Municipals Calendar: Spring Branch schools to bring $194.6 million

FEBRUARY 25 WEEK

FLORIDA BOARD OF EDUCATION: $315.4 million series 2008A State Board of Education lottery revenue bonds (AA+); competitive; proceeds for school construction and renovation of schools; pricing expected week of Feb. 25

February 25

PUERTO RICO: $4.3 billion pension fund bonds (Baa3/BBB-); bonds have 50-year term proceeds to aid pension fund deficit; pricing Feb. 25.

SPRING BRANCH INDEPENDENT SCHOOL DISTRICT: $194.6 million limited tax schoolhouse bonds series 2008 (Aaa/AAA); competitive; proceeds to acquire sites for schools, purchase buses and to equip buildings and upgrade technology; pricing Feb. 25.

February 26

DORMITORY AUTHORITY OF THE STATE OF NEW YORK: $276.445 million state personal income tax revenue bonds (AAA/AA-); negotiated; Loop Capital Markets (lead for 2008A bonds); M.R. Beal & Co. (lead for 2008B bonds); proceeds for capital expenses on several programs and for grants to healthcare institutions under the HEAL NY program; pricing Feb. 26.

• $112.44 million series 2008A economic development and housing bonds

• $94.465 million series 2008B federally taxable economic development and housing bonds

• $69.54 million series 2008A healthcare bonds

ELECTRIC POWER BOARD OF CHATTANOOGA: $215.075 million electric system revenue bonds series 2008A (AA/AA); negotiated; Goldman, Sachs & Co. (lead); Banc of America Securities, Merrill Lynch & Co., Morgan Keegan and Sun Trust Robinson Humphrey (co-managers); proceeds for a fiber optic broadband network and various capital improvements to the electric system; pricing Feb. 26.

MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA: $246.445 million bonds (A2); competitive; 2008A project one subordinated taxable bonds due 2008 to 2019; 2008A general resolution projects subordinated taxable bonds due 2008 to 2020; 2008B project one subordinated tax-exempt and 2008B general resolution projects subordinated tax-exempt bonds due 2009 to 2023; proceeds to refund 2008A general resolution project subordinated taxable bonds and 2000B project one subordinated taxable bonds, and refund tax-exempt commercial paper notes; pricing Feb. 26.

• $106.82 million 2008A project one subordinated taxable bonds

• $57.475 million 2008A general resolution projects subordinated taxable bonds

• $39.575 million series 2008B project one subordinated tax-exempt bonds

• $42.575 million series 2008B general resolutions projects subordinated tax-exempt bonds

NORTH DAKOTA HOUSING FINANCE AGENCY: $65.85 million housing finance program bonds; negotiated; Citigroup Global Markets (lead); RBC Capital Markets and Piper Jaffray & Co. (co-managers); 2008A bonds due from 2009 to 2018 with term bonds in 2023, 2028, 2032, 2038 and 2039; 2008B bonds due 2038; proceeds for single-family home mortgage loans in North Dakota; pricing Feb. 26.

ORLANDO, FLA.: $181.76 million series 2008A bonds, $42.36 million series 2008B bonds and $73.87 million series 2008C bonds; negotiated: Citi (lead) series 2008A bonds; Goldman, Sachs & Co. (lead) series 2008B and 2008C bonds; series 2008A and B bonds due Nov. 1, 2008, to Nov. 1, 2038; 2008C bonds due 2038; proceeds for new community event center and renovations to the Citrus Bowl football stadium; pricing Feb. 26.

February 27

ILLINOIS STATE UNIVERSITY: $30.005 million series 2008 auxiliary facility system revenue bonds (A2); competitive; proceeds for capital projects, including a student fitness and kinesiology and recreation center and a power plant; pricing Feb. 27.

OHIO BUILDING AUTHORITY: $124.62 million refunding and new-money bonds (Aa2); 2008A state facilities bonds and 2008B state facilities refunding bonds; proceeds to refund the Administrative Building Fund Projects bonds sold in 2002 and provide new capital for administrative building and correctional building projects; pricing Feb. 27.

February 28

CHILDREN'S HEALTHCARE OF ATLANTA: $193 million certificates of participation (Aa2/VMIG1); $72.965 million series 208A variable-rate demand bonds through the Development Authority of Fulton County; $120 million 2008B variable-rate demand certificates through DeKalb Private Hospital Authority; proceeds to refund 2005A and 2005C bonds and reimburse prior capital expenses; pricing Feb. 28.

CITY OF AUSTIN/AUSTIN ELECTRIC ENTERPRISE UTILITIES: $50 million series 2008 taxable series electric utility revenue refunding bonds (A1); negotiated; Banc of America Securities (lead); proceeds to refund $50 million in outstanding commercial paper; pricing Feb. 28.

MICHIGAN STRATEGIC FUND: $77.37 million series 2008 state House of Representatives limited obligation revenue and revenue refunding bonds (A2/A+); negotiated; Citigroup Global Markets and Oppenheimer (lead); 2008A bonds due from 2011 to 2023 and 2008B bonds due 2011; proceeds to defease debt issued in 1998 to finance construction of an office building for the House of Representatives; pricing Feb. 28.

• $75.29 million series 2008A bonds

• $1.13 million series 2008B taxable bonds

NEW YORK: $100 million multi-modal bonds; Bank of America (re-marketing agent); adjustable rate; pricing Feb. 28.

OHIO PUBLIC FACILITIES COMMISSION: $137.965 million general obligation refunding bonds (Aa1/AA+/AA+); negotiated; UBS Investment Bank (lead); KeyBanc Capital Markets, Butler Wick & Co., Merrill Lynch & Co., PNC Capital Markets and Ross, Sinclaire and Associates (co-managers); 2008A higher-education bonds due 2010 to 2014; 2008A common school bonds due from 2010 to 2016; 2008A infrastructure improvement bonds due 2010 to 2012; proceeds refund bonds used for capital improvements to higher education, common schools and suburban facilities; pricing Feb. 28.

• $59.01 million series 2008A higher-education general obligation refunding bonds

• $58.195 million series 2008A common schools general obligation refunding bonds

• $20.76 million series 2008A infrastructure improvement general obligation refunding bonds.

PASCO COUNTY SOLID WASTE ENTERPRISE, FLA.: $95 million ($41 million solid waste disposal and resource revenue recovery system refunding revenue bonds, series 2008B, 2008C, 2008D-1, 2008D-2 and $54 million solid waste disposal and resource revenue recovery system refunding revenue bonds, taxable series 2008A) (A2); competitive; proceeds to defease all the solid waste system's existing bonds to provide cash-flow relief, fund a debt service reserve account, provide funds for minor capital improvements; pricing Feb. 28.

REDEVELOPMENT AGENCY OF THE CITY OF RIALTO (CALIFORNIA): $100.11 million in tax allocation bonds (A-/BBB+); competitive; serial maturities from 2008 to 2037; proceeds to fund housing and non-housing redevelopment activities and fund reserve accounts; pricing Feb. 28.

• $46.75 million series 2008A tax-exempt bonds

• $30.795 million series 2008B taxable bonds

• $22.565 million series 2008C taxable bonds

March 1

NEW JERSEY HEALTH CARE FACILITIES FINANCE AUTHORITY/HACKENSACK UNIVERSITY MEDICAL CENTER: $85 million series 2008 revenue bonds (A3/A-); negotiated; Bear, Stearns & Co. (lead); proceeds for construction of new cancer center and 975-space parking garage; pricing March 1.

UNIVERSITY OF AKRON (OHIO): $110.05 million series 2008B general receipt bonds (A2); negotiated; Morgan Stanley (lead); proceeds for capital projects on campus including construction of stadium, student residential facility and parking facility, the conversion of a hotel into a dormitory and the refunding of the university's series 2003A and 2003B general receipt rental notes; pricing March 1.

MARCH 3 WEEK

March 4

COMMONWEALTH FINANCING AUTHORITY (PENNSYLVANIA): $187.5 million series 2008A fixed-rate, federally taxable revenue bonds (A1/AA-); bonds mature from 2009 to 2027; proceeds for economic development-related grants and loans to public and private entities; pricing expected week of March 3.

DELAWARE: $215.705 million general obligation bonds; competitive; serial structure from 2009 to 2028; proceeds for capital projects, deposit to an escrow fund, as well as to refund 1998A general obligation bonds; pricing March 4.

METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY (TENNESSEE): $310 million general obligation bonds (Aa2/AA); competitive; proceeds to buy back commercial paper used as bond anticipation notes; pricing March 4.

SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND POWER DISTRICT (ARIZ.): $800 million fixed-rate electric system revenue bonds (Aa1); negotiated; Bear, Stearns & Co. (lead); Goldman, Sachs & Co., JPMorgan, Morgan Stanley, Citigroup Global Markets (co-managers); bonds have serial structure from 2009 to 2038 with two term bonds; proceeds to finance the utility's ongoing capital improvement plan for the expansion of the electric system; pricing March 4.

March 5

THOMAS JEFFERSON UNIVERSITY (PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY) (A1): $71.55 million series 2008A and 2008B revenue bonds; negotiated; UBS Securities LLC (lead); proceeds to fund capital projects and improvements, as well as refunding the university's series 2005 revenue and refunding bonds; pricing March 5.

UNIVERSITY OF MICHIGAN (Aaa/VMIG1); $224 million series 2008A and 2008B general revenue bonds; proceeds to fund projects that include renovations to Michigan Stadium and the Stephen M. Ross School of Business; pricing March 5.

March 6

BIOLA UNIVERSITY/CALIFORNIA MUNICIPAL FINANCE AUTHORITY: $96.595 million series 2008A and 2008B refunding revenue bonds (Baa1); negotiated; Lehman Brothers (lead); proceeds to refund outstanding series 2002 variable-rate demand bonds and series 2004 taxable variable-rate demand bonds; pricing March 6.

MASSACHUSETTS HEALTH AND EDUCATIONAL FACILITIES AUTHORITY/TUFTS UNIVERSITY: $59.775 million revenue bonds (Aa2/AA-); negotiated; Lehman Brothers (lead); proceeds to refund the Massachusetts Development Finance Agency series H revenue bonds; pricing March 6.

MARCH 17 WEEK

March 17

BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM: $680 million series 2008B public higher education revenue bonds (Aaa/VMIG1); negotiated; Lehman Brothers and JPMorgan Chase & Co. (lead); rate resets weekly; proceeds to refinance $462 million outstanding certificates of participation, refund $35 million outstanding bonds and fund $182 million in campus improvements; pricing March 17.

March 18

SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION (CALIFORNIA): $600 million sales tax revenue bonds (Aa2); competitive; proceeds for capital projects; pricing March 18.

• $300 million series 2008A bonds

• $300 million series 2008B bonds

MARCH 24 WEEK

March 25

ORANGE REGIONAL MEDICAL CENTER (DORMITORY AUTHORITY OF THE STATE OF NEW YORK), MIDDLETOWN, N.Y.: $260 million series 2008 bonds (Ba1); negotiated; Merrill Lynch & Co. (lead), JPMorgan Chase & Co., Morgan Stanley; serial maturities of 30 years; proceeds for construction of 374-bed replacement hospital; pricing March 25.

SAN FRANCISCO AIRPORT: $261 million AMT and non-AMT bonds (A1/A); negotiated; Citigroup Global Markets (lead); serials from 2012 to 2022; proceeds to refund existing bonds; pricing March 26.

MARCH 31 WEEK

April 1

HOWARD HUGHES MEDICAL INSTITUTE (THROUGH MARYLAND ECONOMIC DEVELOPMENT CORP.): $76.5 million refunding bonds series 2008B; negotiated; Lehman Brothers; proceeds to refund existing debt from series 1990 bonds; pricing April 1.

ILLINOIS STATE UNIVERSITY: $21.815 million series 2008 certificates of participation (A2); competitive; proceeds for new student fitness and kinesiology and recreation center, as well as power plant; pricing April 1.

FEBRUARY

SWEETWATER UNION HIGH SCHOOL DISTRICT, CHULA VISTA, CALIF.: $180 million bond issue; pricing expected in mid-February.

PUERTO RICO AQUEDUCT & SEWER AUTHORITY: $1.525 billion series A and B senior lien revenue bonds and series A and B revenue refunding bonds (BBB-); pricing mid-February; structure:

• $1.227 billion in series A senior lien revenue bonds

• $20.6 million in series B senior lien revenue bonds

• $155.7 million in series A revenue refunding bonds

• $121.2 million in series B revenue refunding bonds

MARCH

UNIVERSITY OF OKLAHOMA HEALTH SCIENCES CENTER: $75 million in tax-exempt and taxable bonds; proceeds for new cancer research center; pricing expected in March or April.

APRIL

HOWARD HUGHES MEDICAL INSTITUTE: $76.5 million series 2008B refunding bonds; negotiated; Lehman Brothers (lead); proceeds to refund existing debt on the headquarters from the institute's 1990 bonds; pricing expected in April.

ON THE HORIZON

FAIRFIELD, CONN.: $51.115 million 2008 refunding bonds; negotiated; William Blair (lead); serial structure from 2010 to 2023; proceeds refund city's 2003A and 2003B bonds.

FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION: $278 million series 2008A Florida forever revenue bonds; competitive; 18-hour notice.

FLORIDA DEPARTMENT OF TRANSPORTATION: $155 million right-of-way acquisition and bridge construction bonds; proceeds to acquire property for rights of way and state bridge construction; bonds due from 2008 to 2017; pricing on 18-hour notice.

HARRIS COUNTY CULTURAL EDUCATIONAL FACILITIES (TEXAS): $158.5 million series 2008A revenue bonds for YMCA of Greater Houston; negotiated; Goldman, Sachs & Co. (lead), Merrill Lynch, Morgan Keegan, RBC Capital Markets and Wachovia Bank (co-managers); bonds price in serial structure from 2010 through 2020 and include $132.855 million term bonds due 2030, 2038 and 2042; proceeds for family and therapy pools, additional facility space, parking areas and sports fields; pricing in coming weeks.

INDUSTRIAL DEVELOPMENT AUTHORITY (PIMA COUNTY, ARIZ.): $195 million lease revenue bonds series 2008 (Aa2); negotiated; Lehman Brothers (lead), Wells Fargo Brokerage Services (co-manager); sold in serial structure from 2010 through 2039; proceeds to acquire 1,038-bed, 139,000 square-feet detention center in Clark County, Nevada.

MASSACHUSETTS HEALTH AND EDUCATIONAL FACILITIES AUTHORITY: $141.235 million series M Boston College Issue revenue bonds (Aa3/AA-); negotiated; Lehman Brothers (lead); due from 2023 to 2028 with term bonds due 2030 and 2035; proceeds for renovations on campus, the construction of administrative building and construction of stairs at a campus building.

NORTH TEXAS TOLLWAY AUTHORITY: $2.315 billion revenue refunding bonds (A2/A-); negotiated: Bear, Stearns & Co. (lead); proceeds to refund portions of series 2007 bond appreciation notes; series 1997 and series 1997A revenue refunding bonds; series 2003C refunding bonds; series 2005A revenue bonds; and series 2005B variable rate revenue bonds.

• Series 2008A bonds of $1.413 billion first tier current interest bonds

• Series 2008B $233.2 million first tier current interest bonds

• Series 2008C $19.115 million first tier taxable current interest bonds

• Series 2008D $150 million first tier insured capital appreciation bonds

• Series 2008E $500 million first tier put bonds

PALM BEACH COUNTY SCHOOL BOARD: $112.7 million series 2007B certificates of participation; remarketing; Bear, Stearns & Co.; certificates issued in March 2007 to finance the acquisition and construction of facilities.

SAN FRANCISCO CITY AND COUNTY AIRPORT COMMISSION: $169.5 million 34A-C senior lien variable-rate revenue refunding bond, $255 million 34D-E senior lien fixed-rate revenue refunding bonds, $110 million 34F-G senior-lien variable-rate revenue refunding bonds (A); timing not set.

SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY: $140.11 million Natural Gas Project A 2008 taxable revenue bonds for Anaheim, Burbank and Colton; proceeds to refinance each city's share of natural gas project acquisition and development costs through redemption of authority's draw-down revenue bonds issued as a short-term financing for the project;

• $80.36 million Natural Gas Project A 2008 taxable revenue bonds for City of Anaheim

• $43.275 million Natural Gas Project A 2008 taxable revenue bonds for City of Burbank

• $16.475 million Natural Gas Project A 2008 taxable revenue bonds for City of Colton

SOUTH CAROLINA PUBLIC SERVICE AUTHORITY (SANTEE COOPER): $93.155 million revenue obligation bonds; negotiated; Goldman, Sachs & Co. (lead), Citigroup Global Markets; Bear, Stearns & Co.; Merrill Lynch & Co.; and Morgan Stanley (co-managers); proceeds will be used to refund series 1997 A refunding bonds.

UNIVERSITY OF OKLAHOMA HEALTH SCIENCES CENTER: $100 million tax-exempt and taxable bonds; proceeds for new cancer research center; pricing expected in late spring or early summer.

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