Eastern Municipal Water District, Calif., to price $54.575 million variable-rate COPs

By Cristal Cody

Springdale, Ark., March 19 - The Eastern Municipal Water District in Riverside County, Calif., plans to price $54.575 million water and sewer revenue certificates of participation (COPs) by March 27, the issuer said Wednesday.

The series 2008B variable-rate certificates (Aa3/AA-/AA) will reset weekly. The certificates will mature July 1, 2035.

UBS Investment Bank is the underwriter.

Proceeds will finance the prepayment of the series 2006B installment payments and be used to refund the outstanding series 2006B auction-rate certificates on the date the series 2008B certificates price, said Charles Rathbone, chief financial officer for the district.

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