Birmingham Water Works, Ala., to sell $71.29 million revenue bonds

By Sheri Kasprzak

New York, Dec. 2 - The Birmingham Water Works Board in Alabama plans to price $71.285 million in series 2009 subordinate water revenue bonds, according to a preliminary official statement.

The bonds (A3/A+/) will be sold on a negotiated basis with Raymond James & Associates Inc. and Grigsby & Associates Inc. as the senior managers.

The bonds are due 2010 to 2029.

Proceeds will be used to refund the city's series 1998A, 1998B and 2000 general obligation warrants, which were used to finance water infrastructure improvements.

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