The state has successfully sold $42.7 million worth of general obligation bonds. The proceeds from the sale will be used for voter-approved capital improvement projects and economic development efforts including: library information system, water pollution control facilities, housing, state parks and safety improvements.

“The bonds were sold at extremely favorable rates, ranging from 3.80 percent to 4.95 percent, for tax-exempt maturities in 1998 and 2007, which means we got a good interest rate,” Dale McCormick, the state treasurer, said. “I established an extended retail order period on Tuesday to give in-state Maine residents an opportunity to buy the bonds prior to the pricing on Wednesday.