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Yesterday, the Port Authority of New York and New Jersey announced that it sold $400 million in consolidated bonds to Citigroup Global Markets Inc. The sale includes bonds due from July 15, 2017 to July 15, 2040, at annual interest rates ranging from 2.5 percent to 5 percent.

The sale proceeds will be used for capital projects in connection with port authority facilities or perhaps for refunding obligations, according to a prepared statement.