Bowling Green will competitively issue $32 million of debt Aug. 7 to help fund development in a tax increment finance district.
Morgan Keegan & Co. is financial adviser and Peck, Shaffer & Williams LLP is bond counsel.
The deal consists of $25 million of Series A general obligation public project bonds and $6.6 million of Series B GOs. The Series A bonds have maturities from 2010 through 2024, while the Series B bonds run from 2009 through 2018.
Bowling Green officials only sought a rating from Moody’s Investors Service and at press time the agency had not released a report.
The Series A bonds will be secured with the incremental tax revenues from the WKU Gateway to Downtown Bowling Green Development Area. The GOs will help fund construction a public baseball park suitable for use by a Single-A minor league baseball team.
The Series B bonds will be used to build a fire station and expand the fire headquarters and the airport fire station.
The city’s current capital plans do not call for additional GO borrowings for public capital improvements during fiscal 2009.
