Lubbock, Texas, organizes $110.09 million revenue certificates, G.O.s

By Sheri Kasprzak

New York, April 21 - The City of Lubbock, Texas, is set to price $110,095,000 of series 2014 general obligation refunding bonds and tax and waterworks system surplus revenue certificates of obligation, according to a preliminary official statement.

The offering includes $45,775,000 of series 2014 G.O. refunding bonds and $64.32 million of series 2014 certificates of obligation.

The bonds (Aa2/AA+/AA+) will be sold on a negotiated basis with Raymond James/Morgan Keegan as the senior manager and Barclays, Citigroup Global Markets Inc. and Wells Fargo Securities LLC as the co-managers.

The G.O. bonds are due 2014 to 2026, and the certificates are due 2015 to 2034.

Proceeds will be used to finance improvements and extensions to city streets, including sidewalks, street lights, traffic signals/controllers and traffic signal communication systems, signage, landscaping, utility improvements, extensions, relocations and acquisition of land and rights-of-way; the relocation and upgrade of public utility infrastructure; park and recreation system improvements; public safety radio communication systems upgrades; airport facility improvements; fire department facility improvements; animal shelter expansions; solid waste and wastewater system improvements; as well as to refund the city's series 2004, 2005, 2006 and 2007 G.O. bonds and certificates.

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