Cabarrus County expects to sell $84.8 million of certificates of participation on Tuesday for five school construction projects.
Southwest Securities Inc. and Merrill Lynch & Co. will serve as underwriters. The COPs are rated AA-minus by Fitch Ratings and Aa3 by Moody’s Investors Service and will mature in two to 20 years.
Standard & Poor’s is expected to rate the deal, said Pam Dubois, finance director for the county, but the rating was not available at press time.
North Carolina counties issue debt for schools districts. Cabarrus, located in the Piedmont section of the state, had $316.4 million outstanding as of mid-2008.
Parker Poe Adams & Bernstein LLP will serve as the underwriter’s counsel for next week’s deal, with McGuireWoods LLP as special counsel.
