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$28.8M Bond Sale Set for Tuesday

SAN ANTONIO-San Antonio goes to market with a AA rating from Fitch for the Texas Starbright Corp. The bond sale proceeds will be used to buy and convey 2,643 acres plus reimburse Toyota for a pick-up training facility for the new plant.

By Beverly Ford | Updated on March 21, 2003

SAN ANTONIO-The city has been assigned a AA rating by Fitch Ratings for $28.8 million in contract bonds on a 2003 series of revenue bonds for the Texas Starbright Industrial Development Corp. The bonds go on sale Tuesday, with proceeds earmarked for the 2,643-acre acquisition and conveyance of the site for the Toyota manufacturing plant.

The bonds mature between Aug. 15, 2007 and 2033 with optional redemption prior to maturity at par plus accrued interest. In addition to the land transfer, the money also will be used to reimburse Toyota for site preparation costs and construction of a training facility for its pick-up truck manufacturing plant.

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