Marco Island, Fla., plans $59.38 million offering of revenue bonds

By Sheri Kasprzak

New York, March 10 - The City of Marco Island in Florida is set to price $59.375 million in series 2010 utility system revenue and revenue refunding bonds, according to a preliminary official statement.

The bonds (A2/A/A-) will be sold through Bank of America Merrill Lynch and RBC Capital Markets Corp.

The sale includes $51.995 million in series 2010A tax-exempt utility system improvement and refunding revenue bonds and $7.38 million in series 2010B taxable utility system improvement refunding revenue bonds.

The maturities have not been set.

Proceeds will be used to refund existing utility system debt and to fund capital improvements to the city's utility system.

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