Kathy Liebler

Manager, Public Affairs & Media Relations

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

April 26, 2001



HARRISBURG, PA. — The Pennsylvania Turnpike Commission announced today that it plans to issue approximately $250 million in Turnpike Revenue Refunding Bonds. Retail sale of the bonds — Series S of 2001 — is on Monday and Tuesday, April 30 and May 1; institutional sale is on Wednesday, May 2.

"These bonds will provide resources to refund the Turnpike Commission's outstanding Series L bonds of June 1, 1991," said Deputy Executive Director of Finance J. Blair Fishburn. He said that today’s low interest rate environment enticed the Turnpike to issue the Series S bonds now.

"We anticipate that a municipal bond-insurance policy will cover principal and interest payment on the bonds, when due, providing AAA ratings from two major rating agencies," Fishburn said. He added that maturities will range from 2002 through 2015.

Interest on the bonds is exempt from federal income tax and will not be an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals. Also, the bonds are exempt from Pennsylvania personal property taxes; interest on the bonds is exempt from Pennsylvania personal income tax and corporate net income tax.

Salomon Smith Barney is senior manager of the issue; it has teamed with 11 other managers to underwrite the sale of the Turnpike Commission Series S Bonds.

For more information about this issue — or to receive the Preliminary Official Statement — visit www.paturnpike.com for a list of underwriters that can be contacted directly. Interested investors can also contact their own brokerage firms. This announcement does not constitute an offer to sell or the solicitation of an offer to buy the bonds.


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