Los Angeles plans to price $500 million tax and revenue anticipation notes

By Cristal Cody

Springdale, Ark., May 21 - The County of Los Angeles expects to price $500 million of tax and revenue anticipation notes in June, a source with the issuer said Wednesday.

The series 2008/2009A fixed-rate notes are due June 30, 2009.

An exact pricing date has not been set, the source said.

Lehman Brothers is the senior manager of the negotiated sale. Co-managers are Banc of America Securities LLC, JPMorgan, Ramirez & Co. and SBK-Brooks Investment Corp.

Proceeds will be used to help meet fiscal year 2009-2009 county general fund expenditures. The county issued a resolution on May 13 to sell up to $1 billion in notes.

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