Virginia plans $3.5 billion bond, to announce $1 billion in road investment

Reuters

WASHINGTON (Reuters) - Virginia is planning a $3.5 billion bond sale to fund public universities in the state as well as $1 billion of projects to upgrade road infrastructure, the state's governor, Terry McAuliffe, said on Tuesday.

McAuliffe said he would soon announce "a billion dollar capital infrastructure investment in roads" and said the municipal bond market was the "savior" of the state. He made the comments at a Securities Industry and Financial Markets Association (SIFMA) conference in Washington, D.C.

McAuliffe did not specify a date for $3.5 billion bond issue.

(Reporting by Olivia Oran Editing by W Simon)