Erie County Industrial Development Agency, N.Y., to sell $284 million school revenue bonds

By Sheri Kasprzak

New York, May 19 - The Erie County Industrial Development Agency of New York is set to price $284 million of series 2011 school facilities revenue bonds for the Buffalo City School District, according to a preliminary official statement.

The bonds (Aa3/AA-/) will be sold through Citigroup Global Markets Inc. The co-managers are Morgan Keegan & Co. Inc., Ramirez & Co. Inc., Roosevelt & Cross Inc. and Siebert Brandford Shank & Co. LLC.

The sale includes $170 million of series 2011A revenue bonds and $114 million of series 2011B refunding bonds.

The 2011A bonds are due 2013 to 2032, and the 2011B bonds are due 2012 to 2024.

Proceeds will be used to fund improvements and repairs to Buffalo schools, as well as to refund the agency's series 2003 bonds.

Based in Buffalo, N.Y., the agency provides funding for industrial development and education throughout the county.

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