Published on 7/13/2012 in the Prospect News Municipals Daily.
New Issue: Polk County, Iowa, prices $130.89 million of G.O., G.O. refunding bonds
By Sheri Kasprzak
New York, July 13 - Polk County of Iowa sold $130.89 million of series 2012 general obligation and G.O. refunding bonds, according to a pricing sheet.
The deal included $36.72 million of series 2012A G.O. bonds, $20,935,000 of series 2012B taxable G.O. bonds and $73,325,000 of series 2012C G.O. refunding bonds.
The 2012A bonds are due 2013 to 2032 with 2% to 3.5% coupons. The bonds were not reoffered.
The 2012B bonds are due 2013 to 2017 with 1% to 1.125% coupons.
The 2012C bonds are due 2015 to 2026 with coupons from 2% to 3%.
The bonds (Aaa/AAA/) were sold competitively, but the issuer did not return calls for the winning bidders by press time Friday.
Proceeds will be used to finance county infrastructure and equipment acquisition projects to fund housing grants, complete the Rock Creek Sewer project and refund the county's series 2006A-D G.O. bonds.
| Issuer: | Polk County, Iowa
|
| Issue: | Series 2012 general obligation and G.O. refunding bonds
|
| Amount: | $130.89 million
|
| Type: | Competitive
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | July 11
|
| Settlement date: | Aug. 1
|
|
|
| $36.72 million series 2012A G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,895,000 | 2013 | Serial | 2% | NRO
|
| $1,775,000 | 2014 | Serial | 3% | NRO
|
| $1,785,000 | 2015 | Serial | 3% | NRO
|
| $1.79 million | 2016 | Serial | 3% | NRO
|
| $1,805,000 | 2017 | Serial | 3% | NRO
|
| $1,815,000 | 2018 | Serial | 3% | NRO
|
| $1,825,000 | 2019 | Serial | 3% | NRO
|
| $1,865,000 | 2020 | Serial | 3% | NRO
|
| $1,885,000 | 2021 | Serial | 3% | NRO
|
| $1.93 million | 2022 | Serial | 3% | NRO
|
| $1,225,000 | 2024 | Serial | 3% | NRO
|
| $1.25 million | 2025 | Serial | 3% | NRO
|
| $1,275,000 | 2026 | Serial | 3% | NRO
|
| $1,305,000 | 2027 | Serial | 3.1% | NRO
|
| $1.34 million | 2028 | Serial | 3.2% | NRO
|
| $1,375,000 | 2029 | Serial | 3.3% | NRO
|
| $1.41 million | 2030 | Serial | 3.375% | NRO
|
| $4.5 million | 2031 | Serial | 3.5% | NRO
|
| $4.67 million | 2032 | Serial | 3.5% | NRO
|
|
|
| $20,935,000 series 2012B taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,225,000 | 2013 | Serial | 1% | 100.582
|
| $4 million | 2014 | Serial | 1% | 101.002
|
| $4,135,000 | 2015 | Serial | 1% | 100.98
|
| $4.25 million | 2016 | Serial | 1% | 100.225
|
| $4,325,000 | 2017 | Serial | 1.125% | 100
|
|
|
| $73.325 million series 2012C refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,335,000 | 2015 | Serial | 2% | 103.926
|
| $6.45 million | 2016 | Serial | 2% | 104.83
|
| $5.4 million | 2017 | Serial | 2% | 104.706
|
| $5.5 million | 2018 | Serial | 2% | 102.321
|
| $5.65 million | 2019 | Serial | 2% | 101.152
|
| $5.75 million | 2020 | Serial | 2% | 100
|
| $5.9 million | 2021 | Serial | 2.25% | 100
|
| $6.05 million | 2022 | Serial | 2.5% | 100
|
| $6.2 million | 2023 | Serial | 3% | 101.257
|
| $6.45 million | 2024 | Serial | 3% | 100
|
| $6,675,000 | 2025 | Serial | 3% | 98.945
|
| $6,875,000 | 2026 | Serial | 3% | 97.775
|
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