AUGUSTA — Maine state Treasurer Bruce Poliquin says the state has sold $108 million in general obligation bonds with proceeds going toward highway and railway construction, research and development and other capital projects approved by voters in recent years.

Poliquin said last Thursday’s sale was the first time since 1990 that the state had sold bonds on a competitive basis.

He said 11 national and regional investment companies competed to buy $39.6 million of taxable bonds, and that a dozen firms competed on $68.5 million of tax-exempt bonds.

Poliquin said marketing the bonds in a competitive sale allows the state to sell them at the lowest cost possible.