Bookrunning managers on three of the four California negotiated offerings planned between mid-October and December are minority- or woman-owned underwriting firms, assistant state treasurer Hal Geiogue said last week.

Minority-owned E.J. De la Rosa will handle issuance of bonds to fund multiple projects for the University of California; woman-owned Artemis Capital will oversee a bond deal for the California Community Colleges; and minority-owned M.R. Beal & Co. wilI be in charge of a bond sale to fund projects for the California State University, Geiogue said.

The fourth bookrunning manager, Bank of America, was chosen to manage a Public Works Board issuance for Soledad Prison, he said.

"We don't really have a final dollar figure" on the size of the four issuances, Geiogue said. "Because we have to figure out the reserve fund needs, [sizes are] not set in stone yet."

The four firms will be assisted by co-managers, which have not been selected, Geiogue said. "We have the right to assign people right up to the day of the sale," he said.

The firms were selected from an underwriting pool for state negotiated offerings that was formed in January after a competitive selection process. The pool expires in December 1995 unless the new treasurer, who takes office in January, decides to form a new pool.

Treasurer Kathleen Brown, who is campaigning for governor, will be replaced by either Democrat Phil Angelides or Republican Matt Fong.

Geiogue said the placement of three minority- or woman-owned firms in the lead underwriting positions is not unprecedented. "We've had targeted-business enterprises in lead underwriting positions since 1991," he said.

Anaheim bucked a trend in recession-battered California last week by obtaining an upgrade of its general obligation bond rating from Standard & Poor's Corp.

The rating action, which booster the bonds to AA from AA-minus, was made in connection with a review of the city's $10 million of GO refunding bonds, Series 1993.

"An upgrade in southern California is a little bit unusual, certainly at this time," said Jeffrey Thiemann, a Standard & Poor's director. But "it is not a trend." A lot of this is attributable to the management factor in Anaheim." The analyst said a "key" to the upgrade is the city's Conservative policy of fully funding accrued liabilities for compensated absences, workers' compensation, and retirees' health benefits,

The city transfers excess general fund moneys to its general benefits and insurance fund, which currently has $63 million in cash, Thiemann said.

"This fund is set aside for future liabilities, [but] it remains unrestricted and provides substantial flexibility and liquidity," a Standard & Poor's press release said.

The release said that Anaheim, which has a population of 291,000, has a diversified economic base. Walt Disney Co., the largest employer, has 11,000 employees at its Disneyland park and hotel, and is also considering a plan to build Westcot Center, a second theme park that could generate as many as 27,000 jobs.

In connection with the Annhelm rating review, Thiermann said that the rating agency upgraded Anaheim Community Center Authority's lease revenue bonds, Series 1965A, to A-plus from A.

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