Oregon Department of Administrative Services plans $229.4 million in COPs

By Aaron Hochman-Zimmerman

New York, Jan. 30 - The State of Oregon Department of Administrative Services plans to issue $229.4 million in 2009 series A and series B certificates of participation, according to Jack Kenney, the department's finance manager.

The issue, expected to price on Feb. 11, will be broken into two parts.

The 2009 series A certificates are tax-exempt serial bonds with maturities from 2010 to 2028 as well as term bonds which mature in 2033 and 2039.

The taxable 2009 series B certificates are $15.260 million of term bonds which mature in 2018 and 2023.

Banc of America Securities LLC and Citigroup will act as underwriters for the negotiated offer.

Proceeds from the sale will be used to fund the expansion and improvement of a state psychiatric hospital.

The Department of Administrative Services is headquartered in Salem, Ore.

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