Kern County Water Agency, Calif., to sell $118.745 million in certificates Tuesday

By Sheri Kasprzak

New York, April 21 - The Kern County Water Agency in California intends to price $118.745 million in series 2008 water revenue certificates of participation on Tuesday, according to a calendar of offerings Monday.

The certificates (A1/A/) will be sold on a negotiated basis with Citigroup Global Markets as the lead manager and Wells Fargo Institutional Securities, UBS Investment Bank and Merrill Lynch as the co-managers.

The sale includes $82.23 million in series 2008A bonds and $36.515 million in series 2008B taxable bonds.

The bonds are due from 2009 to 2028 with term bonds due 2033 and 2038.

Proceeds will be used to expand the agency's water purification plant and related facilities.

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