Gdynia issues over zl. 206 million in municipal bonds

The entire issue value will reach zl. 206.3 million, the largest municipal bond issue in Poland. The next tranches will be issued in: 1999 - zl. 51.8 million, 2000 - zl. 68.8 million, 2001 - zl. 42.3 million and in 2002 - zl. 25.8 million. The issue will be carried by bank Pekao S.A. The interest rate for the bonds will equal that of treasury bonds plus the investors margin. Gdynia wants to invest the money in road infrastructure development and plans to purchase new buses. (Rzeczpospolita, page 21)