(<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /?>Washington, DC) The District of Columbia successfully marketed and sold today general obligation (GO) bonds totaling $576.4 million. The tax-exempt, fixed-rate bonds have a final maturity of 2037 and sold at a weighted-average interest rate of 4.69 percent.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /?>

The bonds are backed by the full faith and credit of the District, and were bolstered by last week’s upgrades in the District’s bond ratings to A1 and A+ by Moody’s Investors Service and Fitch Ratings, respectively. Standard and Poor’s affirmed its existing A+ rating on the District’s GO bonds.

The bond proceeds will fund various capital projects, such as school facilities, recreation facilities and government offices, that are included in the District’s fiscal year 2007 Capital Improvements Plan.

The District today also marketed a refunding of certain outstanding GO bonds. However, due to a rise in interest rates that reduced the potential savings below District and industry thresholds, the District decided to postpone that sale until market conditions improve.

“While conditions were somewhat challenging today, we are pleased that the District’s bonds performed well relative to other bonds in the marketplace,” said Treasurer Lasana K. Mack.