"What are our options? You either pick these banks or you don't. If you don't, business shuts down. We stop building infrastructure," said state Treasurer John Schroder, the bond commission chair.
Rising interest rates depressed refunding opportunities, but new money issuance rose amid demand for infrastructure to serve the region's growing population.
School districts must sell bonds based on their own ratings or with private insurance because the triple-A-rated Permanent School Fund's capacity is nearly maxed out.