Published on 7/15/2014 in the Prospect News Municipals Daily.
New Issue: Tulare County Transportation, Calif., sells $69.8 million revenue bonds
By Sheri Kasprzak
New York, July 15 – The Tulare County Transportation Authority of California sold $69,795,000 of series 2014 sales tax revenue bonds, according to a pricing sheet.
The bonds (/AA-/) were sold competitively. The issuer did not immediately return calls for the winning bidder Tuesday.
The bonds are due 2018 to 2035 with a term bond due in 2037. The serial coupons range from 4% to 5% with 0.80% to 3.87% yields. The 2037 bonds have a 4% coupon priced at par.
Proceeds will be used to finance the improvement of state route projects, as well as to refinance an authority loan.
Issuer: | Tulare County Transportation Authority
|
Issue: | Series 2014 sales tax revenue bonds
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Amount: | $69,795,000
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Type: | Competitive
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Rating: | Standard & Poor’s: AA-
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Pricing date: | July 15
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Settlement date: | July 29
|
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$2,135,000 | 2018 | Serial | 5% | 114.49 | 0.80%
|
$2.24 million | 2019 | Serial | 5% | 116.857 | 1.15%
|
$2.35 million | 2020 | Serial | 5% | 118.487 | 1.49%
|
$2.47 million | 2021 | Serial | 5% | 119.358 | 1.83%
|
$2.59 million | 2022 | Serial | 5% | 120.271 | 2.07%
|
$2.72 million | 2023 | Serial | 5% | 120.75 | 2.30%
|
$2.86 million | 2024 | Serial | 5% | 121.034 | 2.50%
|
$3 million | 2025 | Serial | 5% | 119.632 | 2.65%
|
$3.15 million | 2026 | Serial | 5% | 118.708 | 2.75%
|
$3.31 million | 2027 | Serial | 5% | 117.792 | 2.85%
|
$3,475,000 | 2028 | Serial | 5% | 116.614 | 2.98%
|
$3.65 million | 2029 | Serial | 5% | 115.896 | 3.06%
|
$3.83 million | 2030 | Serial | 5% | 115.094 | 3.15%
|
$4.02 million | 2031 | Serial | 5% | 114.212 | 3.25%
|
$4.22 million | 2032 | Serial | 4% | 103.114 | 3.61%
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$4.39 million | 2033 | Serial | 4% | 102.224 | 3.72%
|
$4,565,000 | 2034 | Serial | 4% | 101.423 | 3.82%
|
$4.75 million | 2035 | Serial | 4% | 101.025 | 3.87%
|
$10.07 million | 2037 | Term | 4% | 100 | 4.00%
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