New Issue: Tulare, Calif., prices $56 million tax and revenue anticipation notes

By Sheri Kasprzak

New York, July 8 – The City of Tulare, Calif., sold $56 million of series 2014-2015 tax and revenue anticipation notes, according to a pricing sheet.

The notes (/SP-1+/) were sold competitively with J.P. Morgan Securities LLC winning the bid at a 0.11011% true interest cost.

The notes are due June 30, 2015 and have a 2% coupon priced at 101.804 to yield 0.11%.

Proceeds will be used to finance cash flow needs for the coming fiscal year.

Issuer:	City of Tulare, Calif.
Issue:	Series 2014-2015 tax and revenue anticipation notes
Amount:	$56 million
Maturity	:	June 30, 2015
Coupon:	2%
Price:	101.804
Yield:	0.11%
Type:	Competitive
Underwriter:	J.P. Morgan Securities LLC (winner)
True interest cost:	0.11011%
Rating:	Standard & Poor’s: SP-1+
Pricing date:	July 2
Settlement date:	July 16

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