Illinois to sell $1.3 billion certificates; Minnesota to price G.O. bonds; Philly plans TRANs

By Cristal Cody

Tupelo, Miss., July 15 - The State of Illinois announced plans to re-enter the primary market with $1.3 billion in general obligation certificates a day after selling $900 million in G.O. bonds.

"Saw they're coming out with another deal," said a banker associated with Wednesday's sale of the series 2010-5 G.O. Build America Bonds.

The state plans to sell the series July 2010 certificates via a competitive sale on Tuesday.

The bonds have maturities of April 15, 2011, May 20, 2011 and June 14, 2011.

Public Resources Advisory Group is the financial adviser on the sale.

Proceeds will be used to make payments on fiscal year 2010 obligations from a revenue shortfall versus budgeted amounts, according to the preliminary official statement.

Minnesota plans $865 million

Coming up in August, the State of Minnesota will price $865 million in G.O. state bonds, according to a notice of sale.

The sale includes $635 million of series 2010A state various-purpose bonds, $225 million of series 2010B state trunk highway bonds and $5 million of series 2010C taxable state bonds.

The series 2010A and 2010B bonds have serial maturities from 2011 through 2030. The series 2010C bonds are due Aug. 1, 2015.

The bonds will price through a competitive sale on Aug. 3.

Public Resources Advisory Group is the financial adviser.

Proceeds will be used to finance programs and capital projects, including educational facilities, parks and the state trunk highway system, and to develop the state's agricultural resources by financing the Rural Finance Authority's programs.

Philadelphia to sell TRANs

A couple of deals are expected on the horizon.

The City of Philadelphia intends to sell $285 million in tax and revenue anticipation notes, according to a preliminary official statement.

The series 2010-2011A notes (MIG1/SP-1+/) are due June 30, 2011.

The notes will price through a negotiated sale led by senior manager Bank of America Merrill Lynch.

Proceeds will be used to pay general expenses and obligations.

Moving down South, Harris County, Texas plans to sell $225 million in toll road senior-lien revenue and refunding bonds, according to a preliminary official statement.

The sale includes series 2010A1 revenue and refunding bonds and series 2010A2 revenue and refunding bonds.

The bonds will price through a negotiated sale managed by Citigroup Global Markets Inc.

Proceeds will be used to refund and defease all outstanding series 2009B toll road senior-lien revenue and refunding bonds.

The county seat is Houston.

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