenn. bond sale set new record at $546 million - WSMV News 4

Tenn. bond sale set new record at $546 million

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The state of Tennessee sold $546 million worth of bonds this week, making it the largest sale in the state's history.

According to a news release from the state comptroller's office, the demand for the state's bonds was high due to the state's strong credit ratings. The proceeds from the bond sale will be used to finance economic development grants for Volkswagen in Chattanooga, Wacker Chemie in Bradley County, Hemlock Semiconductor in Clarksville and Electrolux in Memphis.

The sale also will pay for improvements to state-owned buildings and properties. Some of those projects include renovations to the Supreme Court Building, a prison in Bledsoe County, a new library at the University of Tennessee-Chattanooga and a driver's license center in Memphis.

The state also sold bonds to refinance existing debt.

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