North Little Rock, Ark., organizes $58.62 million sale of electric system revenue bonds

By Sheri Kasprzak

New York, May 16 - The City of North Little Rock, Ark., plans to price $58.62 million of series 2012 electric system revenue bonds in five tranches, according to a preliminary official statement.

The offering includes $22.46 million of series 2012A taxable refunding bonds, $1,865,000 of series 2012B refunding bonds, $10.67 million of series 2012C taxable bonds, $16,415,000 of series 2012D taxable refunding bonds and $7.21 million of series 2012E capital improvement bonds.

The bonds (/A-/) will be sold on a negotiated basis with Stephens Inc. as the underwriter.

The 2012A bonds are due 2013 to 2025, and the 2012B bonds are due 2013 to 2025. The 2012C bonds are due 2015 to 2022, and the 2012D bonds are due 2013 to 2022. The 2012E bonds are due 2015 to 2022.

Proceeds will be used to replace a water sealing system, construct two feeder circuits to industrial customers, replace a service bucket vehicle, deploy and install smart grid power electronics in the form of meters and rollover switches and acquire and install a new security monitoring system. The proceeds will also be used to refund the city's series 1992 electric system revenue bonds.

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