Irvine Unified School District, Calif., delays $81 million bond sale

By Sheri Kasprzak

New York, Sept. 17 - The Irvine Unified School District in California has elected to delay the sale of $81.08 million in series 2008 special tax bonds, said Ian Hanigan, spokesman for the district.

The bonds had been slated to price Wednesday through lead managers Banc of America Securities LLC and Piper Jaffray. However, because of soured market conditions brought on by the recent bankruptcy filing of Lehman Brothers and some concerns over Bank of America's acquisition of Merrill Lynch, the district has decided to delay the deal.

Hanigan said the sale will be "reviewed day by day" and no new pricing date has been scheduled at this time.

The bonds are due 2009 to 2020 with proceeds going to refund certain outstanding obligations and to make a deposit to a debt service reserve fund.

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