Seale Bids Invited

March 01, 1996, 2:00 a.m. EST 16 Min Read

ARKANSAS

<< Cave City Sch. Dist. No. 2A (Sharp Co.), Ark., - $785,000 - Sealed bids March 6, at 11 am EST, c/o T.J. Raney & Sons, Little Rock, for purchase of 12 1/6-year avg. (bank qualified) refunding and construction limited tax bonds.

Dated March 1, 1996. Due Feb. 1:

1997 $20,000

1998 20,000

1999 25,000

2000 25,000

2001 30,000

2002 30,000

2003 35,000

2004 35,000

2005 35,000

2006 35,000

2007 40,000

2008 40,000

2009 45,000

2010 45,000

2011 50,000

2012 50,000

2013 50,000

2014 55,000

2015 60,000

2016 60,000

<< Callable Feb. 1, 2001 at par. L.O.: Friday, Eldredge & Clark, Little Rock. Certified or cashier's check for $15,700, payable to the District. Financial Adviser: T.J. Raney & Sons, Little Rock.

CALIFORNIA

<< San Francisco City & Co. Airports Commission, Calif., - $200,000,000 - Separate sealed bids March 5, at 8 am PST, c/o Orrick, Herrington & Sutcliffe, Sanb Francisco, for purchase of the following (book entry) various second series (San Francisco International Airport) revenue bonds:

Issue 10A (AMT)$175,000,000.

Due May 1, 2005 to 2026. Bidders shall have the option to designate Serial and/or Term bonds according to the terms and prices set forth in the Official Notice of Sale. Certified or cashier's check for $1,750,000, payable to the City and County.

Issue 10B (Non-AMT)$25,000,000.

All dated March 1, 1996. The bonds shall be callable in accordance with the specification set forth therein. Paying Agent: First Interstat Bank of California, San Francisco. L.O.: Orrick, Herrington & Sutcliffe and Law Offices of Pamela S. Jue, both of San Francisco. Delivery on or about March 20, at the Depository Trust Company, New York. Financial Adviser: Lazard Freres & Co., New York and Grigsby Brandford & Co., Inc., San Francisco.

Last Comparable Sale

<< $250,000,000 - Various revenue bonds were sold on Nov. 21, 1995 as follows:

The Bond Buyer Index 5.65%.

The $170,000,000 - San Francisco international airport (FGIC Insured/book entry) revenue (AMT) bonds, Issue 9A, Second Series were purchased by a group headed by Lehman Brothers, J.P. Morgan Securities, Inc., BA Securities, Inc., Dain Bosworth Inc., in association with a group headed by Smith Barney Inc., Prudential Securities, Inc., Glickenhaus & Co., First Chicago Capital Markets Inc., Dean Witter Reynolds, Inc., in association with Morgan Stanley & Co., Inc. (alone), TIC 5.851%, as follows:

$57,080,000 serial bonds, due 2004 to 2015.

$45,005,000 term bonds, due 2020.

$67,915,000 term bonds, due 2025.

Reoffered at 4.95% in 2004 to 5.75% in 2015, 5.85% in 2020 and 5.90% in 2025.

Other bidders were:

Goldman, Sachs & Co., Merrill Lynch & Co., Stone & Youngberg, J.C. Bradford & Co., Rauscher Pierce Refsnes, Inc. (Co-managers), and associates, TIC 5.8663%.

The $80,000,000 - San Francisco international airport (FGIC Insured/book entry) revenue bonds, Issue 9B, Second Series were purchased by a group headed by Lehman Brothers, J.P. Morgan Securities, Inc., BA Securities, Inc., Dain Bosworth Inc., in association with a group headed by Smith Barney Inc., Prudential Securities, Inc., Glickenhaus & Co., First Chicago Capital Markets Inc., Dean Witter Reynolds, Inc., in association with Morgan Stanley & Co., Inc. (alone), TIC 5.6863%, as follows:

$26,870,000 serial bonds, due 2004 to 2015.

$21,170,000 term bonds, due 2020.

$31,960,000 term bonds, due 2025.

Reoffered at 4.80% in 2004 to 5.55% in 2015, 5.60% in 2020 and 2025.

Other bidders were:

Bear, Stearns & Co., Inc., Chemical Securities, Inc. (Co-managers), M.R. Beal & Co., Inc., TIC 5.6983%.

Goldman, Sachs & Co., Merrill Lynch & Co., Stone & Youngberg, J.C. Bradford & Co., Rauscher Pierce Refsnes, Inc. (Co-managers), and associates, TIC 5.709006%.

IOWA

<< Ames, Iowa, - $3,510,000 Approximate - Sealed bids March 5, at 11 am CST, for purchase of 3 3/4-year avg. (book entry) series 1996 sewer revenue refunding bonds.

Dated March 15, 1996. *Due Dec. 1:

1996 $440,000

1997 510,000

1998 520,000

1999 560,000

2000 595,000

2001 600,000

2002 285,000

<< Paying Agent: To be designated. L.O.: Dorsey & Whitney, Des Moines. Delivery within 40 days after date of sale at such place to be mutually agreed upon. Certified or cashier's check for $35,100, payable to the City. Financial Adviser: Evensen Dodge, Inc., Minneapolis.

*The City reserves the right to increase or decrease the principal amount of the issue by an amount not to exceed $175,000 and will be made in multiples of $25,000 in any maturities.

Last Revenue Sale

<< $20,660,000 - Electric revenue refunding (MBIA Insured/book entry) bonds, Series 1993 were sold on March 29, 1993 to a syndicate headed by Chiles Heider Divison of Lehman Brothers, Bear, Stearns & Co., Inc., Dean Witter Reynolds Inc., Smith Barney, Harris Upham & Co., Inc., Hutchinson, Shockey Erley & Co., Prudential Securities Inc., PaineWebber Incorpoated, Piper, Jaffray Inc., NIC 5.4873%.

Reoffered at 2.75% in 1994 to 5.75% in 2008.

The Bond Buyer Index 5.71%.

Other bidders were:

First Chicago Capital Markets, Inc., Merrill Lynch & Co., William Blair & co., Inc., Banc One Capital Corporation (Co-managers) and Mesirow Capital Markets, Inc., NIC 5.505%.

Clatyon Brown & Associates, Inc., Kemper Securities Inc., Griffin, Kubik, Stephens & Thompson Inc. (Co-managers) and Dougherty, Dawkins Strand & Bigelow, Inc., NIC 5.5955%.

<< North Liberty, Iowa, - $1,295,000 Approximate - Separate sealed bids March 12, at 11 am CST, c/o Ehlers & Associates, Inc., Minneapolis, for purchase of the following (bank qualified/book entry) various 1996 general obligation unlimited tax bonds:

Series A community center, 11 3/4-year avg.$600,000.

Due June 1:

1997 $10,000

1998 20,000

1999 20,000

2000 25,000

2001 25,000

2002 25,000

2003 25,000

2004 30,000

2005 30,000

2006 30,000

2007 30,000

2008 35,000

2009 35,000

2010 40,000

2011 40,000

2012 40,000

2013 45,000

2014 45,000

2015 50,000

<< Callable June 1, 2004 at par. Certified or cashier's check for $12,000, payable to the City.

Series B refunding, 4 1/6-year avg.Approximate$695,000.

*Due June 1:

1997 $90,000

1998 95,000

1999 100,000

2000 105,000

2001 100,000

2002 100,000

2003 105,000

<< Callable June 1, 2001 at par. Certified or cashier's check for $13,900, payable to the City.

All dated April 1, 1996. L.O.: Dorsey & Whitney, Des Moines. Financial Adviser: Ehlers & Associates, Inc., Minneapolis.

*The City reserves the right to increase or decrease the principal amount of the issue by an amount not to exceed $10,000 and will be made in multiples of $5,000 in any maturities.

KANSAS

<< Tribune, Kan., - $210,000 Approximate - Sealed bids March 7, at 8:30 pm CST, for purchase of 4-years (bank qualified) series 1996 temporary improvement notes.

Dated March 1, 1996. Due March 1, 2000. L.O.: Gilmore & Bell, P.C., Wichita. Certified or cashier's check for $4,200, payable to the City. Financial Adviser: Ranson & Associates, Inc., Wichita.

MICHIGAN

<< Goodrich, Mich., - $440,000 - Separate sealed bids March 7, at 2 pm EST, in the alternative at the office of the Municipal Advisory Council of Michigan, Detroit, for purchase of the following (bank qualified) various series 1996 limited tax bonds, mentioned Feb. 26:

Special assessment, 10 2/3-year avg.$285,000.

Due Nov. 1:

1997 $10,000

1998 15,000

1999 15,000

2000 15,000

2001 15,000

2002 15,000

2003 20,000

2004 20,000

2005 20,000

2006 20,000

2007 20,000

2008 25,000

2009 25,000

2010 25,000

2011 25,000

<< Callable Nov. 1, 2005 at par. Certified or cashier's check for $2,850, payable to the Village.

General obligation Michigan Transportation Fund, 10 1/6-year avg.$155,000.

Due Nov. 1, $5,000 in 1997 to 2000, $10,000 in 2001 to 2006 and $15,000 in 2007 to 2011. Callable Nov. 1, 2005 at par. Certified or cashier's check for $1,550, payable to the Village.

All dated March 15, 1996. L.O.: Dickinson, Wright, Moon, Van Dusen & Freeman, Lansing and Detroit.

<< West Branch, Mich., - $820,000 - Sealed bids March 4, at 4 pm EST, in the alternative at the office of The Municipal Advisory Council of Michigan, Detroit, for purchase of 10 1/3-year avg. (bank qualified) general obligation street unlimited tax bonds, mentioned Feb. 27.

Dated April 1, 1996. Due Oct. 1:

1996 $15,000

1997 25,000

1998 30,000

1999 35,000

2000 40,000

2001 40,000

2002 45,000

2003 50,000

2004 55,000

2005 65,000

2006 70,000

2007 80,000

2008 85,000

2009 90,000

2010 95,000

<< Callable Oct. 1, 2003 at 101% declining to par Oct. 1, 2008. L.O.: Miller Canfield, Paddock and Stone, Detroit. Certified or cashier's check for $16,400, payable to the City.

MINNESOTA

<< Faribault Independent Sch. Dist. No. 656, Minn., - $2,500,000 - Sealed bids March 11, at 1 pm CST, c/o Evensen Dodge, Inc., Minneapolis, for purchase of 12-months (bank qualified/book entry) 1996 general obligation tax anticipation certificates of indebtedness.

Dated March 25, 1996. Due March 25, 1997. L.O.: Faegre & Benson, Minneapolis. Financial Adviser: Evensen Dodge, Inc., Minneapolis.

NEVADA

<< Clark Co. Improvement Dist. No. 95, Nev. (Las Vegas), - (Revision) $2,510,000 (Not $2,522,000) - Selling March 5, reported Feb. 28.

Revised maturity schedule as follows:

Due March 1:

1997 $190,000

1998 240,000

1999 260,000

2000 260,000

2001 260,000

2002 260,000

2003 260,000

2004 260,000

2005 260,000

2006 260,000

<< Average Maturity 6 2/3-years.

All other details remain the same.

NEW JERSEY

<< Official Report to The Bond Buyer

<< West Milford Twp. Sch. Dist., N.J., - $2,670,000 - Sealed bids March 8, at 11 am EST, for purchase of series 1996 school unlimited tax bonds.

Dated March 15, 1996. Due Sept. 15, 1997 to 2007.

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Last Comparable Sale

<< $2,000,000 - School (Bank Qualified) bonds were sold on Sept. 8, 1992 to a syndicate headed by First Fidelity Securities Group, Ryan, Beck & Co., Gibraltar Securities Co., Tucker Anthony Incorporated, Janney Montgomery Scott Inc., NIC 4.9064%.

Reoffered at 3.00% in 1993 to 5.20% in 2002.

The Bond Buyer Index 6.24%.

Among the other bidders was:

Merrill Lynch & Co., Prudential Securities Inc., Smith Barney, Harris Upham & Co., Inc., Roosevelt & Cross, Inc., Kidder, Peabody & Co., Incorporated, Alex. Brown & Sons, Incorporated, A.G. Edwards & Sons, Inc., Midlantic National Bank, Edison, E.A. Moos & Co. and GMS Group, Inc. (Co- managers), Advest, Inc. and Douglas & Co. of Municipals, Inc., NIC 4.9498%.

Citizens First National Bank, Glen Rock (alone), NIC 5.0760%.

NEW MEXICO

<< Estancia Municipal Sch. Dist. No. 7, N.M., - $600,000 - Sealed bids March 12, at 7 pm MST, c/o Evensen Dodge, Inc., Albuquerque, for purchase of 3 2/3-year avg. (bank qualified) general obligation school building unlimited tax bonds.

Dated April 1, 1996. Due April 1:

1998 $60,000

1999 200,000

2000 240,000

2001 100,000

<< L.O.: Simons, Cuddy & Friedman, Santa Fe. Certified or cashier's check for $12,000, payable to the District. Financial Adviser: Evensen Dodge, Inc., Albuquerque and Minneapolis.

<< Las Vegas City Sch. Dist. No. 2, N.M., - $1,800,000 - Sealed bids March 18, at 6 pm MST, c/o Evensen Dodge, Inc., Albuquerque, for purchase of 4 2/3-year avg. (bank qualified) general obligation school building unlimited tax bonds.

Dated April 1, 1996. Due April 1:

1998 $50,000

1999 85,000

2000 400,000

2001 1,265,000

<< Paying Agent: First National Bank of Santa Fe, Santa Fe. L.O.: Simons, Cuddy & Friedman, Santa Fe. Delivery on or about April 23, at such place to be mutually agreed upon. Certified or cashier's check for $36,000, payable to the District. Financial Adviser: Evensen Dodge, Inc., Albuquerque and Minneapolis.

Last Comparable Sale

<< $2,370,000 - General obligation refunding bonds, Series 1993 were sold on April 1, 1993 to Southwest Securities, Inc., as 2.40s, 2.80s, 3.10s and 3.70s.

The Bond Buyer Index 5.86%.

NEW YORK

<< Lindenhurst, N.Y., - $616,000 - Sealed bids March 5, at 11 am EST, c/o Hawkins, Delafield & Wood, New York, for purchase of 5 3/4-year avg. (bank qualified/book entry) 1996 public improvement unlimited tax bonds.

Dated Feb. 15, 1996. Due Feb. 15:

1998 $66,000

1999 65,000

2000 75,000

2001 75,000

2002 80,000

2003 85,000

2004 85,000

2005 85,000

<< L.O.: Hawkins, Delafield & Wood, New York. Certified or cashier's check for $12,320, payable to the Village. Financial Adviser: Fiscal Advisors & Marketing, Inc., Hicksville, Cicero, Gansevoort and Vestal.

TEXAS

<< Celina Independent Sch. Dist., Tex., - $3,500,000 - Sealed bids March 19, at 11 am CST, for purchase of (bank qualified) series 1996 school building unlimited tax bonds.

Financial Adviser: Southwest Securities, Inc., Dallas.

No recent comparable sale.

<< Frisco Independent Sch. Dist., Tex., - $6,000,000 - Sealed bids March 19, at 12:30 pm CST, for purchase of series 1996 school building unlimited tax bonds.

Financial Adviser: Southwest Securities, Inc., Dallas.

Last Comparable Sale

<< $15,000,000 - School building (PSF Guaranteed/book entry) bonds, Series 1995 were sold on Oct. 31, 1995 to Merrill Lynch & Co., Southwest Securities, Inc., Robert W. Baird & Co., Inc., DLS Capital Partners, Raymond James & Associates, Inc. and Service Asset Management (Co- managers), no other members, NIC 5.5984%, as follows:

$6,535,000 serial bonds, due 1999 to 2015.

$2,785,000 term bonds, due 2019.

$5,680,000 term bonds, due 2025.

Reoffered at 4.40% in 1999 to 5.60% in 2015. The term bonds due 2019 and 2025 were not reoffered.

The Bond Buyer Index 5.72%.

Other bidders were:

Dean Witter Reynolds, Inc., Prudential Securities, Inc., Rauscher Pierce Refsnes, Inc., Smith Barney Inc., A.G. Edwards & Sons, Inc., PaineWebber Incorporated, Texas Commerce Bank National Association Houston, Masterson Moreland Sauer Whisman, Inc., Legg Mason Wood Walker, Inc., Crews & Associates, Inc., (Co-managers), and associates, NIC 5.6283%.

EVEREN Securities, Inc. and First of America Securities, Inc. (Co- managers), no other members, NIC 5.6603%.

First Southwest Securities, Inc. and Stephens Inc. (Co-managers), no other members, NIC 5.67%.

Dain Bosworth Inc. and Griffin, Kubik, Stephens & Thompson, Inc. (Co- managers), no other members, NIC 5.6852%.

<< Klein Independent Sch. Dist., Tex., - $1,000,000 - Sealed bids March 4, at 7:30 pm CST, for purchase of 4 2/3-year avg. series 1996-A public property finance contractual obligations.

Dated March 15, 1996. Due Aug. 15:

1997 $100,000

1998 125,000

1999 125,000

2000 150,000

2001 150,000

2002 175,000

2003 175,000

<< Paying Agent: First Interstate Bank of Texas, Houston. L.O.: State Attorney General and Vinson & Elkins, Houston. Delivery on or about March 29, in Houston. Financial Adviser: Legg Mason Wood Walker, Inc., Houston.

Last Comparable Sale

<< $1,000,000 - Public property finance contractual limited tax obligations, Series 1994A were sold on May 9, 1994 to Southwest Securities, Inc. (alone), NIC 5.1385%.

Reoffered at 4.20% in 1995 to 5.10% in 1999.

The Bond Buyer Index 6.18%.

Other bidders were:

A.G. Edwards & Sons, Inc. (alone), NIC 5.2778%.

Legg Mason Wood Walker, Inc., PaineWebber Incorporated, Rauscher Pierce Refsnes, Inc. and Smith Barney Shearson (Co-managers), no other members, NIC 5.2828%.

VIRGINIA

<< Leesburg, Va., - $12,300,000 - Sealed bids March 12, at 11 am EST, c/o Scott & Stringfellow, Inc., Richmond, for purchase of (book entry) series 1996 general obligation public improvement bonds.

Dated March 15, 1996. Due June 1, 1997 to 2016. L.O.: McGuire, Woods, Battle & Boothe, Richmond. Financial Adviser: Scott & Stringfellow, Inc., Richmond.

No recent comparable sale.

WISCONSIN

<< Kenosha Co., Wis. (Kenosha), - $9,340,000 Approximate - Separate sealed bids March 12, at noon CST, (parity bids accepted), c/o Ehlers & Associates, Inc., Minneapolis and Brookfield, for purchase of the following (bank qualified/book entry) various general obligation issues:

Refunding bonds, 12 1/2-year avg.$4,230,000.

*Due Dec. 1:

1997 $100,000

1998 130,000

1999 130,000

2000 155,000

2001 155,000

2002 180,000

2003 180,000

2004 200,000

2005 200,000

2006 225,000

2007 220,000

2008 245,000

2009 245,000

2010 265,000

2011 290,000

2012 310,000

2013 330,000

2014 325,000

2015 345,000

<< Callable Dec. 1, 2004 at par. Certified or cashier's check for $84,600, payable to the County.

Series 1996A promissory notes, 7 3/4-year avg.$5,110,000.

Due March 1:

1999 $200,000

2000 200,000

2001 400,000

2002 400,000

2003 800,000

2004 850,000

2005 1,125,000

2006 1,135,000

<< Callable March 1, 2001 at par. Certified or cashier's check for $102,200, payable to the County.

All dated March 1, 1996. Paying Agent: To be designated. L.O.: Quarles & Brady, Milwaukee. Delivery within 40 days after date of sale at such place to be mutually agreed upon. Financial Adviser: Ehlers & Associates, Inc., Minneapolis and Brookfield.

*The County reserves the right to increase or decrease the principal amount of the issue by an amount not to exceed $50,000 and will be made in multiples of $5,000 in any maturities.

Last Comparable Sale

<< $3,770,000 - General obligaiton promissory (book entry/bank qualified) notes were sold on May 16, 1995 to Firstar Bank, N.A., Milwaukee (alone), TIC 4.8920%.

The bonds were not reoffered.

The Bond Buyer Index 5.96%.

Other bidders were:

Smith Barney Inc. (alone), TIC 4.8959%.

Harris Trust & Savings Bank, Chicago, Norwest Investment Services, Inc. (Co-managers), and associates, TIC 4.9280%.

Robert W. Baird & Co., Inc., PaineWebber Incorporated, Piper Jaffray Inc. and A.G. Edwards & Sons, Inc. (Co-managers), no other members, TIC 4.9926%.

Nike Securities, Inc., Raymond James & Associates, Inc. and William R. Hough & Co. (Co-managers), no other members, TIC 5.0049%.

Dain Bosworth, Inc. (alone), TIC 5.0314%.

Griffin, Kubik, Stephens & Thompson, Inc. (alone), TIC 5.0374%.

Dean Witter Reynolds, Inc., ABN AMRO Securities and Prudential Securities, Inc. (Co-managers), no other members, TIC 5.0626%.

First Chicago Capital Markets, Inc. (alone), TIC 5.1309%.

<< Saukville, Wis., - $4,250,000 - Separate sealed bids March 5, at 11 am CST, (parity bids accepted), c/o Ehlers & Associates, Inc., Minneapolis and Brookfield, for purchase of the following (bank qualified/book entry) various issues, mentioned Feb. 26:

General obligation promissory notes, 6 1/2-year avg.$2,360,000.

Due March 1:

1997 $200,000

1998 160,000

1999 150,000

2000 130,000

2001 150,000

2002 160,000

2003 290,000

2004 320,000

2005 370,000

2006 430,000

<< Callable March 1, 2001 at par. Certified or cashier's check for $47,200, payable to the Village.

Water system mortgage revenue bonds$1,890,000.

Due May 1, 1998 to 2016. Bidders shall have the option to designate Serial and/or Term bonds according to the terms and prices set forth in the Official Notice of Sale. The bonds shall be callable in accordance with the specification set forth therein. Certified or cashier's check for $37,800, payable to the Village.

Last comparable sale appeared Feb. 26.

MISSOURI

<< Kansas City Land Clearance for Redevelopment Authority, Mo., - $15,110,000 - Sealed bids March 13, at 10 am CST, for purchase of (book entry) series 1996 (Municipal Auditorium and 13th and Wyandotte Hotel Redevelopment Projects) (taxable) lease revenue bonds.

Dated April 1, 1996. L.O.: Gilmore & Bell and Hardwick Law Firm, both of Kansas City. Financial Adviser: B.C. Christopher, Kansas City.

No recent comparable sale.