Northeast Georgia Health System to bid on $52.525 million series 2005A auction-rate bonds

By Sheri Kasprzak

New York, April 14 - The Northeast Georgia Health System plans to bid on $52.525 million in series 2005A Hospital Authority of Hall County and the City of Gainesville revenue anticipation certificates, according to a bid notice released Monday.

The issuer plans to make a bid in the April 16 auction at a designated rate of 4.1%, the notice said.

"The borrower will continue to submit bids in the auctions to purchase all of the bonds offered in each auction at the designated rate until such time as the borrower beneficially owns all of the bonds," the notice said.

"Following any auction which results in the borrower's bid becoming the auction rate and at any time until the next succeeding auction, any holder of any outstanding bonds may sell all or any portion of such bonds to Citigroup, without regard to whether such holder submitted a 'sell order' with respect to such auction. Citigroup will purchase, on behalf of the borrower, all such bonds at a price equal to par plus accrued but unpaid interest thereon."

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