South Coast Local Education Agencies, Calif., to price $93.385 million pooled TRANs

By Cristal Cody

Springdale, Ark., June 19 -South Coast Local Education Agencies of California plans to price $93.385 million pooled tax and revenue anticipation notes (MIG1) in a competitive sale on June 26, according to a preliminary official statement.

The $81.385 million series 2008A1 notes mature June 30, 2009. The interest rate on those notes has been fixed at 3% by Tamalpais Advisors Inc., the agencies' financial adviser.

The interest rate on the $12 million series taxable notes will be determined by the winning bidder. The 2008A2 notes are due Jan. 7, 2009.

The pool's borrowers include the Capistrano Unified School District at $43 million; Huntington Beach Union High School District at $7.5 million; Irvine Unified School District at $16 million; Saddleback Valley Unified School District at $14.385 million and the Newport-Mesa Unified School District at $12 million.

Proceeds will be used by each participant for operating cash, capital expenditures and the investment of funds prior to the receipt of anticipated tax payments for fiscal year 2008-2009.

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