Texas City schools expects to price $54.945 million bonds Monday; first piece of $122.51 million sale

By Cristal Cody

Springdale, Ark., Feb. 5 - Texas City Independent School District plans to price $54.945 million unlimited tax school building bonds on Monday as the first installment of $122.51 million bonds authorized by voters, the district's financial advisor said Tuesday.

After this sale, the district will have $67.567 million bonds that will be sold over the next two years, said Ryan O'Hara, a director at RBC Capital Markets in Houston.

The Galveston County, Texas, school district series 2008 bonds have serial maturities from 2009 through 2030.

Southwest Securities is the lead manager of the negotiated deal, with UBS Investment Bank, Morgan Keegan & Co., First Southwest Co. and Banc of America Securities LLC as co-managers.

Proceeds will be used to acquire, construct and equip school buildings and renovate district facilities.

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