Akron, Ohio, to issue $94.7 million various-purpose G.O. bonds

By Sheri Kasprzak

New York, Nov. 19 - The City of Akron, Ohio, is expected to come to market with $94.695 million of series 2010 various-purpose general obligation bonds, according to a preliminary official statement.

The offering will include $46.915 million of series 2010A tax-exempt refunding bonds, $23.435 million of series 2010B tax-exempt bonds and $24.345 million of series 2010C Build America Bonds.

The bonds (/AA-/AA-) will be sold on a negotiated basis with Stifel, Nicolaus & Co. LLC and PNC Capital Markets LLC as the underwriters.

The 2010A bonds are due 2012 to 2023, and the 2010B bonds are due 2012 to 2031. The 2010C bonds are due 2016 to 2020 with term bonds due 2025 and 2031.

Proceeds will be used to improve parks, streets, public buildings and other public facilities, as well as to refund the city's series 1998, 2001 and 2002 bonds and its series 2010A notes.

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