The Vermont Municipal Bond Bank is expected to sell $44.3 million of tax-exempt bonds and federally taxable qualified school construction bonds in two series the week of July 9.
Proceeds will be loaned to 28 governmental units, including school districts, towns and cities.
The first series of $35.5 million will have maturities from 2013 through 2032, and in 2042.
The $8.8 million of QSCBs will have maturities in 2027 and 2032.
The bank is an instrumentality of the state that is authorized to issue bonds to enable the bank to make loans to Vermont municipalities.
Citi will be underwriter.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo is bond counsel. Omnicap Group LLC and Lamont Financial Services Corp. are financial advisors.
Moody’s Investors Service rates the bonds Aa2 with a stable outlook, citing an active program management and administration, significant state involvement and a large and diverse pool of participants within the pool program.
