Erie County Fiscal Stability, N.Y., to sell $92.87 million bonds

By Sheri Kasprzak

New York, May 20 - The Erie County Fiscal Stability Authority of New York plans to sell $92.865 million in series 2010 sales tax and state aid secured bonds, according to a preliminary official statement.

The offering includes $49.165 million in series 2010B bonds and $43.2 million in series 2010C bonds.

The 2010B bonds are due 2010 to 2022, and the 2010C bonds are due 2011 to 2020.

The bonds (Aa1//AA+) will be sold through senior manager Roosevelt & Cross Inc. The co-managers are Goldman Sachs & Co. and M&T Securities Inc.

Proceeds will be used to purchase county bonds to refund a portion of its existing debt.

The authority, which is based in Buffalo, N.Y., manages the finances of the county.

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