Cleveland to price $62.09 million income tax bonds Monday

By Cristal Cody

Springdale, Ark., July 24 - Cleveland expects to price $62.09 million subordinate-lien unrestricted income tax bonds on Monday, a source told Prospect News.

The series 2008 police and fire pension payment bonds have serial maturities from 2009 through 2018.

Morgan Stanley is the senior manager of the negotiated sale. Merrill Lynch & Co. is the co-manager.

Proceeds will be used to refund the city's series 1994 variable-rate refunding bonds and fund interest on the series 2008 bonds for six months.

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