Virginia Public Schools to sell $56.99 million notes Wednesday

By Sheri Kasprzak

New York, May 23 - The Virginia Public School Authority is set to price $56.985 million of series XI school educational technology notes on Wednesday, according to a notice of sale.

The notes (Aa1/AA+/AA+) will be sold competitively with BB&T Capital Markets as the financial adviser.

The notes are due 2012 to 2016.

Proceeds will be used to make grants to establish a computer-based instructional and testing system for the Standard of Learning, as well as to provide high-speed internet access to high schools, middle schools and elementary schools.

Based in Richmond, Va., the authority provides funding to public schools throughout the commonwealth.

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