Florida Board of Education, St. Vrain Valley to price Tuesday; Miami-Dade to bring $310.43 million

By Aaron Hochman-Zimmerman and Sheri Kasprzak

New York, Feb. 9 - The municipal market started the week at a crawl but added new deals for the calendar on Tuesday and Wednesday which were shaping into days of heavy issuance.

Heading up Tuesday's lineup of offerings is a long-awaited deal from the Florida Board of Education. The board plans to sell $200 million in series 2008 public education capital outlay bonds, said a notice of sale released Monday.

The 30-year bonds had been on the calendar for day-to-day pricing, but the board finally found the right time to bring the bonds to the table, said a sellside source reached Monday afternoon.

"We've been holding out for the right conditions, and now they feel like this is the time," the sellsider said.

"The market has been rocky lately, but they feel Tuesday provides a good opportunity for them."

The bonds (Aa1/AAA/AA+) will be sold competitively, and proceeds will be used for capital projects.

Also coming up Tuesday, the St. Vrain Valley School District RE-IJ is on schedule to price $104 million in series 2009A general obligation bonds (/AA-/), according to a calendar of upcoming sales released Monday.

The senior manager for the negotiated sale is George K. Baum & Co.

Proceeds will be used to construct a new high school in the district as well as make renovations and improvements to existing district facilities.

The district has its headquarters in Longmont, Colo.

Miami-Dade School Board looks for $310.43 million

Meanwhile in Florida, the School Board of Miami-Dade County announced the big issue of the day.

The board plans to offer $310.43 million in series 2009A certificates of participation.

Banc of America Securities LLC and Merrill Lynch & Co. will act as underwriters for the negotiated issue.

Proceeds will be used to finance existing debt and fund the construction of school facilities.

The school board has headquarters in Miami.

Marin Community College readies $75 million

Elsewhere in education, Marin Community College District in California announced plans to offer $75 million in 2004 election G.O. bonds (Aa2/AA/).

The bonds will have maturities beginning in 2010.

Proceeds will be used to acquire and maintain school property and facilities.

The Marin Community College District is based in Kentfield, Calif.

Mecklenburg to bring $254.89 million

Also this week, Mecklenburg County of North Carolina is scheduled to sell $254.885 million in series 2009 G.O. bonds Wednesday, said a sales calendar.

The bonds (//AAA) will be sold on a negotiated basis with Wachovia Bank as the lead manager.

Proceeds will be used for capital expenditures.

At some point this week, MedAmerica Health Systems of Ohio will bring to market $130 million in series 2009 revenue refinance bonds (//AA-) for Miami Valley Hospital in Dayton, Ohio, said a calendar of upcoming deals.

The bonds will be sold through lead manager Merrill Lynch.

The sale includes $100 million in series 2009A bonds and $30 million in series 2009B bonds. The 2009B bonds are five- or seven-year tender bonds.

Proceeds will be used to refinance existing debt.

Winston-Salem deal ahead

In other offerings out on the horizon, City of Winston-Salem in North Carolina is planning to price $110.89 million in series 2009 water and sewer system revenue bonds, said a preliminary official statement released Monday.

The bonds (Aa2/AAA/AA) will be sold on a negotiated basis with BB&T Capital Markets as the senior manager.

The bonds are due 2012 to 2029 with term bonds. The maturities for the term bonds have not been set.

Proceeds will be used for improvements to the Elledge Wastewater Treatment Plant.

Slow secondary Monday

"It was a pretty slow day," a trader said shortly after Monday's close.

No particular issues stood out, for better or worse, but "high grade is still pretty tight," he said.

Issues that are not from state governments and double-AA rated "are still on the weak side," he said.

The economy is difficult and timing is just poor, said a trader focused on the Southwest.

A few more issues in the area of $50 million are likely on their way within one to six weeks, she said.

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