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Yesterday, Virginia’s Commonwealth Transportation Board sold $492.7 million worth of Transportation Capital Projects Revenue Bonds to advance transportation projects managed by the Virginia Department of Transportation and Virginia Department of Rail and Public Transportation.

The bonds were sold through a competitive bidding process, with Goldman Sachs and Co. submitting the winning bid of a true interest cost of 3.25 percent, Virginia officials said in a prepared statement.

The bond funding will be combined with other state and federal monies to keep rail, highway and transit projects progressing when the state updates its six-year improvement program this spring for fiscal years 2011 through 2016, officials said.