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- Hilliard Lyons Serves as Advisor on the First Build America Bond Issue in Kentucky
Hilliard Lyons Serves as Advisor on the First Build America Bond Issue in Kentucky
May 21, 2009 – Hilliard Lyons is serving as the Financial Advisor on the first Build America Bond issue in the state of Kentucky.
The $41,150,000 issue, by Fayette County Public Schools, will finance the renovation of five public schools, Arlington, Cassidy and Russell Cave Elementary Schools and Bryan Station and Leestown Middle Schools. The Hilliard Lyons Municipal Finance area is helping bring the bonds to market.
Build America Bonds (BABs) are taxable municipal securities. BAB issuers – in this case, Fayette County Schools – receive a 35% rebate from the U.S. Treasury. BABs were formulated as part of the American Recovery and Reinvestment Tax Act of 2009 to encourage state and local issuers to continue the issuance of municipal debt and to help stimulate the economy.
The Build America Bonds, Taxable Series 2009B, will consist of serial bonds maturing from June 1, 2025 to June 1, 2029. The Bonds are expected to carry a 10 year par call feature. There is a competitive bid scheduled for May 26, 2009. This issue is rated Aa3 by Moody’s and AA by Standard and Poor’s.
State and local governments are beginning to issue Build America Bonds for capital projects, including courthouses, school, roads and transportation infrastructure. In addition to general obligation bonds, BABs can also be water and sewer revenue bonds. BABs cannot be used to finance private activity bonds, or to refund existing securities. The municipal market is in the infancy stage of offering Build America Bonds. BAB investors may be pension funds, insurance companies or individuals.
Hilliard Lyons is a member of the New York, American and Chicago stock exchanges, the Financial Industry Regulatory Authority (FINRA), and the Securities Investors Protection Corp. (SIPC).
Hilliard Lyons focuses on the creation, preservation and distribution of its clients’ wealth. The firm specializes in planning issues that include retirement, business succession, trust and estate planning and education funding. Hilliard Lyons offers comprehensive financial services and advice, including professional managed accounts from the country’s premier managers, as well as a broad menu of investment vehicles, such as stocks, bonds, options, mutual funds, annuities and insurance to facilitate the financial strategies recommended.
Founded in Louisville, Kentucky in 1854, the firm has a long and distinguished history in the American marketplace. Hilliard Lyons operates 75 branches in 13 states. The firm’s Financial Consultants use original and purchased research tools and state-of-the-art software -- coupled with their own knowledge and experience -- to advise their clients through the financial challenges that life brings.