Colorado Springs to remarket $103.36 million hospital revenue bonds

By Cristal Cody

Springdale, Ark., June 26 - Colorado Springs, Colo., plans to remarket $103.355 million series 2002 Memorial Health System hospital revenue bonds, according to a preliminary reoffering memorandum.

The auction-rate bonds (Aaa/AAA/) will be converted to a fixed rate on July 18.

The bonds, insured by Financial Security Assurance, have serial maturities from Dec. 15, 2008 through Dec. 15, 2032.

Goldman, Sachs & Co. is the remarketing agent.

Disruptions in the auction market have caused interest expenses on the series 2002 and the outstanding series 2004 auction bonds to increase $2.2 million in the three months ended March 31 compared to the same period in 2007, according to the statement.

The city does not plan to remarket the series 2004 bonds.

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