New Issue: Kern County, Calif., prices $155 million TRANs with 1.60324% TIC

By Sheri Kasprzak

New York, June 5 - Kern County, Calif., priced $155 million in series 2008-2009 tax and revenue anticipation notes on Thursday, a sellside source told Prospect News.

Bank of America was the winning bidder for the competitive sale with a 1.60324% true interest cost.

The notes (/SP-1+/) are due June 30, 2009 and have a 3% coupon, priced at par.

The proceeds from the sale will be used for current expenses, capital expenditures and the payment of general obligations.

Issuer:	Kern County, Calif.
Issue:	Series 2008-2009 tax and revenue anticipation notes
Amount:	$155 million
Type:	Competitive
Maturity:	June 30, 2009
Coupon:	3%
Price:	Par
TIC:	1.60324%
Underwriter:	Bank of America
Rating:	Standard & Poor's: SP-1+
Pricing date:	June 5
Settlement date:	July 1

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