Municipal Calendar: California organizes $2.8 billion revenue anticipation note deal

Week of September 8

CHICAGO (ILLINOIS): $372,205,000 series 2014 second lien water revenue bonds (A3/AA-/AA); negotiated; PNC Capital Markets LLC (lead); BMO Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Academy Securities Inc., Blaylock Beal Van LLC, Cabrera Capital Markets LLC, CastleOak Securities LP, Jefferies & Co., J.J.B. Hilliard, W.L. Lyons LLC, Melvin & Co. LLC, RBC Capital Markets LLC, Stern Brothers & Co. and U.S. Bancorp Investments Inc. (co-managers); bonds due 2015 to 2034 with term bonds due 2039 and 2044; proceeds to finance capital improvements and upgrades to the city’s water system; pricing week of Sept. 8.

September 9

GRAND RAPIDS (MICHIGAN): $56,545,000 series 2014 sanitary sewer system revenue improvement and refunding bonds (Aa1/AA+/); negotiated; Citigroup Global Markets Inc. (lead); J.J.B. Hilliard, W.L. Lyons LLC, Loop Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers); bonds due 2015 to 2035 with term bonds due 2039 and 2044; proceeds to finance capital improvements to the city’s sanitary sewer system and refund existing debt; pricing Sept. 9.

LOS ANGELES MUNICIPAL IMPROVEMENT CORP.: $90,365,000 series 2014 lease revenue bonds (/A+/A+); negotiated; BofA Merrill Lynch (lead for 2014A, co-manager for 2014B), Loop Capital Markets LLC (lead for 2014B, co-manager for 2014A), Ramirez & Co. Inc. (co-manager for 2014A-B); proceeds to retire commercial paper notes and to refund the corporation’s series 2002A leasehold revenue refunding bonds; pricing Sept. 9.

• $39.25 million series 2014A real property bonds due 2015 to 2034

• $51,115,000 series 2014B real property refunding bonds due 2015 to 2033

September 10

CALIFORNIA: $2.8 billion series 2014-2015 revenue anticipation notes (MIG 1/SP-1+/F1); competitive; Montague DeRose and Associates LLC (financial adviser); notes due June 22, 2015; proceeds to finance general fund expenditures ahead of the collection of certain revenues in the coming fiscal year; pricing Sept. 10.

DOUGLAS COUNTY HOSPITAL AUTHORITY NO. 2 (NEBRASKA)/MADONNA REHABILITATION HOSPITAL: $80,935,000 series 2014 hospital revenue bonds (/BBB+/); negotiated; Wells Fargo Securities LLC and Smith Hayes Financial Services Corp. (lead); bonds due 2016 to 2029 with term bonds due 2034 and 2044; proceeds to construct, equip, acquire and improve a 260,000 square-foot rehabilitation facility in Omaha; pricing Sept. 10.

GREENVILLE HEALTH SYSTEM (SOUTH CAROLINA): $83.58 million series 2014B hospital revenue bonds (A1/AA-/AA-); negotiated; Barclays and Wells Fargo Securities LLC (lead); bonds due 2015 to 2024; proceeds to construct, equip, acquire and improve health facilities operated by the system; pricing Sept. 10.

MARYLAND DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT: $146,465,000 series 2014 residential revenue bonds (Aa2/VMIG 1//AA/F1+); negotiated; BofA Merrill Lynch (lead, sole for 2014F); J.P. Morgan Securities LLC, RBC Capital Markets LLC, Loop Capital Markets LLC, M&T Securities Inc. and Morgan Stanley & Co. LLC (co-managers for 2014C-E); proceeds to finance or refinance loans, including mortgage loans and mortgage-backed securities; pricing Sept. 10.

• $43,065,000 series 2014C non-AMT bonds due 2015 to 2025 with term bonds due 2028, 2031, 2039 and 2044

• $25.32 million series 2014D AMT bonds due 2015 to 2021 with term bonds due 2036

• $53.08 million series 2014E taxable bonds due 2015 to 2025 with term bonds due 2029, 2032 and 2040

• $25 million series 2014F bonds due 2044

MASSACHUSETTS DEVELOPMENT FINANCE AGENCY/BOSTON UNIVERSITY: $73.37 million series 2014Z revenue bonds (A1/A/); negotiated; J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (lead); bonds due Oct. 1, 2019; proceeds to refinance the university’s series V-2 and V-3 revenue bonds; pricing Sept. 10.

• $63.17 million series 2014Z-1 bonds

• $10.2 million series 2014Z-2 bonds

MINNEAPOLIS-ST. PAUL METROPOLITAN AIRPORTS COMMISSION (MINNESOTA): $274 million series 2014 subordinate airport revenue refunding bonds (/A/A); negotiated; Citigroup Global Markets Inc. and RBC Capital Markets LLC (lead); Barclays, J.P. Morgan Securities LLC, Piper Jaffray & Co. LLC and Wells Fargo Securities LLC (co-managers); proceeds to refund commission’s series 2005 bonds; pricing Sept. 10.

• $226 million series 2014A non-AMT bonds

• $48 million series 2014B AMT bonds

PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY/BRRH CORP. OBLIGATED GROUP (FLORIDA): $90,555,000 series 2014 hospital revenue refunding bonds (/BBB/BBB); negotiated; Citigroup Global Markets Inc. (lead); Morgan Stanley & Co. LLC (co-managers); bonds due 2014 to 2025 with term bond due 2031; proceeds to refund the authority’s series 1999A and 2001 revenue bonds; pricing Sept. 10.

PALM BEACH COUNTY SCHOOL DISTRICT (FLORIDA): $115 million series 2014 tax anticipation notes (MIG 1); competitive; Public Financial Management Inc. (financial adviser); notes due Jan. 30, 2015; proceeds to finance operating expenditures for the district in the 2014-2015 fiscal year; pricing Sept. 10.

September 11

NASSAU COUNTY ECONOMIC ASSISTANCE CORP./SUFFOLK COUNTY ECONOMIC DEVELOPMENT CORP./CATHOLIC HEALTH SERVICES OF LONG ISLAND (NEW YORK): $82,475,000 series 2014 revenue bonds (Baa1/BBB+/BBB+); negotiated; Goldman, Sachs & Co. and Morgan Stanley & Co. LLC (lead); proceeds to finance capital expenditures, including capital improvements, renovations, repairs and equipment purchases to Catholic Health facilities; pricing Sept. 11.

• $44,475,000 series 2014B revenue bonds through Nassau County Economic Assistance due 2023 to 2033

• $38 million series 2014C revenue bonds through Suffolk County Economic Development due 2023 to 2033

Week of September 15

September 16

MADISON (WISCONSIN): $51,655,000 series 2014 taxable general obligation promissory notes; competitive; Springsted Inc. (financial adviser); notes due 2015 to 2024; proceeds to finance capital improvements for the city; pricing Sept. 16.

SAN FRANCISCO UNIFIED SCHOOL DISTRICT (CALIFORNIA): $52 million series 2014A tax and revenue anticipation notes; competitive; Tamalpais Advisors Inc. (financial adviser); notes due Sept. 24, 2015; proceeds to finance capital expenditures for the coming fiscal year; pricing Sept. 16.

On the Horizon

CHICAGO (ILLINOIS): $300,715,000 series 2014 second lien wastewater revenue project bonds (A3/AA-/AA); negotiated; BofA Merrill Lynch (lead); Mesirow Financial Inc., Ramirez & Co. Inc., BNY Mellon Capital Markets LLC, Drexel Hamilton LLC, Estrada Hinojosa & Co. Inc., Harvestons Securities Inc., Loop Capital Markets LLC, The Northern Trust Co., Piper Jaffray & Co., Podesta & Co., Stifel, Nicolaus & Co. Inc. and The Williams Capital Group LP (co-managers); bonds due 2016 to 2034 with term bonds due 2039 and 2044; proceeds to finance wastewater capital projects.

CLEVELAND CLINIC FOUNDATION (OHIO): $400 million series 2014 taxable bonds (Aa2/AA-/); negotiated; Barclays and J.P. Morgan Securities LLC (lead); PNC Capital Markets LLC, BofA Merrill Lynch and Wells Fargo Securities LLC (co-managers); proceeds for authorized corporate purposes of the health system.

CLIFTON HIGHER EDUCATION FINANCE CORP. (TEXAS): $94.6 million series 2014 education revenue and refunding bonds; negotiated; Baird & Co. (lead); Raymond James/Morgan Keegan and RBC Capital Markets LLC (co-managers); bonds due 2016 to 2034 with term bonds due in 2039 and 2044; proceeds to finance the acquisition and development of the corporation’s MLK, Brownsville and Austin campuses; acquire land for future campuses in San Antonio and Mission, as well as acquire a new headquarters.

MICHIGAN FINANCE AUTHORITY/THOMAS M. COOLEY LAW SCHOOL: $91.44 million series 2014 higher education limited obligation revenue refunding bonds (/BB+/); negotiated; PNC Capital Markets LLC (sole); bonds due 2015 to 2044; proceeds to refund the authority’s series 2008A-B revenue bonds.

MULTNOMAH COUNTY HOSPITAL FACILITIES AUTHORITY/MIRABELLA SOUTH AT WATERFRONT (OREGON): $93.31 million series 2014A revenue refunding bonds; negotiated; Cain Brothers (lead); bonds due 2024, 2034, 2044 and 2049; proceeds to refund existing revenue bonds.

NASSAU COUNTY (NEW YORK): $200 million series 2014 tax and revenue anticipation notes (/SP-1+/F1+); competitive; First Southwest Co. and TKG & Associates (financial advisers); notes due June 30, 2015; proceeds to finance city capital expenditures in the coming fiscal year.

NORTHERN PALM BEACH COUNTY IMPROVEMENT DISTRICT (FLORIDA): $55,875,000 series 2014 water control and improvement bonds; negotiated; Raymond James/Morgan Keegan and FMSbonds Inc. (lead); proceeds to make capital improvements to water Unit of Development No. 2C.

TOBACCO SETTLEMENT FINANCING CORP. (RHODE ISLAND): $593,655,000 series 2014 tobacco settlement asset-backed bonds (/A/BBB+); negotiated; Citigroup Global Markets Inc. and BofA Merrill Lynch (lead); Janney Montgomery Scott LLC, Oppenheimer & Co. Inc. and Raymond James/Morgan Keegan (co-managers); proceeds to make a payment of no less than $20 million to the state, refund the corporation’s series 2002A bonds and fund the purchase at the open market purchase price of certain maturities of the corporation’s series 2007.

• $336,065,000 series 2014A bonds due 2015 to 2029 with term bonds due 2034 and 2039

• $257.59 million series 2014B bonds due 2039, 2044 and 2049

UNIVERSITY OF PITTSBURGH (PENNSYLVANIA): $95 million series 2014 university capital project bonds (Aa1/VMIG 1/AA+/A-1+/); negotiated; Barclays (for 2014A, 2014B-1); Wells Fargo Securities LLC (lead for 2014B-2); proceeds to finance new construction and capital improvement projects at the university’s Oakland, Johnstown and Bradford campuses.

• $49 million series 2014A bonds

• $46 million series 2014B bonds, including $23 million series 2014B-1, $23 million 2014B-2

YSLETA INDEPENDENT SCHOOL DISTRICT (TEXAS): $80.08 million series 2014 unlimited tax refunding bonds; negotiated; BOSC Inc. (lead); Jefferies & Co., Ramirez & Co. Inc. and RBC Capital Markets LLC (co-managers); bonds due 2014 to 2030; proceeds to refund the district’s series 2006 unlimited tax school building bonds.

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