Jacksonville, Fla., defeases $381.06 million from various bond series

By Ashley Montgomery

Kansas City, Kan., Dec. 13 - The City of Jacksonville, Fla., announced the defeasance of portions of various bond series, according to multiple notices.

The city has defeased series 1997, 1998, 2002A and 2002B capital improvement refunding and revenue bonds, which will be redeemed Jan. 14 at par plus accrued interest to the redemption date.

The following capital improvement bonds are affected:

• $25,225,000 of 2002B bonds due Oct. 1, 2013 through Oct. 1, 2019;

• $51 million of 2002A bonds due Oct. 1, 2013 through Oct. 1, 2030;

• $34,135,000 of 1998 bonds due Oct. 1, 2013 through Oct. 1, 2025; and

• $5.22 million of 1997 bonds due Oct. 1, 2013 through Oct. 1, 2025.

Additionally, the city defeased $92,185,000 of series 2002 guaranteed entitlement revenue refunding and improvement bonds due Oct. 1, 2013 through Oct. 1, 2032. The bonds will be redeemed on Dec. 17 at par plus accrued interest to the redemption date.

Also defeased was $36,155,000 of series 2002 local government sales tax refunding and improvement revenue bonds due Oct. 1, 2013 through Oct. 1, 2018. The bonds will be redeemed on Jan. 15, 2013 at par plus accrued interest to the redemption date.

And, the city defeased series 2001B, 2002B, 2003A and 2003C AMT excise taxes revenue bonds, which will be redeemed on Dec. 17 at par plus accrued interest to the redemption date.

The following excise tax bonds are affected:

• $48,315,000 of 2002B bonds due Oct. 1, 2013 through Oct. 1, 2026;

• $38,895,000 of 2001B bonds due Oct. 1, 2013 through Oct. 1, 2032;

• $13,775,000 of 2003A bonds due Oct. 1, 2013 through Oct. 1, 2023; and

• $32.45 million of 2003C bonds due Oct. 1, 2014 through Oct. 1, 2020.

Finally, the city defeased $3.7 million of 5.125% series 1996 sales tax revenue bonds due Oct. 1, 2018. The bonds will be redeemed on Jan. 15, 2013 at par plus accrued interest to the redemption date.

Wells Fargo Bank, NA is the escrow agent.

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