Newport Beach, Calif., intends to sell $124.94 million of COPs

By Sheri Kasprzak

New York, Nov. 12 - The City of Newport Beach, Calif., is expected to sell $124.94 million of series 2010 certificates of participation, according to a preliminary official statement.

The offering includes $31.525 million of series 2010A tax-exempt certificates and $93.415 million of series 2010B Build America Bonds.

The 2010A certificates are due 2011 to 2021 with term bonds, the maturities of which have not been determined. The 2010B bonds are due 2022 to 2040 and have term bonds, the maturities of which have not been set.

The bonds (Aa2/AA+/AA+) will be sold through Stone & Youngberg with De La Rosa & Co. Inc., Bank of America Merrill Lynch and Raymond James & Associates Inc. as the co-managers.

Proceeds will be used to design and construct a new park, an emergency readiness center, city council chambers, a new library, a new community room at the city's administrative offices and a pedestrian bridge.

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