Waco, Texas, plans $57.79 million sale of G.O. refunding bonds and certificates of obligation

By Sheri Kasprzak

New York, Jan. 17 - The City of Waco, Texas, is expected to price $57.79 million of series 2012 general obligation bonds and certificates of obligation, according to a preliminary official statement.

The deal includes $54,345,000 of series 2012 G.O. refunding bonds and $3,445,000 of series 2012 combination tax and revenue certificates of obligation.

The bonds (Aa2/AA/) will be sold on a negotiated basis with Samco Capital Markets Inc. as the senior manager. The co-managers are Southwest Securities Inc. and Rice Financial Products Co.

The G.O. refunding bonds are due 2013 to 2035, and the certificates are due 2013 to 2032.

Proceeds from the G.O. refunding bonds will be used to refund a portion of the city's G.O. debt, including its series 2002 G.O. bonds, series 2002 combination tax and revenue certificates of obligation, series 2003 combination tax and revenue certificates of obligation and series 2005 combination tax and revenue certificates of obligation.

Proceeds from the certificates will be used to pay for the construction, acquisition, relocation and improvements of the city's fire service buildings, airport facilities, parks and recreational facilities, city streets, traffic control systems, sidewalks, street lighting and drainage systems.

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