Arkansas Development Finance to sell $95 million mortgage revenue bonds

By Cristal Cody

Springdale, Ark., July 7 - The Arkansas Development Finance Authority plans to price $95 million single family mortgage revenue bonds, according to a preliminary official statement released Monday.

The $22.63 million series 2008A bonds have serial maturities from 2009 though 2017 and a term bond due 2033.

The $72.37 million series 2008B bonds have serial maturities from 2009 through 2018 and term maturities in 2023, 2028, 2033 and 2038.

Stephens Inc. is the senior manager of the negotiated sale. Co-managers are Merrill Lynch & Co., Crews & Associates Inc. and Morgan Keegan & Co.

Proceeds will be used to refund the series 1997C and 1997D-A single family mortgage revenue bonds; the series 1997A-1, 1997B-1, 1998A and 1998B home mortgage revenue bonds and the series 2006W single family mortgage revenue notes.

Proceeds also will be used to purchase mortgage-backed securities.

Additional information was not available before press time.

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