Municipals round out the week flat; School District of Miami-Dade preps $250 million TANs sale

By Sheri Kasprzak

New York, July 2 - Municipals closed out Friday mostly flat amid extremely light activity, said a trader reached early in the afternoon.

"People are out; it's really quiet, so there's not a lot trading," the trader said.

"Next week, I'm not really expecting too much movement. It's a short week. There's probably not going to be much trading. We're having a hard enough time even without a holiday."

Amid the light trading action, the Metropolitan Transportation Authority of New York's recently priced bonds were seen trading. The 6.687% 2040 bonds were trading at 6.35% after pricing Wednesday at par.

Elsewhere, the bonds sold for Jefferson Health System by Pennsylvania's Chester County Health and Education Facilities Authority attracted some interest. The 5% 2040s were seen at 4.807%.

In other secondary news, the Puerto Rico Sales Tax Financing Authority's series 2010C bonds were moving. The 5% 2035s were trading at 5.098%.

Miami-Dade schools to price

The coming week's primary action is expected to be fairly light, led by a $250 million sale of tax anticipation notes from the School District of Miami-Dade County in Florida.

The notes will be sold competitively on Thursday and are due Jan. 17, 2011.

The district plans to use the proceeds to fund operating expenses ahead of the collection of ad valorem taxes.

Monroe sale ahead

Also coming up during the week, Monroe County in New York is set to price $84.715 million in series 2010 public improvement general obligation bonds (A3/BBB+/A-) competitively on Wednesday.

The G.O. bonds are due 2011 to 2030.

Proceeds will be used to replace and upgrade some bridges and highways; replace and enhance public safety communications equipment; reconstruct the county's civic center; improve parks, recreational facilities and structures; construct, furnish and equip a public safety laboratory; increase and improve water and sewer services; renovate the children's detention center; and improve automation systems at the county's public library system.

The county seat is Rochester.

Kentucky sets housing deal

Out on the horizon, the Kentucky Housing Corp. is set to price $116 million in series 2010 housing revenue bonds, said a preliminary official statement.

The offering is comprised of $40 million in series 2010B non-AMT bonds, $10 million in series 2010C non-AMT bonds, $46 million in series 2010D AMT bonds and $20 million in series 2010E non-AMT bonds.

The bonds will be sold on a negotiated basis with Bank of America Merrill Lynch and Citigroup Global Markets Inc. as the senior managers.

The 2010B bonds are due 2011 to 2022 with term bonds due 2024 and 2027.

The 2010C bonds are due 2027 with a term bond due 2033.

The 2010D bonds are due 2015 to 2021 with term bonds due 2034.

The 2010E bonds are due 2025, 2030 and 2035.

Proceeds will be used to fund mortgage loans and to refund the corporation's series 2000 bonds.

Based in Frankfort, Kentucky Housing provides low-cost mortgage loans to low- to moderate-income Kentuckians.

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