Modesto Irrigation, Calif., to price $130.06 million COPs March 19

By Cristal Cody

Tupelo, Miss., March 11 - The Modesto Irrigation District in California expects to price $130.055 million in certificates of participation on March 19, a source with the issuer said Wednesday.

The series 2009A certificates (A1/A+/A+) have serial maturities from 2016 through 2029 and terms due in 2034 and 2039.

J.P Morgan Securities Inc. is the senior manager of the negotiated sale.

The co-managers are Merrill Lynch & Co. and Morgan Stanley & Co. Inc.

The proceeds will be used to acquire and construct improvements to the district's electric system.

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