Harris County, Texas, transit authority plans $510.56 million of bonds

By Sheri Kasprzak

New York, Aug. 24 - The Metropolitan Transit Authority of Harris County, Texas, plans to price $510.56 million of series 2011 sales and use tax bonds, according to a preliminary official statement.

The offering includes $462.98 million of series 2011A sales and use tax bonds and $47.58 million of series 2011B sales and use tax contractual obligations.

The bonds will be sold on a negotiated basis with Goldman, Sachs & Co. as the senior manager. The co-managers are Cabrera Capital Markets LLC, Jefferies & Co., Loop Capital Markets LLC, Fidelity Capital Markets LLC, Raymond James & Associates Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC.

The maturities have not been set.

Proceeds will be used to fund the costs of two light rail lines as part of the authority's METRORail light rail system, to purchase 100 hybrid electric transit buses and to refund existing commercial paper notes.

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