Municipals flat; Fort Worth, Texas, plans three bond sales; Alaska to bring $169.64 million

By Cristal Cody

Tupelo, Miss., Sept. 7 - The municipal market was light in trading and mostly flat as traders and investors returned from the holiday weekend for a short workweek, according to sources.

The State of Minnesota is expected to bring one of the biggest negotiated deals of the week with $899.68 million in series 2010 general obligation state bonds (Aa1/AAA/AAA). The bonds have serial maturities from 2011 through 2024. RBC Capital Markets Corp. is the lead bookrunner.

Looking ahead, several issuers plan to bring deals in September.

The City of Fort Worth, Texas, set Sept. 14 as the date for the competitive sales of $109.055 million in bonds and certificates for Tarrant, Denton and Wise counties, according to notices of sale.

The sale includes $20.59 million in series 2010 general purpose bonds (Aa1/AA+/AA+), $42.595 million in series 2010A tax and revenue certificates of obligation (Aa1/AA+/AA+) and $45.87 million in series 2010C water and sewer system revenue bonds (Aa1/AA/AA+).

The bonds and certificates have serial maturities from 2011 though 2030.

First Southwest Co. and Estrada Hinojosa & Co., Inc. are the co-financial advisers.

The county seats for Tarrant, Denton and Wise counties are Forth Worth, Denton and Decatur, respectively.

Jacksonville to price

Also coming up the same week, the City of Jacksonville, Fla., plans to price $51.69 million in special revenue bonds through a competitive sale on Sept. 15, according to a notice of sale.

The series 2010A-1 bonds (Aa2/AA-/AA) have serial maturities from 2012 through 2025.

Public Financial Management, Inc. is the financial adviser.

Proceeds will be used to finance the acquisition and construction of capital equipment and capital improvements.

Alaska plans sale

On Tuesday, the State of Alaska announced that it plans to offer $169.64 million in international airports system revenue and refunding bonds (Aa3//A+), according to a preliminary official statement.

The deal includes $115.95 million in series 2010A revenue refunding bonds, $21.6 million in series 2010B revenue refunding bonds, $12.545 million in series 2010C revenue bonds and $19.545 million in series 2010D revenue bonds.

The series 2010A bonds have serial maturities from 2014 through 2027; the series 2010B bonds have serial maturities from 2011 through 2018; the series 2010C bonds have a term maturity in 2033; and the series 2010D bonds have a term maturity in 2035.

RBC Capital Markets and Bank of America Merrill Lynch are the managers of the negotiated sale.

Proceeds from the new money bonds will be used to finance capital improvements to airport facilities. Proceeds from the series 2010A and 2010B refunding bonds will be used to defease and redeem all or a portion of the outstanding series 1999A, 1999B, 1999C and 2002B revenue bonds.

Harris County to sell

Also on the horizon, Harris County in Texas intends to sell $140 million in toll road revenue refunding bonds, according to a preliminary official statement.

The sale includes $40 million in series 2010B unlimited tax and subordinate lien bonds, $20 million in series 2010C senior lien bonds and $80 million in series 2010D senior lien bonds.

The bonds will price through a negotiated sale. Rice Financial Products Co. and Estrada Hinojosa are the lead managers.

Proceeds will be used to refund and defease a portion of outstanding toll road tax bonds and toll road senior lien revenue bonds.

The county seat is Houston.

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