TITLE

Alabama County's $650M of Warrants Highlight Short Calendar

AUTHOR(S)
Albano, Christine; Chang, Helen
PUB. DATE
December 2004
SOURCE
Bond Buyer;12/20/2004, Vol. 350 Issue 32033, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Jefferson County, Alabama, plans to price $650 million of fixed-rate limited obligation school warrants in a transaction that was postponed last week and is no longer expected to carry bond insurance. It will be the largest offering to brave the holiday-abbreviated week, during which very few sizable deals are scheduled to price before the municipal market goes on hiatus for Christmas. The county is expected to return to the market with a $400 million floating-rate series in about two weeks. Raymond James & Associates Inc. is serving as lead manager on the sale. Proceeds of the deal, which is structured to mature from 2007 to 2020, will finance a variety of school and education projects within the county. Jefferson County finance director Steve Saylor told last week that the county was unable to get acceptable terms and rates for a bond insurance policy and that some potential insurers lacked capacity to insure all the warrants. Analysts said insurers also were concerned about litigation challenging the county's ability to levy a sales tax that is the sole revenue stream backing the debt.
ACCESSION #
15416153

 

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