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Article: OCTA Approves Commercial Paper Program.
- Article from:
- Business Wire
- Article date:
- March 14, 1995
CopyrightCOPYRIGHT 1995 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ORANGE, Calif.--(BUSINESS WIRE)--March 13, 1995--The Orange County Transportation Authority (OCTA) board of directors today approved the steps necessary to launch a new short-term, tax-exempt commercial paper program with a first issuance expected in early April.
OCTA will use the short-term borrowing program to take advantage of current low interest variable rates of approximately four percent.
Commercial paper is one of the least expensive sources of financing and part of the Authority's overall strategic financing program. Commercial paper is usually offered by large public agencies with good credit.
The board's decision is one of the last remaining ...