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The Colorado Department of Transportation, which borrows to build highways and bridges, refinanced $104.7 million of revenue bonds as yields on five-year AA+ transport bonds reached the lowest level since at least 1994.
The cheap rates enabled Colorado to refund AA-rated Series 2004A bonds maturing in 2016 for net-present savings of at least 3 percent, Benson Stein, the department’s chief financial officer, said in a telephone interview.
