California Department of Water Resources to price $278.87 million revenue bonds

By Cristal Cody

Tupelo, Miss., March 6 - The California Department of Water Resources plans to price $278.87 million in revenue bonds on Wednesday, according to the state treasurer's office.

The series AF Central Valley project water system bonds have serial maturities from Dec. 1, 2009 through Dec. 1, 2032.

Morgan Stanley & Co. Inc. is the senior manager of the negotiated sale.

The co-managers are Backstrom McCarley Berry & Co., LLC; Blaylock Robert Van, LLC; Brandis Tallman LLC; Citigroup Global Markets Inc.; Goldman, Sachs & Co.; Nollenberger Capital Partners Inc.; Piper Jaffray & Co.; Ramirez & Co., Inc.; RBC Capital Markets Corp.; and Southwest Securities, Inc.

The proceeds will be used to refund a portion of the series 1996Q, 1997T and 1998U water system revenue bonds, to retire the $30.564 million outstanding in series 1 water revenue commercial paper notes that mature by April 7, 2009, to make a deposit to the debt service reserve account and to fund interest on a portion of the bonds through Dec. 31, 2009.

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