Municipals Calendar: California prepares $2 billion sale of bonds

Week of February 27

ALABAMA 21ST CENTURY AUTHORITY: $95 million series 2012 tobacco settlement revenue refunding bonds (/A-/BBB-); negotiated; Citigroup Global Markets Inc. (lead); proceeds to refund prior tobacco settlement revenue bonds; pricing week of Feb. 27.

CALIFORNIA: $2 billion series 2012 various purpose general obligation refunding bonds (A1/A-/A-); negotiated; Barclays Capital Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC (lead); De La Rosa & Co. Inc.; Alamo Capital Inc.; Backstrom McCarley Berry & Co. LLC; BMO Capital Markets GSKT Inc.; Bank of America Merrill Lynch; Cabrera Capital Markets LLC; Citigroup Global Markets Inc.; City National Securities Inc.; Edward D. Jones & Co. LP; Fidelity Capital Markets LLC; Goldman, Sachs & Co.; Greencoast Capital Partners LLC; Grigsby & Associates Inc.; Jackson Securities Inc.; Jefferies & Co.; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; Piper Jaffray & Co.; Prager, Sealy & Co. LLC; Ramirez & Co. Inc.; Raymond James & Associates Inc.; RBC Capital Markets LLC; RH Investment Corp.; Siebert Brandford Shank & Co. LLC; SL Hare Inc.; Southwest Securities Inc.; Stone & Youngberg LLC; Sutter Securities Inc.; US Bancorp Inc.; Wedbush Morgan Securities Inc.; and William Blair & Co. (co-managers); proceeds to current refund existing G.O. bonds for a debt service savings; pricing week of Feb. 27.

NEW YORK STATE MORTGAGE AGENCY: $125,445,000 homeowner mortgage revenue bonds; negotiated; J.P. Morgan Securities LLC (lead); Bank of America Merrill Lynch; Citigroup Global Markets Inc.; Morgan Stanley & Co. LLC; Barclays Capital Inc.; George K. Baum & Co. Inc.; M&T Securities Inc.; M.R. Beal & Co. Inc.; Ramirez & Co. Inc.; RBC Capital Markets LLC; Roosevelt & Cross Inc.; Siebert Brandford Shank & Co. LLC; and Wells Fargo Securities LLC (co-managers); proceeds to make mortgage loans; pricing week of Feb. 27.

• $50,445,000 series 168 non-AMT bonds due 2013 to 2022 with term bonds due in 2027, 2032, 2037 and 2040

• $43.06 million series 169 non-AMT bonds due 2012 to 2021

• $24.94 million series 170 AMT bonds due 2018 to 2022 with term bonds due in 2027

• $7 million series 171 taxable bonds due 2022

February 28

CALIFORNIA DEPARTMENT OF WATER RESOURCES: $350 million Central Valley project water system revenue bonds (Aa1/AAA/); negotiated; BMO Capital Markets LLC (lead); Barclays Capital Inc.; Blaylock Robert Van LLC; Citigroup Global Markets Inc.; De La Rosa & Co. Inc.; Drexel Hamilton LLC; Great Pacific Securities Inc.; Hutchinson Shockey Erley & Co. LLC; Jefferies & Co.; Stone & Youngberg LLC; Morgan Stanley & Co. LLC; Wulff, Hansen & Co.; and US Bancorp Inc. (co-managers); proceeds to refund department's series 2002X and 2005AC revenue bonds; pricing Feb. 28.

• $40 million series AK bonds due 2013 to 2035 with term bond

• $110 million series AL bonds due 2013 to 2029 with term bond

• $200 million series AM bonds due 2013 to 2025 with term bond

ORANGE COUNTY SANITATION DISTRICT (CALIFORNIA): $92.8 million series 2012A wastewater refunding obligations (/AAA/AAA); competitive; Public Resources Advisory Group (financial adviser); proceeds to refund district's series 2003 certificates; pricing Feb. 28.

SAN DIEGO UNIFIED SCHOOL DISTRICT (CALIFORNIA): $100 million series 2012R-1 dedicated unlimited tad valorem tax general obligation refunding bonds; negotiated; Citigroup Global Markets Inc. (lead); De La Rosa & Co. Inc., Goldman, Sachs & Co. and J.P. Morgan Securities LLC (co-managers); proceeds to purchase, defease or cancel outstanding G.O. bonds; pricing Feb. 28.

WASHINGTON STATE: $188,595,000 series 2012E motor vehicle fuel tax general obligation bonds; competitive; Montague DeRose and Associates, LLC and Seattle-Northwest Securities Corp. (financial advisers); bonds due 2013 to 2042; proceeds to refund outstanding general obligation bonds; series 2012D and series 2012E bonds pricing Feb. 28.

February 29

ALABAMA PUBLIC SCHOOL AND COLLEGE AUTHORITY: $162,035,000 series 2012 refunding bonds (Aa1/AA/AA+); competitive; Public Financial Advisors Inc. (financial adviser); proceeds to refund authority's series 2002A-B, 2003 pool bonds and 2003 non-pool bonds; pricing Feb. 29.

• $80.27 million series 2012A pool refunding bonds due 2013 to 2024

• $81,815,000 series 2012B capital improvement, economic development and training refunding bonds due 2015 to 2029

PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY: $83,985,000 series AN state system of higher education revenue bonds (Aa2//AA); competitive; RBC Capital Markets LLC (financial adviser); bonds due 2013 to 2023; proceeds to fund improvements to the state's higher educational facilities; pricing Feb. 29.

March 1

LOUISIANA: $449 million series 2012 general obligation bonds; competitive; Lamont Financial Services Inc. (financial adviser); proceeds to finance general government, health and hospital, elected officials, economic development, non-state, levee districts and ports and education expenses; pricing March 1.

• $400 million series 2012A G.O. bonds

• $49 million series 2012B G.O. refunding bonds

On the Horizon

DORMITORY AUTHORITY OF THE STATE OF NEW YORK/MANHATTAN COLLEGE: $55 million (maximum); negotiated; proceeds to construct a student commons building and refund the college's series 2000 insured revenue bonds.

GUILFORD COUNTY (NORTH CAROLINA): $170.29 million series 2012 general obligation bonds (Aaa/AAA/AAA); negotiated; Wells Fargo Securities LLC and BB&T Capital Markets Inc. (lead); proceeds to construct, acquire, equip, renovate and improve school facilities in the county and refund the county's series 2000C variable-rate general obligation bonds.

• $128.7 million series 2012A G.O. public improvement bonds due 2013 to 2031

• $17,145,000 series 2012B qualified school construction G.O. bonds due March 1, 2032

• $24,445,000 series 2012C G.O. refunding bonds due 2016 to 2020

HOUSTON (TEXAS): $520 million series 2012 airport system revenue refunding bonds; negotiated; Morgan Stanley & Co. LLC (lead); Ramirez & Co. Inc., RBC Capital Markets LLC, Blaylock Robert Van LLC, Jefferies & Co. and Wells Fargo Securities LLC (co-managers); proceeds to refund the city's series 1998B-C, 2000A, 2001A and 2002A-B airport system revenue bonds.

• $280 million series 2012A AMT bonds due 2016 to 2032

• $220 million series 2012B AMT bonds due 2021 to 2032

• $20 million series 2012C taxable bonds due 2013 to 2015

INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF TEMPE (ARIZONA): $79.58 million series 2012 revenue refunding bonds; negotiated; Ziegler Capital Markets Inc. (lead); proceeds to refund existing debt and make a deposit to a debt service reserve fund.

• $75,095,000 series 2012A bonds

• $4,485,000 series 2012B taxable bonds

MAINE TURNPIKE AUTHORITY: $138.8 million series 2012 turnpike revenue bonds (Aa3/AA-/AA-); negotiated; Bank of America Merrill Lynch and Siebert Brandford Shank & Co. LLC (lead); J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Ramirez & Co. Inc. (co-managers); proceeds to finance the costs to construct, renovate and rehabilitate turnpike projects within the state.

OHIO: $68.58 million series 2012 capital facilities lease appropriation bonds (Aa2/AA/AA); negotiated; Wells Fargo Securities LLC (lead); RBC Capital Markets LLC and Ross, Sinclaire & Associates LLC (co-managers); proceeds to pay the costs of capital facilities to be leased to the Department of Administrative Services, as well as advance refund existing bonds.

• $32.7 million series 2012A administrative building projects bonds due 2013 to 2032

• $7,705,000 series 2012A cultural and sports facilities improvement projects refunding bonds due 2014 to 2018

• $28,175,000 series 2012B administrative building projects refunding bonds due 2019 to 2024

SPECIAL CARE FACILITIES FINANCING AUTHORITY OF THE CITY OF PELL/NOLAND HEALTH SERVICES INC. (ALABAMA): $87.63 million series 2012A revenue bonds (/A-/); negotiated; RBC Capital Markets LLC (lead); bonds due 2012 to 2021 with term bonds due 2026, 2031 and 2039; proceeds to finance capital improvements at Noland health care facilities and advance refund the health care system's series 2007A revenue bonds and current refund its series 2009A revenue bonds.

TRAVIS COUNTY HEALTH FACILITIES DEVELOPMENT CORP./LONGHORN VILLAGE (TEXAS): $112,245,000 series 2012 first mortgage revenue refunding bonds; negotiated; BB&T Capital Markets Inc. and ME Allison & Co. Inc. (lead); proceeds to fund working capital needs of the Longhorn Village retirement community in Austin, Texas, as well as to refund existing debt and terminate a swap agreement connected to the refunded bonds.

• $83,635,000 series 2012A fixed-rate bonds due 2022, 2032, 2042 and 2047

• $5 million series 2012B adjustable-rate bonds due Jan. 1, 2047

• $19 million series 2012C-1 temporary fixed-rate bonds

• $4.61 million series 2012C-2 taxable temporary fixed-rate bonds

TURNPIKE AUTHORITY OF KENTUCKY: $230,985,000 series 2012A economic development road revenue bonds (Aa2/AA+/AA-); negotiated; Goldman, Sachs & Co. (lead); Morgan Stanley & Co. LLC; Citigroup Global Markets Inc.; J.J.B. Hilliard, W.L. Lyons LLC; PNC Capital Markets LLC; Morgan Keegan & Co. Inc.; Stifel, Nicolaus & Co. Inc.; Edward D. Jones & Co. LP; First Kentucky Securities Inc.; Sterne, Agee & Leach Inc.; Ross, Sinclaire & Associates Inc.; Bank of America Merrill Lynch; and J.P. Morgan Securities LLC; bonds due 2016 to 2032; proceeds to fund revitalization projects included in the authority's six-year capital plan.

VERMONT: $135.62 million series 2012 general obligation bonds (Aaa/AA+/AAA); negotiated and competitive; Citigroup Global Markets Inc. (lead for 2012A and 2012D); Bank of America Merrill Lynch and Wells Fargo Securities LLC (co-managers for 2012A and 2012D); Public Resources Advisory Group (financial adviser for 2012B and 2012C); proceeds to refund state's series 2004D, 2005A, 2005D, 2007A and 2007D G.O. bonds.

• $25 million series 2012A Vermont citizen bonds due 2012 to 2022

• $28 million series 2012B G.O. bonds due 2022 to 2030

• $10 million series 2012C taxable G.O. bonds due 2013 to 2016

• $72.62 million series 2012D G.O. refunding bonds due 2012 and 2015 to 2025

WINSTON-SALEM (NORTH CAROLINA): $50.44 million series 2012A limited obligation bonds (Aaa/AAA/AAA); negotiated; Baird & Co. Inc. and BB&T Capital Markets Inc. (lead); bonds due 2013, 2015 and 2017; proceeds to refinance the city's base rentals under agreements with the North Carolina Municipal Leasing Corp. corresponding to the city's series 2008C variable-rate certificates of participation and its series 2010B variable-rate limited obligation bonds.

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