Elsinore Valley Municipal Water, Calif., to sell $54.66 million COPs

By Cristal Cody

Tupelo, Miss., Oct. 20 - The Elsinore Valley Municipal Water District in California plans to price $54.655 million in variable-rate refunding certificates of participation, according to a preliminary official statement released Monday.

The series 2008B certificates (Aaa/AAA/AA+) are due in 2035.

The bonds will price initially with a weekly interest rate through a negotiated sale managed by Stone & Youngberg.

The proceeds will be used on Oct. 29 to refund the $49.8 million outstanding from the series 2005 certificates of participation and to satisfy a debt service reserve requirement.

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