Modesto Irrigation District, Calif., defeases $135.03 million COPs

By Melissa Kory

Cleveland, Aug. 17 -The Modesto Irrigation District of California said it defeased its $135,027,681 of series 1999A, 1999B, 2001A and 2003A certificates of participation.

The series 1999A refunding and capital improvements certificates to be redeemed on Aug. 29 at par include:

• $925,000 of 4.4% certificates due July 1, 2012;

• $1,728,458 of 4.9% certificates due July 1, 2012;

• $965,000 of 4.5% certificates due July 1, 2013;

• $1,623,679 of 5% certificates due July 1, 2013;

• $1.01 million of 4.625% certificates due July 1, 2014;

• $1,536,117 of 5.05% certificates due July 1, 2014;

• $1.055 million of 4.75% certificates due July 1, 2015;

• $1,477,520 of 5.1% certificates due July 1, 2015;

• $1.105 million of 4.75% certificates due July 1, 2016;

• $1,364,719 of 5.15% certificates due July 1, 2016;

• $1.16 million of 4.75% certificates due July 1, 2017;

• $1,285,438 of 5.2% certificates due July 1, 2017;

• $1.215 million of 4.75% certificates due July 1, 2018;

• $1,211,397 million of 5.25% certificates due July 1, 2018;

• $1,137,100 of 5.3% certificates due July 1, 2019;

• $1,079,133 of 5.3% certificates due July 1, 2020;

• $1,024,120 of 5.3% certificates due July 1, 2021; and

• $12.05 million of 4.75% certificates due July 1, 2026.

The $31.815 million of 5.3% series 1999B refunding certificates due July 1, 2022 will be called on Aug. 29 at par.

The series 2001A capital improvements certificates to be called on Jan 1, 2012 at par include:

• $2.45 million of 4.25% certificates due July 1, 2012;

• $2.555 million of 4.4% certificates due July 1, 2013,

• $735,000 of 4.5% certificates due July 1, 2014;

• $1.93 million of 5.25% certificates due July 1, 2014;

• $370,000 of 4.5% certificates due July 1, 2015;

• $2.43 million of 5.25% certificates due July 1, 2015;

• $575,000 of 4.6% certificates due July 1, 2016;

• $2.37 million of 5.25% certificates due July 1, 2016;

• $385,000 of 4.7% certificates due July 1, 2017;

• $2.71 million of 5.25% certificates due July 1, 2017;

• $570,000 of 4.8% certificates due July 1, 2018;

• $2.685 million of 5.25% certificates due July 1, 2018;

• $3.425 million of 5% certificates due July 1, 2019;

• $3.595 million of 5% certificates due July 1, 2020;

• $3.775 million of 5% certificates due July 1, 2021;

• $3.965 million of 5% certificates due July 1, 2022; and

• $17.94 million of 5% certificates due July 1, 2026.

The series 2003A refund and capital improvements certificates to be called on July 1, 2013 at par include:

• $1.485 million of 5% certificates due July 1, 2014;

• $1.01 million of 3.75% certificates due July 1, 2015;

• $1.88 million of 5% certificates due July 1, 2015;

• $730,000 of 3.75% certificates due July 1, 2016;

• $2.295 million of 5% certificates due July 1, 2016;

• $3.615 million of 5% certificates due July 1, 2017;

• $1.61 million of 5% certificates due July 1, 2018;

• $3.475 million of 5% certificates due July 1, 2019; and

• $2.175 million of 5% certificates due July 1, 2020.

The district issued its series 2011A electric system refunding revenue bonds and series 2011B taxable electric system refunding revenue bonds on July 28.

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