Texas Transportation Commission preps $1 billion sale of G.O. bonds

By Sheri Kasprzak

New York, Sept. 10 - The Texas Transportation Commission plans to sell $1 billion in series 2010 Texas highway general obligation bonds, according to a preliminary official statement.

The bonds (Aaa/AA+/AAA) will be sold through J.P. Morgan Securities Inc. with Jefferies & Co.; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; Ramirez & Co. Inc.; Siebert Brandford Shank & Co. LLC; and Wells Fargo Securities LLC as the co-managers.

The sale is expected to include both Build America Bonds and tax-exempt bonds.

Proceeds will be used to pay for or reimburse the state for highway improvement costs.

The commission, based in Austin, Texas, constructs, maintains and repairs the state's highway system.

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