Garland, Texas, plans to price $77.275 million bonds and certificates

By Cristal Cody

Springdale, Ark., June 13 - Garland, Texas, intends to price $77.275 million bonds and certificates, according to a preliminary official statement.

The sale includes $61.24 million series 2008A general obligation refunding bonds and $16.035 million series 2008 tax and revenue certificates of obligation.

The bonds (/AA+/) have serial maturities from 2009 through 2025.

The notes have serial maturities from 2009 through 2028.

Banc of America Securities LLC is the senior manager of the negotiated sale.

Lehman Brothers; Estrada Hinojosa & Co.; Morgan Keegan & Co.; RBC Capital Markets and Southwest Securities are co-managers.

Proceeds will be used to refund a portion of the city's outstanding general obligation commercial paper notes to replace them with long-term fixed-rate debt and for improvements to police and fire departments, municipal buildings and other projects, including acquiring vehicles for the city's environmental waste services department.

Additional information was not immediately available.

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