(Washington, DC) The District of Columbia has selected Bear Stearns as the senior managing underwriter to assist in its next general obligation bond sale. The sale, to be conducted near the end of November, will consist of approximately $250 million of general obligation bonds to fund District capital projects and refund certain outstanding bonds.

"Prudent management of our debt becomes even more important in today's uncertain economy," said N. Anthony Calhoun, deputy chief financial officer for the Office of Finance and Treasury. "I am confident that we have selected a quality team that will facilitate a successful bond sale for the District."

The underwriting team led by Bear Stearns is composed of six firms, and includes two minority firms and one regional firm. The other firms are UBS Paine Webber, M. R. Beal, Morgan Stanley Dean Witter, Jackson Securities, and Legg Mason Wood Walker.

Senior District financial staff selected the team by conducting an open solicitation and consulting with the city's financial advisors.