Published on 8/15/2012 in the Prospect News Municipals Daily.
New Issue: Pontiac Wastewater Treatment, Mich., prices $57.54 million drain bonds
By Sheri Kasprzak
New York, Aug. 15 - The Pontiac Wastewater Treatment Facility Drainage District of Michigan sold $57,535,000 of series 2012 drain bonds, according to a pricing sheet.
The deal included $53.48 million of series 2012A bonds and $4,055,000 of series 2012B bonds.
The 2012A bonds are due 2015 to 2028 with a term bond due in 2034. The coupons range from 0.7% to 3.85%, all priced at par. The 2034 bonds have a 4% coupon priced at par.
The 2012B bonds are due 2013 to 2022 with coupons from 2% to 2.25%. None of the 2012B bonds were reoffered.
The bonds were sold competitively.
Proceeds will be used to defray part of the costs to acquire facilities for the city's wastewater treatment facility and to pay and redeem outstanding obligations.
| Issuer: | Pontiac Wastewater Treatment Facility Drainage District
|
| Issue: | Series 2012 drain bonds
|
| Amount: | $57,535,000
|
| Type: | Competitive
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 23
|
|
|
| $53.48 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,945,000 | 2015 | Serial | 0.7% | 100
|
| $2 million | 2016 | Serial | 1% | 100
|
| $2.06 million | 2017 | Serial | 1.3% | 100
|
| $2,125,000 | 2018 | Serial | 1.65% | 100
|
| $2,185,000 | 2019 | Serial | 1.9% | 100
|
| $2.25 million | 2020 | Serial | 2.15% | 100
|
| $2.32 million | 2021 | Serial | 2.45% | 100
|
| $2.39 million | 2022 | Serial | 2.7% | 100
|
| $2.47 million | 2023 | Serial | 2.9% | 100
|
| $2.55 million | 2024 | Serial | 3.1% | 100
|
| $2.64 million | 2025 | Serial | 3.35% | 100
|
| $2.73 million | 2026 | Serial | 3.6% | 100
|
| $2,835,000 | 2027 | Serial | 3.75% | 100
|
| $2.94 million | 2028 | Serial | 3.85% | 100
|
| $20.04 million | 2034 | Term | 4% | 100
|
|
|
| $4,055,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $520,000 | 2013 | Serial | 2% | NRO
|
| $615,000 | 2014 | Serial | 2% | NRO
|
| $625,000 | 2015 | Serial | 2% | NRO
|
| $310,000 | 2016 | Serial | 2% | NRO
|
| $320,000 | 2017 | Serial | 2% | NRO
|
| $320,000 | 2018 | Serial | 2% | NRO
|
| $325,000 | 2019 | Serial | 2% | NRO
|
| $335,000 | 2020 | Serial | 2% | NRO
|
| $340,000 | 2021 | Serial | 2.1% | NRO
|
| $345,000 | 2022 | Serial | 2.25% | NRO
|
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