Louisiana Stadium shortens auction period, plans to bid on 2006C bonds

By Ashley Montgomery

Kansas City, Kan., Sept. 19 - Louisiana Stadium and Exposition District gave notice that the auction period for its outstanding $69.15 million of series 2006C insured taxable/tax-exempt revenue and refunding bonds will be converted to a 98-day flexible auction period from a 270-day flexible auction period.

The State of Louisiana plans to bid $67,625,000 for the bonds at the greater of 1.25% or SIFMA at auction on Sept. 21.

If sufficient clearing bids are received on the auction date, the change in length of the auction period will become effective Sept. 24.

The new auction period will end on Dec. 28, and the interest payment date will be Jan. 2.

If sufficient clearing bids are not received, the auction rate for the next auction period will be the maximum interest rate and the auction period will be a seven-day auction period.

Deutsche Bank Trust Co. Americas is the auction agent.

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