Portland, Ore., preps $73.7 million sale of River District urban bonds

By Sheri Kasprzak

New York, June 22 - The City of Portland, Ore., is set to price $73.7 million of series 2012 River District urban renewal and redevelopment bonds, according to a preliminary official statement.

The offering included $24.27 million of series 2012A taxable bonds, $33,645,000 of series 2012B tax-exempt refunding and governmental purpose bonds and $15,785,000 of series 2012C tax-exempt non-AMT private activity bonds.

The bonds (A1) will be sold on a negotiated basis with Bank of America Merrill Lynch and Citigroup Global Markets Inc. The co-manager is Wells Fargo Securities LLC.

The 2012A bonds are due 2013 to 2026. The 2012B bonds are due 2015 to 2032 and the 2012C bonds are due 2026 to 2031.

Proceeds will be used to pay the outstanding balance on lines of credit established to provide interim financing for projects in the River District not eligible for tax-exempt financing, to fund the reserve requirement and refund the city's series 2003A tax-exempt River District urban renewal and redevelopment bonds.

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