TITLE

Arizona Transport Board Ready to Sell Delayed Issue

AUTHOR(S)
Williamson, Richard
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/15/2003, Vol. 344 Issue 31615, p30
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
In a negotiated deal scheduled for April 2003, the Arizona Transportation Board plans to sell $190 million of bonds, $100 million for refunding and $90 million of new money. RBCDain Rauscher is acting as financial adviser, with Bear, Stearns & Co. as lead manager. Robert Olson of the law firm Squire, Sanders & Dempsey in San Francisco serves as bond counsel. Moody's Investors Service Inc. has assigned the board a credit rating of Aa1 while Standard & Poor's Corp. has assigned a rating of AAA. The Highway User Revenue Fund bonds carry a first-lien pledge of highway-related revenues, including gasoline taxes and vehicle registration fees. Under the Arizona Department of Transportation's five-year, $2.9 billion transportation plan, the board is expected to issue a cumulative $500 million of senior and subordinated HURF bonds over the next four years, starting 2003.
ACCESSION #
9766451

 

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