FRANKFORT, Ky. (AP) - Gov. Steve Beshear said Tuesday Kentucky went ahead with a $390 million bond sale while some other states held back amid concerns about the credit markets.
He said the move paid off handsomely.
Proceeds from the sale will be used primarily to pay for construction projects on university campuses and for business expansions around the state.
"It allows us to stimulate our economy by building these projects that are going to create jobs for our people," Beshear said. "Obviously, people are hurting out there right now all across our state and all across this country, and we're going to do everything we can to keep our economy moving in a positive fashion."
University of Louisville finance professor David Dubofsky said he considered the sale good news for Kentucky, especially given problems other states have had getting credit. Dubofsky said other states are in such financial distress that they've called for getting loans from the federal government.
"The fact that Kentucky was able to do this, I'm pleased," Dubofsky said. "I'm surprised, but I'm pleased. It's definitely the only little bit of good news that I've gotten all day today concerning our financial markets."