Maryland sold $95 million in bonds yesterday at the best interest rate in 11 years.
State officials attributed the low rate to favorable market conditions and Maryland's Triple A bond rating.
"We're in a very good market. This is a very good bid in my opinion," Comptroller Louis L. Goldstein said.
The low bid of 6.3 percent was submitted by a syndicate headed by Bankers Trust of New York. The state also got bids from five other syndicates, the most bids Maryland has ever received, State Treasurer Lucille Maurer said.
The proceeds are to be used for a wide variety of projects, including school construction, water and sewer projects and local jails.
Maryland is one of just eight states with a Triple A rating from the three major New York bond rating houses, Marvin Bond, a spokesman for the comptroller's office said.