Philadelphia Shooting for Record-Low Yields With $350 Million Tran Deal

D'Ambrosio, Gillian
June 2003
Bond Buyer;6/18/2003, Vol. 344 Issue 31659, p32
Trade Publication
This article reports on the plan of Philadelphia in Pennsylvania to sell 350 million dollars of tax and revenue anticipation notes in the first week of July, 2003 and its hope for record-low yields. Budget director Robert Dubow said that the deal, which is larger than the 2002 sale, comes after Philadelphia projected in May 2003 that its general fund balance would be 116.2 million dollars when the fiscal year ends at the end of June, down from 139 million dollars in 2002. Instead of a letter of credit or insurance, the city deposits into a sinking fund the principal a month before the notes are due to mature and deposits the interest at the end of June, 2003.


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