New York State Thruway to bring $239.14 million bonds; Round Rock schools plans $126.36 million

By Cristal Cody and Sheri Kasprzak

New York, Feb. 4 - Heading up a quiet day for primary market news in municipals was a $239.14 million offering of local highway and bridge service contract bonds from the New York State Thruway Authority.

"We're looking to do a retail order period on Wednesday and price institutionally on Thursday," said Michael Sikule, director of investments and assets management for the authority.

The series 2008 bonds have a maturity structure from April 1, 2008, through 2015, with a term bond in 2017.

Morgan Stanley is the lead manager of the negotiated deal, with nine additional underwriters as co-managers.

Proceeds will be used to refund maturities from outstanding highway and bridge service contract bonds.

Round Rock school plans bonds

Round Rock Independent School District in Texas plans to price $126.36 million unlimited tax school building bonds on Feb. 11, Tracy Hoke, chief financial officer for the district, told Prospect News on Monday.

The series 2008 bonds have serial maturities from 2009 through 2033, and one or more maturities may be term bonds, she said.

"We're aiming for term bonds," she said.

Morgan Stanley is the lead manager, and RBC Capital Markets, Morgan Keegan & Co., Cabrera Capital Markets LLC and Loop Capital Markets LLC are co-managers.

Proceeds will be used to acquire land, construct and equip buildings and purchase technology equipment for schools in the district, which is located in Williamson and Travis counties.

Fort Worth schools to bring deal

Fort Worth Independent School District plans to price $232.135 million school building unlimited tax bonds the week of Feb. 11.

The bonds will be awarded at the district's board meeting on Feb. 12, and likely will price the same day, said David Medanich, with First Southwest Co., the district's financial advisor.

The series 2008 bonds (Aaa/AAA) have serial maturities from 2009 to 2028.

JPMorgan is the senior manager, with Estrada Hinojosa & Co., Siebert Brandford Shank & Co. and RBC Capital Markets as co-managers.

The Tarrant County, Texas, district plans to use the proceeds to purchase school buses, acquire land and construct and equip school buildings.

Massachusetts College to bring $90 million

The Massachusetts State College Building Authority expects to price $90 million project revenue bonds in mid-February, the issuer said Monday.

The series 2008A bonds most likely will price Feb. 20 or Feb. 21, said Edward Adelman, executive director of the authority, which finances and constructs facilities for colleges in the state.

"It's tentative because of market conditions, as well as we expect to get an updated rating the week of the 11th from Moody's and S&P," he said.

Bear, Stearns & Co. and Lehman Brothers are the lead managers of the negotiated deal, while Banc of America Securities LLC, Citi, Depfa First Albany Securities LLC, Raymond James & Associates and Samuel A. Ramirez & Co. are co-managers.

Proceeds will be used for deposits to the authority's project fund and debt service reserve fund.

Fort Lauderdale to price water and sewer bonds

Fort Lauderdale plans to price $155 million water and sewer revenue bonds on Feb. 21, according to a release from Moody's Investor's Service.

Moody's Investors Service assigned an Aa2 rating to the series 2008 bonds on Monday.

The Aa2 rating also was affirmed on $178.6 million outstanding parity bonds.

Proceeds will be used for a variety of projects, including improvements to the system's two water treatment plants, enhancing the water supply system with new wells and sewer extension through the city.

Fort Lauderdale also expects to issue a total of $156.8 million in parity senior lien bonds in fiscal 2009 and fiscal 2011, according to Moody's.

Additional information was not available.

Oregon plans bonds

Also coming up this month is a $105 million offering of mortgage revenue bonds from the State of Oregon Housing and Community Services Department.

The offering is set to price later this month and settle on Feb. 26, according to a preliminary official statement.

The bonds include $15.14 million in 2008A non-AMT bonds, $54.86 million in 2008B AMT bonds and $35 million in 2008C AMT variable-rate bonds, according to a preliminary official statement.

Merrill Lynch & Co. and Bear, Stearns & Co. are the lead managers for the offering. Merrill is the sole underwriter for the series 2008C bonds.

Bank of America Securities LLC, Citigroup, Edward Jones and Morgan Stanley are the co-managers.

The 2008A bonds will be priced in a serial structure due 2009 and then from 2018 to 2022. The 2008B bonds will price in a serial structure from 2010 to 2017 and in term bonds due 2026 and 2038. The 2008C bonds include a term bond due 2038.

Proceeds from the bonds will be used for $101.85 million in mortgage loans for residents in the state of Oregon.

Denver plans $174.135 million offering

Looking to upcoming deals this week, Denver, Colo. Plans to price $174.135 million in general obligation justice system facilities bonds, series 2008 and supplemental B interest registered coupons on Wednesday.

The offering could not be confirmed Monday by press time with the issuer, but Moody's Investors Service rated the bonds Aa1 on Monday.

The bonds will be sold on a competitive basis, according to Moody's.

Proceeds will be used for jail and courthouse improvements.

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