El Paso, Texas, eyes Feb. 21 bond sales of $78.08 million for funds to improve city facilities, refund debt

By Cristal Cody

Springdale, Ark., Feb. 13 - El Paso, Texas, plans to price $78.08 million in two bond sales on Feb. 21, the issuer said Wednesday.

The city expects to sell $56.655 million series 2008 general obligation bonds and $21.425 million series 2008A general obligation refunding bonds, said Bill Studer, deputy city manager for El Paso.

Series 2008 bonds have serial maturities from 2010 to 2033, and series 2008A bonds mature from 2009 through 2014.

Banc of America Securities LLC is the senior manager of the negotiated sales, with Morgan Stanley and Wachovia Bank as co-managers.

Proceeds from series 2008 bonds will be used for improvements to the city's park, zoo, library and history museum, as well as improvements for city streets, fire, police and public facilities, Studer said.

Series 2008A bond proceeds will be used to refund part of the city's outstanding debt to lower its overall annual debt service requirements.

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