Texas plans to price $7.8 billion TRANs Tuesday in competitive sale

By Sheri Kasprzak

New York, Aug. 23 - The State of Texas is gearing up to sell $7.8 billion in series 2010 tax and revenue anticipation notes on Tuesday, according to a preliminary official statement.

The notes (MIG1/SP-1+/F1+) will be sold competitively with Raymond James & Associates Inc. as the financial adviser.

The notes are due Aug. 31, 2011.

Proceeds will be used to avoid a potential budget shortfall for the remainder of the fiscal year. The state's comptroller, Susan Combs, anticipates that the maximum temporary cash shortfall before the sale of the notes will be $10.8 billion, according to the preliminary official statement.

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