Florence, S.C., to sell $98.5 million revenue, refunding revenue bonds

By Cristal Cody

Tupelo, Miss., April 9 - The City of Florence, S.C., plans to sell $98.5 million in revenue and refunding revenue bonds in April, according to official notices of sale.

The offering includes $29.9 million in series 2010A combined waterworks and sewerage system refunding revenue bonds, which have serial maturities from 2010 through 2024.

In addition, the city expects to price $68.6 million in series 2010B combined waterworks and sewerage system capital improvement revenue bonds. The bonds have serial maturities from 2025 through 2039.

The sale of the series 2010B bonds includes alternative bidding on the offering, either structured as tax-exempt bonds or taxable Build America Bonds, according to the notice.

The bonds (A1/A+/) will price via a competitive sale on April 20.

Independent Financial Advisors is the financial adviser for the sale.

Proceeds will be used to defease the series 1993 South Carolina Pollution Control revolving fund loan and the series 2000 waterworks and sewerage system revenue bonds and to defray the costs of capital improvements to the waterworks and sewerage system.

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