City Set to Sell Bonds for Moscone Center

SAN FRANCISCO- In accordance with March 1996 voter approval, approximately $157 million in variable-rate bonds are scheduled for sale Nov. 1 to pay for an expansion of San Francisco’s Moscone Center.

San Francisco Finance Corp. is selling the lease revenue bonds in three $52.5-million series. For Series 2000-1, the remarketing agent will be J.P. Morgan Securities Inc., while series 2000-2 will have E.J. De La Rosa & Co., and Series 2000-3 will be underwritten and remarketed by Banc of America Securities. The final maturity on the bonds will be April 1, 2030.

Ambac Assurance Corp. is insuring the bonds. Based on Ambac’s insurance, Fitch, Moody’s Investors Service, and Standard & Poor’s all assign a long-term triple-A rating for the city and county lease revenue bonds. Bond counsel is Jones Hall and the financial adviser is Kitahata & Co.

The proceeds from the bond sale will be used to expand and improve the center’s west wing. The project is scheduled for completion in 2003.