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Lubbock, Texas, to sell $144.43 million bonds, certificates March 15
By Sheri Kasprzak
New York, March 10 - The City of Lubbock, Texas, is set to price $144.43 million of series 2011 general obligation bonds and revenue certificates of obligation on March 15, according to a preliminary official statement.
The offering includes $13.53 million of series 2011 G.O. bonds, $16.245 million of series 2011 G.O. refunding bonds and $114.655 million of series 2011 tax and waterworks system revenue certificates of obligation.
The bonds (Aa2/AA+/AA+) will be sold on a negotiated basis with Morgan Keegan & Co. Inc. as the senior manager. The co-managers are Citigroup Global Markets Inc., First Southwest Co. and Oppenheimer & Co. Inc.
The 2011 G.O. bonds are due 2012 to 2031, and the 2011 G.O. refunding bonds are due 2012 to 2022. The 2011 tax and waterworks certificates of obligation are due 2012 to 2031.
Proceeds will be used to finance public safety and street improvements, as well as improvements to water, sewer and storm water utilities. The G.O. refunding bonds will be used to refund existing debt for a 3% net present value savings.
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