Austin, Texas, Water and Sewer Enterprise to price $170.61 million variable-rate bonds

By Cristal Cody

Springdale, Ark., May 5 - Austin, Texas, and the city's Water and Sewer Enterprise plan to price $170.605 million variable-rate revenue refunding bonds on May 14, the issuer said Monday.

The city entered into a synthetic fixed-rate interest rate swap with Goldman, Sachs & Co. on Friday for the series 2008 bonds (Aa3), said Chris Allen, senior managing consultant with Public Financial Management.

Tammy Edison, the city's assistant treasurer, said the city will pay a fixed rate of 3.6%.

Goldman, Sachs & Co. is the senior manager of the upcoming negotiated sale.

Proceeds will be used to refund $66.22 million series 1997 combined utility revenue refunding bonds and $64.845 million series 2001A and $27.74 million series 2001B water and wastewater revenue refunding bonds.

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