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NM city issues $146M of pollution control bonds on behalf of PNM

The city of Farmington, N.M., sold $146 million worth ofpollution control revenue refunding bonds due April 1, 2033, on behalf ofPublic Service Co. of New Mexico.

The offering consisted of $46 million of 2016 series A bondsand $100 million of 2016 series B bonds, according to a Form 8-K filing.

The bonds were issued at an initial term rate of 1.875% forthe period starting Sept. 27, through and including Sept. 30, 2021, with amandatory tender date of Oct. 1, 2021.

Proceeds from the sale were used to refund $146 millionworth of outstanding pollution control revenue bonds, which were previouslyissued by the city.

PNM is a PNM ResourcesInc. subsidiary.