CHICAGO - Detroit is expected to come to market next week with $188.7 million of general obligation debt to raise funds for a series of capital projects and refund about $60 million of GOs.
The deal is city's first new-money transaction since late 2006. The bonds are structured to sell in four series. Series 2008A will consist of $57.1 million of fixed-rate unlimited-tax bonds. Series B is made up of $60.1 million of unlimited-tax refunding GO bonds. Series C is for $46.5 million of limited-tax capital improvement bonds, while Series D will be made up of taxable GO capital improvement bonds.