PHOENIX - Fresno County, Calif. will bring $27 million of pension obligation refunding bonds to market in the coming days.
The exact date for the sale is not set, county treasurer Frank Gomez said, but will be determined soon.
The federally taxable bonds are rated AA-minus by Standard & Poor's and will be underwritten by Raymond James. The bonds will mature Aug. 15, 2019, and are being issued to refund pension bonds issued in 2004.
The bonds are secured by money appropriated by the county pursuant to its retirement law. In the event that the county does not appropriate sufficient funds, it is obligated to make the payments with any lawfully available funds in its treasury, according to the offering documents.
Hawkins Delafield & Wood in Los Angeles is bond counsel on the transaction, and the financial advisor is KNN Public Finance in Oakland.
