Oakland, Calif., to price $155 million in TRANs July 8

By Sheri Kasprzak

New York, June 24 - Oakland, Calif., intends to sell $155 million in tax and revenue anticipation notes on July 8, said Dawn Holt, a financial analyst with the city's treasury department.

The sale includes $70 million in series 2008A notes and $85 million in series 2008B notes. The 2008A notes will be sold on a competitive basis, and the 2008B notes will be sold on a negotiated basis with JPMorgan as the senior manager.

The notes (MIG1//F1+) are expected to have a one-year term.

Proceeds will be used to finance the city's anticipated mid-year cash flow needs and to prepay the city's annual contribution to the California Public Employees Retirement System for fiscal year 2008-2009.

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