Kathy Liebler
                        Director of Public Information

C  O  M  M  I  S  S  I  O  N       N  E  W  S       R  E  L  E  A  S  E


Carl DeFebo 717-939-9551, extension 2934 cdefebo@paturnpike.com

March 12, 2001



The Pennsylvania Turnpike Commission today announced the issuance of approximately $185 million in Turnpike Revenue Bonds, Series R of 2001. The sale of the bonds will take place during the week of March 12.

"These bonds are being sold to fund a portion of the Commission’s 10-year capital plan," said Deputy Executive Director of Finance J. Blair Fishburn. "The capital plan identifies more than $2.3 billion in infrastructure needs over the next decade to improve the existing Turnpike system."

Proceeds from the bond sale will help subsidize Turnpike projects ranging from six-lane widening ventures and total roadway reconstruction initiatives to the system-wide implementation of E-ZPass (electronic toll collection) and service-plaza upgrades, among others.

AMBAC Assurance, a global bond-insurance firm, has made a commitment to issue a Financial Guaranty insurance policy relating to the Series R Bonds effective March 1, 2001. Based on this commitment, the Commission has received from Standard & Poor’s Corp., Moody’s Investors Service and Fitch Inc. municipal bond ratings of "AAA," "Aaa," and "AAA" respectively for the Series R Bonds.

Tucker Anthony — senior underwriter for the Turnpike Series R revenue bonds — has teamed with 14 other bond managers to underwrite this sale. For a complete listing of underwriters, visit the Turnpike web site at www.paturnpike.com.

Fishburn added that the purchase of a Turnpike revenue bond is tax exempt on both the state and federal level for Pennsylvania residents.


 P.O. Box 67676, Harrisburg, PA 17106-7676         Phone: (717) 939-9551         Fax: (717) 986-9649