King County, Wash., plans to sell $177.64 million hospital and special events center bonds

By Cristal Cody

Springdale, Ark., Feb. 12 - King County, Washington, plans to sell $177.635 million of bonds, according to preliminary official statements.

King County, Washington, Public Hospital District 1 plans to price $115 million limited tax and general obligation bonds.

Principal and interest on the bonds will be guaranteed by Assured Guaranty Corp. (Aaa/AAA/AAA).

The series 2008 bonds (Aaa/AAA/AAA) are being sold to refund all the district's outstanding hospital facilities revenue bonds series 2005A and series 2005B bonds and to help finance renovations at Valley Medical Center.

Morgan Stanley is the underwriter of the negotiated pricing.

King County also plans to price $62.635 million bonds for the Kent Special Events Center Public Facilities District.

Kent, Wash., in King County, plans to sell $52.505 million special events center sales tax bonds series 2008 bonds and $10.13 million taxable special events center revenue bonds series 2008.

Piper Jaffray & Co. is the lead underwriter, with co-managers Lehman Brothers and Wachovia Bank, National Association.

The sales tax bonds have serial maturities from 2020 to 2028 with term bonds in 2033 and 2037.

The revenue bonds have serial maturities from 2009 through 2020.

Proceeds will be used to develop the 160,000-square-foot facility that includes a 6,025-seat ice arena.

Additional information was not available.

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