By Cristal Cody
Springdale, Ark., March 27 - The Eastern Municipal Water District in Riverside County, Calif., priced $54.575 million certificates of participation (COPs) with a 1.95% initial rate, the issuer said Thursday.
The series 2008B water and sewer revenue variable-rate certificates (Aa3/AA-/AA) will reset weekly, said Charles Rathbone, chief financial officer of the district.
The certificates are due July 1, 2035.
UBS Investment Bank is the underwriter.
Proceeds will be used to finance the prepayment of series 2006B installment payments and refund series 2006B auction-rate certificates.
| Issuer: | Eastern Municipal Water District
|
| Issue: | Series 2008B water and sewer revenue variable-rate certificates of participation
|
| Amount: | $54.575 million
|
| Type: | Negotiated
|
| Rate: | 1.95%
|
| Set: | Weekly
|
| Maturities: | July 1, 2035
|
| Underwriter: | UBS Investment Bank
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | March 26
|
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