Published on 3/21/2013 in the Prospect News Municipals Daily.
New Issue: Erie County Fiscal Stability, N.Y., sells $56.77 million of bonds
By Sheri Kasprzak
New York, March 21 - The Erie County Fiscal Stability Authority of New York sold $56.77 million of series 2013 sales tax and state aid secured bonds, according to a pricing sheet.
The deal included $25,635,000 of series 2013A bonds and $31,135,000 of series 2013B bonds.
The 2013A bonds are due 2015 to 2024 with 1.25% to 5% coupons. The 2013B bonds are due 2013 to 2024 with coupons from 2% to 5%.
The bonds (Aa1//AA+) were sold through Roosevelt & Cross Inc. and Ramirez & Co. Inc.
Proceeds will be used to finance approved county capital outlays and to refund the authority's 2003B, 2004A, 2004C and 2005A bonds.
| Issuer: | Erie County Fiscal Stability Authority
|
| Issue: | Series 2013 sales tax and state aid secured bonds
|
| Amount: | $56.77 million
|
| Type: | Negotiated
|
| Underwriters: | Roosevelt & Cross Inc. and Ramirez & Co. (lead)
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA+
|
| Pricing date: | March 21
|
| Settlement date: | April 4
|
|
|
| $25,635,000 series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,165,000 | 2015 | Serial | 3% | 105.017
|
| $2.23 million | 2016 | Serial | 3% | 107.03
|
| $445,000 | 2017 | Serial | 1.25% | 101.823
|
| $1 million | 2017 | Serial | 4% | 112.492
|
| $850,000 | 2018 | Serial | 2% | 104.732
|
| $2,375,000 | 2018 | Serial | 4% | 114.133
|
| $465,000 | 2019 | Serial | 1.5% | 101.026
|
| $2 million | 2019 | Serial | 4% | 115.279
|
| $560,000 | 2020 | Serial | 3% | 109.376
|
| $2 million | 2020 | Serial | 4% | 115.933
|
| $2,675,000 | 2021 | Serial | 5% | 123.512
|
| $2.81 million | 2022 | Serial | 5% | 124.186
|
| $2,955,000 | 2023 | Serial | 5% | 124.487
|
| $3,105,000 | 2024 | Serial | 5% | 125.008
|
|
|
| $31,135,000 series 2013B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $650,000 | 2013 | Serial | 2% | 100.504
|
| $135,000 | 2014 | Serial | 2% | 101.324
|
| $2.41 million | 2015 | Serial | 3% | 104.608
|
| $4,935,000 | 2016 | Serial | 4% | 109.448
|
| $5,155,000 | 2017 | Serial | 5% | 115.77
|
| $5.42 million | 2018 | Serial | 5% | 118.471
|
| $5,685,000 | 2019 | Serial | 5% | 120.599
|
| $5,975,000 | 2020 | Serial | 5% | 122.194
|
| $225,000 | 2021 | Serial | 5% | 123.051
|
| $230,000 | 2022 | Serial | 5% | 123.773
|
| $235,000 | 2023 | Serial | 5% | 124.117
|
| $80,000 | 2024 | Serial | 5% | 124.134
|
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