The state of Texas has raised $9.8 billion in a sale of tax-exempt general obligation tax and revenue anticipation notes, The Wall Street Journal reports. The funding will be used to support payments to public schools at the beginning of the new school year.
The notes are due to mature on Aug. 30, 2012 and have a coupon rate of 2.50%. JP Morgan Chase, FirstSouthwest, RBC Capital Markets, Citigroup, Barclays Capital and Piper Jaffray were among the winning bidders.
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