Wayne County, Mich., to sell $174 million G.O. limited tax notes

By Sheri Kasprzak

New York, Sept. 28 - Wayne County in Michigan is expected to sell $174 million in series 2010 general obligation limited tax notes (/SP-1/), according to a preliminary official statement.

The offering includes $52 million in series 2010B-1 federally taxable notes, $25 million in series 2010B-2 federally taxable notes, $57 million in series 2010B-3 federally taxable notes and $40 million in series 2010B-4 federally taxable notes.

Citigroup Global Markets Inc. and Comerica Securities are the senior managers.

The notes are all due Sept. 15, 2012 and are variable-rate 30-day Libor notes. The 2010B-1 notes have a mandatory tender date of March 15, 2011, and the 2010B-2 notes have a tender date of Sept. 15, 2011. The mandatory tender date for the 2010B-3 notes is March 15, 2012, and the mandatory tender date for the 2010B-4 notes is Sept. 15, 2012.

Proceeds will be used to fund the county's delinquent tax revolving fund.

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