Pontiac Wastewater Treatment to sell $57.71 million of drain bonds

By Cristal Cody

Tupelo, Miss., Aug. 8 - The City of Pontiac Wastewater Treatment Facility Drainage District in Oakland County, Michigan plans to sell $57.71 million of drain bonds, according to a preliminary official statement.

The interest rate on the first tranche of $52.71 million of series 2012A bonds due 2015 through 2034 is set to go no higher than 7%.

The rate on the second tranche of $5 million of series 2012B bonds due 2013 through 2022 has is set at a maximum of 6%.

Both tranches will price through competitive sales on Aug. 14.

Proceeds will be used to defray part of the costs to acquire facilities for the city's wastewater treatment facility and to pay and redeem outstanding obligations.

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