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NORTH CAROLINA DEPARTMENT OF STATE TREASURER Richard H. Moore, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES January 17, 2008 CITY OF GREENSBORO $ 63,800,000 Public Improvement & Refunding, G. O. Bonds January 23, 2008 COUNTY OF MECKLENBURG $ 160,500,000 Public Improvement, G. O. Bonds January 29, 2008 COUNTY OF BEAUFORT $ 7,000,000 School, G. O. Bonds February 12, 2008 COUNTY OF HAYWOOD $ 7,000,000 School, G. O. Bonds February 26, 2008 COUNTY OF TRANSYLVANIA $ 16,100,000 Refunding, G. O. Bonds March 4, 2008 COUNTY OF IREDELL $ 5,300,000 School, G. O. Bonds March 11, 2008 COUNTY OF ONSLOW $ 40,000,000 School, G. O. Bonds March 18, 2008 COUNTY OF DURHAM $ 45,000,000 Public Improvement, G. O. Bonds March 25, 2008 TOWN OF ZEBULON $ 5,000,000 Municipal Building, G. O. Bonds - BOND REPORTER VOLUME XV JANUARY 2008 No. 1 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER Richard H. Moore, Treasurer Published Monthly by North Carolina Department of State Treasurer Albemarle Building 325 North Salisbury Street Raleigh, North Carolina 27603- 1385 Richard H. Moore, State Treasurer ( 919) 508- 5176 T. Vance Holloman, Deputy Treasurer ( 919) 807- 2351 Sharon Edmundson, Director, Fiscal Management ( 919) 807- 2380 Tim Romocki, Director, Debt Management ( 919) 807- 2360 Dora D. Fazzini, Director, North Carolina Capital Facilities Finance Agency ( 919) 807- 2378 Robert C. Newman, Assistant Director Debt Management ( 919) 807- 2365 Jim Baker, Assistant Director Debt Management ( 919) 807- 2370 No data contained herein is designed or recommended as being suitable for use by any person in reaching a decision with respect to the purchase or sale of any security. Information to support such a decision should be obtained from the issuer or its authorized representatives. TABLE OF CONTENTS VOLUME XV No. 1 January 2008 Calendar of Scheduled Competitive Sales 1 Schedule of Negotiated Sales 3 Notice of Redemption 4 State and Local Unit Debt Outstanding Balances 5 PROPOSALS General Obligation Bond 5 Revolving Loan 6 North Carolina Housing Finance Agency 6 Revenue Bond 7 Industrial Revenue Bond 8 North Carolina Capital Facilities Finance Agency 9 North Carolina Medical Care Commission 10 Financing Agreements 11- 13 REPORTS OF RECENT SALES General Obligation Bond 14 Revenue Bonds 15- 16 OTHER INFORMATION Bond Buyer’s Index 17 B ON D REP ORT E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 3 SCHEDULE OF NEGOTIATED SALES* January 10, 2008 COUNTY OF BRUNSWICK $ 55,000,000 Enterprise System Revenue Bonds Wachovia Securities Co. Banc of America Securities LLC NORTH CAROLINA HOUSING FINANCE AGENCY $ 10,000,000 Multifamily Revenue Bonds Raymond James & Associates, Inc. January 16, 2008 CITY OF FAYETTEVILLE ( PWC COMMISSION) $ 19,000,000 Public Works Commission Revenue Bonds Citigroup Global Markets, Inc. January 17, 2008 TOWN OF OAK ISLAND $ 35,000,000 Enterprise System Revenue Bonds Wachovia Securities Co: BB& T Capital Markets January 24, 2008 COUNTY OF CABARRUS $ 70,000,000 Certificates of Participation UBS Securities ( Sr. Mgr.) BB& T Capital markets ( Co. Mgr.) January 30, 2008 COUNTY OF MECKLENBURG $ 36,350,000 Certificates of Participation BB& T Capital Markets ( Sr.) Key Bank Capital Markets ( Co. Mgr.) February 6, 2008 NORTH CAROLINA MEDICAL CARE COMMISSION $ 50,000,000 Carolina Village Inc. Wachovia Securities ( Sr. Mgr.) Davenport & Company LLC ( Co. Mgr.) February 13, 2008 COUNTY OF IREDELL $ 110,000,000 Certificates of Participation Citigroup ( Sr. Mgr.) Wachovia Securities ( Co. Mgr.) * Subject to change. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 4 NOTICE OF REDEMPTION Issuer: City of Charlotte, North Carolina Variable Rate Water and Sewer System Revenue Bonds, Series 2006B Amount: $ 4,990,000 Redemption Date: January 1, 2008 CUSIP Number: 161045FL8 Redemption Price: 100% Dated: July 15, 2006 Registered Bond: FASBAL_ 1 Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 Issuer: The Charlotte- Mecklenburg Hospital Authority ( North Carolina), DBA Carolinas Healthcare System Variable Rate Health Care Refunding Revenue Bonds, Series 2005B Amount: $ 1,060,000 CUSIP Number: 160853JL2 Redemption Date: January 15, 2008 Dated: December 14, 2005 Redemption Price: 100% Registered Bond: FASBAL_ 1 Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 Issuer: The Charlotte- Mecklenburg Hospital Authority ( North Carolina), DBA Carolina Healthcare System Variable Rate Health Care Refunding Revenue Bonds, Series 2005D Amount: $ 1,055,000 Dated: December 14, 2005 Redemption Date: January 15, 2008 CUSIP Number: 160853JN8 Redemption Price: 100% Registered Bond: FASBAL_ 1 Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor — Bond Drop Window, St. Paul, MN 55107 Issuer: The Charlotte- Mecklenburg Hospital Authority ( North Carolina), DBA Carolinas Healthcare System Variable Rate health Care Refunding Revenue Bonds, Series 2005C Amount: $ 1,055,000 Dated: December 14, 2005 Redemption Date: January 15, 2008 CUSIP Number: 160853JM0 Redemption Price: 100% Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor — Bond Drop Window, St. Paul, MN 55107 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 5 STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES DECEMBER 31, 2007 Amount Population Per Capita Local Units’ Debt $ 24,122,835,697 — — State of North Carolina $ 7,415,616,474 8,827,384 $ 840 U. S. Public Debt $ 9,130,889,561,057 303,467,054 $ 30,089 GENERAL OBLIGATION BOND PROPOSALS APPROVED ON JANUARY 8, 2008 County: Alleghany Population: 11,012 Amount: $ 7,535,000 Purpose: School Bond Counsel: Sanford Holshouser LLP Municipality: Town of Valdese Population: 4,572 Amount: $ 498,000 Purpose: Water Amount: $ 782,000 Purpose: Sanitary Sewer Bond Counsel: Sanford Holshouser LLP District: South Central Water and Sewer District ( Harnett County) Population: 15,193 Amount: $ 6,753,000 Purpose: Sanitary Sewer Bond Counsel: Parker Poe Adams & Bernstein LLP APPROVED ON JANUARY 16, 2008 Municipality: Greensboro Population: 244,610 Amount: $ 26,000,000 Purpose: G. O. Refunding Bond Counsel: Sidley Austin LLP and the Steve Allen Law Firm NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 6 REVOLVING LOANS APPROVED ON JANUARY 8, 2008 Municipality: Town of Hertford Amount: $ 2,569,647 Purpose: Water Interest Rate: Not to exceed 4%. Loan From: State of North Carolina Term: 20 years Municipality: Town of Oak Island Amount: $ 9,000,000 Purpose: Wastewater Collection Interest Rate: Not to exceed 4%. Loan From: State of North Carolina Term: 20 years County: Johnston Amount: $ 17,500,000 Purpose: Wastewater Interest Rate: Not to exceed 4%. Loan From: State of North Carolina Term: 20 years NORTH CAROLINA HOUSING FINANCE AGENCY APPROVED ON JANUARY 8, 2008 Issuer: North Carolina Housing Finance Agency Amount: $ 400,000,000 Purpose: Home Ownership Revenue Bonds Structure: Public sales from time to time through December 31, 2009 scheduled so as not to conflict with other revenue bonds sales. Expected ratings AA from S& P and Aa2 from Moody’s Term: Final maturity 33 years. Interest Rate: Fixed and Synthetically Fixed Final Maturity: Not to extend beyond 33 years Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriters: UBS Securities LLC; Co-managers may include only: ( For Fixed Rate Only); Banc of America Securities LLC; BB& T Capital Markets A Division of Scott & Stringfellow, Inc.; Citigroup Global Markets, Inc.; Davenport & Company LLC; Edward D. Jones & Co., L> P.; Morgan Keegan & Company, Inc.; Wachovia Bank, National Association Underwriters Counsel: Bode, Call & Stroupe, L. L. P. Trustee/ Registrar: The Bank of New York Trust Company, N. A. Liquidity Provider: Shall be rated A+ or better by S& P and A1 or better by Moody’s Swap Advisor: SWAP financial Group, Inc. or as approved by the State Treasurer. Swap Provider: Shall be rated A+ or better by S& P and A1 or better by Moody’s Remarketing Agent: UBS Securities LLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 7 REVENUE BOND PROPOSAL APPROVED ON JANUARY 8, 2008 Municipality: City of Fayetteville Amount: $ 17,410,000 Purpose: Public Works Commission Revenue Bonds Structure: Public sale. Sale is scheduled for the week of January 14th so as to not conflict with any other revenue bonds. Rated: Moody’s: Aa3; S& P: AA-Interest Rate: Fixed Final Maturity: Not beyond 2023 Term: Approximately 15 years Co- Bond Counsel: Womble Carlyle Sandridge & Rice PLLC; Rand & Gregory, P. A. Underwriter: Citigroup Global Markets, Inc. Co- Underwriter’s Counsel: Hunton & Williams L. L. P.; The Charleston Group Trustee/ Registrar: The Bank of New York Trust Company, N. A. ( DTC) Feasibility: Raftelis Financial Consultants, Inc. ( agreed-upon procedures review) Financial Advisor: First- Southwest Company Municipality: Town of Oak Island Amount: $ 33,900,000 Purpose: Enterprise Systems Revenue Bonds Structure: Public offering in $ 5,000 denominations. Sale is scheduled for the week of January 14th as not to conflict with any other revenue bonds. Issue expected to be insured for preferred marketing. Standalone rating by Moody’s: Baa1; S& P: A-. MBIA has been selected as the insurer for all or part of the issue as warranted. Interest Rate: Fixed Final Maturity: Not beyond 2035 Term: Approximately 27 years Bond Counsel: Robinson, Bradshaw & Hinson, P. A. Underwriters: Wachovia Bank, N. A. ( Sr.); BB& T Capital markets Underwriters Counsel: Parker Poe Adams & Bernstein LLP Trustee/ Registrar: U. S. Bank, National Association ( DTC) Insurer/ Surety: MBIA Feasibility: Raftelis Financial Consultants, Inc. County: Brunswick Amount: $ 56,145,000 Purpose: Enterprise Systems Revenue Bonds Structure: Public offering in $ 5,000 denominations. Sale is scheduled for the week of January 7th as not to conflict with any other revenue bonds. Issue is expected to be insured for preferred marketing. Standalone rating by Moody’s: A2; S& P: A+; Fitch: A+. FSA has been selected as the insurer for all or part of the issue as warranted. Interest Rate: Fixed Final Maturity: Not beyond 2031 Term: Approximately 24 years. Bond Counsel: Parker Poe Adams & Bernstein LLP Underwriters: Wachovia Bank, National Association ( Sr.); Banc of America Securities LLC Underwriters Counsel: Kilpatrick Stockton LLP Trustee/ Registrar: First- Citizens Bank & Trust ( DTC) Insurer/ Surety: Financial Security Assurance Inc. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 8 INDUSTRIAL REVENUE BONDS APPROVED ON JANUARY 8, 2008 Issuer: North Carolina Museum of Art Foundation, Inc. Amount: $ 7,168,740 Purpose: Special Purpose Project ( Art Museum) Location: ( Wake County – Raleigh) Structure: Private Sale to RBC Centura Bank for its own portfolio. Registration and transfer is limited to bank, insurance company or similar financial institution without LGC approval. Single Bond. Interest Rate: Fixed — Not to exceed 4.53% Term: Approximately 9 years Maturity: Not beyond the year 2018 ( monthly payments of principal and interest) Bond Counsel: Hunton & Williams LLP Purchaser: RBC Centura Bank Purchaser’s Counsel: Helms Mulliss & Wicker, PLLC Foundation Counsel: Parker Poe Adams & Bernstein LLP Authority Counsel: Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP Registrar: RBC Centura Bank Escrow Agent: RBC Centura Bank Issuer: Goodwill Industries of the Southern Piedmont, Inc. Amount: $ 6,200,000 Purpose: Special Purpose Project Location: Charlotte ( two buildings); Matthews ( one building) Structure: Private sale to Regions Equipment Finance Corporation for its own portfolio. Registration and transfer is limited to banks, insurance companies and similar financial institutions. Interest Rate: $ 4,100,000 Fixed < 6.5%; $ 2,100,000 Variable < 6.0% ( weekly) initial rate less than 6% Maturity: Not beyond the year 2018 Bullet Bond Counsel: McGuire Woods LLP Purchaser: Regions Equipment Finance Corporation Purchaser’s Counsel: Walston, Wells & Birchall, LLP Issuer: Power Curbers, Inc. Operator DDSM Properties, LLC Owner Amount: $ 8,000,000 Purpose: Acquisition of approximately twenty acres of land and two existing buildings consisting of a total of 85,000 square feet; the construction and installation of certain facilities and equipment for the use in the manufacture of paving equipment and related products. Location: Salisbury Structure: Limited public offering in denominations of $ 100,000 and integral multiples of $ 5,000 in excess thereof. Sale will not interfere with others in the marketplace. Letter of Credit: Wachovia Bank, National Association Interest Rate: Variable ( weekly) initial rate less than 6%. Maturity: January 1, 2028 Mandatory Sinking Fund Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriter/ Remarketing Agent: Wachovia Bank National Association Underwriters Counsel LOC: Robinson, Bradshaw & Hinson, P. A. Trustee/ Registrar: Deutsche Bank National Trust Company NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 9 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY APPROVED ON JANUARY 8, 2008 Issuer: Progress Energy Carolinas, Inc. Amount: $ 250,000,000 Purpose: Solid Waste Disposal Revenue Bonds Term: Bonds not to exceed 35 years ( bullet) Interest Rate: Auction Rate bonds with mode based on market at time of pricing or variable rate bonds in weekly mode. Structure: The project will be operated for the public good and the company will not discriminate against any person based on race, creed, color or national origin. A TEFRA public hearing on the project was held on December 19, 2007 and notices of the public hearing were mailed to the local government units in the area of the project as required by law. An allocation of $ 250 million in private activity bonds for these solid waste disposal facilities [ as authorized by G. S. 159 ( 6b) c and as defined in G. S. 159C- 3] was approved by the N. C. Tax Reform Allocation Committee on December 17, 2007. Maturity: Not to exceed December 31, 2043 Bond Counsel: Hunton & Williams LLP Underwriter: Banc of America Securities, LLC Underwriter’s Counsel: Dewey & LeBouef LLP Auction Agent: Bank of New York Trustee: U. S. Bank Trustee Counsel: Nexsen Pruet, LLC Insurer: To be determined. Letter of Credit Provider: To be determined. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 10 NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON JANUARY 8, 2008 Issuer: Carolina Village, Inc. Amount: $ 50,000,000 Purpose: Retirement Facilities First Mortgage Revenue Bonds, Series A and B Location: Hendersonville ( Henderson County) Term: Approximately 30 years Interest Rate: Series A: Fixed ( Serial, Term); Series B: Variable ( initial weekly) Structure: Series A: unrated public offering in $ 5,000 denominations, currently scheduled for the week of February 4, 2008, to not conflict with any other health care revenue bonds. Series B: limited public offering in $ 100,000 denominations and integral multiples of $ 5,000 thereafter. Pricing currently is scheduled for the week of February 25, 2008, so as not to conflict with any other revenue bonds. Bonds will be rated as follows: Moody’s: Aaa; S& P: AAA and Fitch: AA, based upon the confirming letter of credit provider. Final Maturity: Not to exceed June 30, 2038. Bond Counsel: Robinson, Bradshaw & Hinson, P. A. Underwriters: Series A: Wachovia Bank, National Association ( Senior Manager) & Davenport & Company LLC ( Co- Manager); Series B: Wachovia Bank, National Association Underwriter’s Counsel: Parker Poe Adams & Bernstein LLP Trustee/ Registrar: First- Citizens Bank & Trust Company ( DTC) LOC Provider: First- Citizens Bank & Trust Company with confirming LOC from Wells Fargo, N. A. LOC Provider Counsel: Hunton & Williams LLP Borrower Counsel: Prince, Youngblood, and Massagee, PLLC Issuer: Caromont Health, Inc. Amount: $ 125,000,000 Purpose: Hospital Revenue Bonds, Series 2008 Location: Gastonia, Gaston County Term: Approximately 27 years. Interest Rate: Variable ( initial weekly) Structure: Insured, limited public offering in $ 100,000 denominations and integral multiples of $ 5,000 thereafter. Currently scheduled for the week of January 30, 2008 to not conflict with any other revenue bonds. Bonds will have the following ratings, based upon the insurance support of Assured Guaranty Corp. and the liquidity support of Regions Bank: S& P: AAA/ A- 1; Moody’s: Aaa/ P- 1. Bonds will have the following underlying ratings: S& P: A+; Moody’s: A1 Final Maturity: Not to exceed February 28, 2035. Bond counsel: Kilpatrick Stockton LLP Underwriter/ Remarketing Agent: Merrill Lynch, Pierce, Fenner & Smith Incorporated Underwriter’s Counsel: McGuireWoods LLP Trustee/ Registrar: The Bank of New York Company, NA ( DTC) Agreed Upon Procedures: Dixon Hughes PLLC Borrower Counsel: Alston & Bird LLP Insurance Provider: Assured Guaranty Corp. SWAP Provider: Merrill Lynch Derivative Products SWAP Advisor: Shattuck Hammond Partners Verification Agent: The Arbitrage Group, Inc. Liquidity Provider: Regions Bank NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 11 FINANCING AGREEMENTS APPROVED ON JANUARY 8, 2008 Municipality: Town of Ahoskie Population: 4,488 Amount: $ 595,000 Purpose: Water Authority: G. S. 160A- 20 Installment Contract — Private Placement Interest Rate: 3.92% Term: 10 years Payment: Annual Bank: RBC Municipality: City of Albemarle Population: 16,042 Amount: $ 1,300,000 Purpose: Solid Waste Landfill Expansion Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 2.98% Term: 5 years Payment: Quarterly Bank: RBC Centura Municipality: City of Belmont Population: 9,470 Amount: $ 1,500,000 Purpose: Sewer Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Cost: 3.58% Term: 15 years Payment: Semi- annual Bank: RBC Centura Municipality: Town of Columbus Population: 992 Amount: $ 700,000 Purpose: Sewer Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.97% Term: 15 years Payment: Semi- annual Lender: BB& T Municipality: Town of Davidson Population: 9,099 Amount: $ 625,000 Purpose: Municipal Building Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 4.19% Term: 20 years Payment: Semi- annual Bank: BB& T Municipality: Town of Emerald Isle Population: 3,861 Amount: $ 585,000 Purpose: Land Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.60% Term: 9 years Payment: Annual Owners: Seller financed Municipality: Town of Leland Population: 9,642 Amount: $ 472,844 Purpose: Land Authority: G. S. l60A- 20 Installment Contract — Private Placement Interest Rate: 3.79% Term: 15 years Payment: Annual Lender: BB& T Municipality: Town of Morrisville Population: 13,501 Amount: $ 1,350,000 Purpose: Land Authority: G. S. 160A- 20 Installment Contract — Private Placement Interest Rate: 3.06% Term: 7 years Payment: Semi- annual Bank: RBC Centura ( Continued on page 12) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 12 FINANCING AGREEMENTS APPROVED ON JANUARY 8, 2008 ( Continued from page 11) Municipality: Town of Oak Ridge Population: 4,603 Amount: $ 3,350,000 Purpose: Recreation Authority: G. S. 160A- 20 Installment Contract — Private Placement Interest Rate: 3.91% Term: 15 years Payment: Annual Bank: BB& T Municipality: Town of Princeton Population: 1,270 Amount: $ 410,000 Purpose: Water and Sewer Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.91% Term: 15 years Payment: Annual Bank: BB& T Municipality: Town of Valdese Population: 4,572 Amount: $ 501,000 Purpose: Water Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.997% Term: 20 years Payment: Annual Bank: Carolina First Bank County: Cabarrus Population: 157,179 Amount: $ 52,330,000 Purpose: Schools Authority: G. S. 160A- 20 Installment Contract — Public Placement Effective Interest Cost: Not to exceed 5.408% Final Maturity: Not beyond 2028 Special Counsel: Helms Mulliss & Wicker, PLLC Underwriters: UBS Securities LLC ( Sr. Manager); BB& T Capital Markets ( Co- Manager) Underwriters Counsel: Parker Poe Adams & Bernstein L. L. P. Trustee: Regions Bank Insurer: Insurer to be determined due to current credit environment. County: Cabarrus Population: 157,179 Amount: $ 19,815,000 Purpose: Refunding Certificates of Participation — Schools Authority: G. S. 160A- 20 Installment Contract — Public Placement Effective Interest Cost: Not to exceed 4.908% Final Maturity: Not beyond 2019 Special Counsel: Helms Mulliss & Wicker, PLLC Underwriters: UBS Securities LLC ( Sr. Manager); BB& T Capital Markets ( Co- Manager) Underwriters Counsel: Parker Poe Adams & Bernstein L. L. P. Trustee: Regions Bank Insurer: Insurer to be determined due to current credit environment. APPROVED ON JANUARY 16, 2008 County: McDowell Population: 43,632 Amount: $ 562,500 Purpose: County Building Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.83% Term: 15 years Payment: Semi- annual Bank: BB& T ( Continued on page 13 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 13 FINANCING AGREEMENTS APPROVED ON JANUARY 8, 2008 ( Continued from page 12) County: Mecklenburg Population: 871,432 Amount: $ 85,000,000 Purpose: Schools Amount: $ 11,650,000 Purpose: Jail Amount: $ 2,610,000 Purpose: Library Amount: $ 5,000,000 Purpose: Community College Amount: $ 19,000,000 Purpose: Land Amount: $ 1,700,000 Purpose: Courthouse Authority: G. S. 160A- 20 Installment Contract — Public Placement Interest Rate: Variable Final Maturity: Not beyond 2028 Special Counsel: Robinson, Bradshaw & Hinson, P. A. Underwriter: BB& T Capital Markets Remarketing Agent: BB& T Capital Markets Underwriters Counsel: Helms Mulliss & Wicker, PLLC Liquidity Provider: SunTrust Trustee/ Registrar: Deutsche Bank National Trust Company ( DTC) County: Mecklenburg Population: 871,432 Amount: $ 36,000,000 Purpose: Economic Development ( Infrastructure) Amount: $ 350,000 Purpose: Jail Authority: G. S. 160A- 20 Installment Contract — Public Placement Effective Interest Cost: Not to exceed 4.965% Final Maturity: Not beyond 2028 Special Counsel: Robinson, Bradshaw & Hinson, P. A. Underwriter: BB& T Capital Markets Remarketing Agent: BB& T Capital Markets Underwriters Counsel: Helms Mulliss & Wicker, PLLC Trustee/ Registrar: Deutsche Bank National Trust Company ( DTC) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 14 REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS County: Rutherford Amount: $ 1,555,000 Purpose: General Obligation Bonds, Series 2008 Dated: Date of Delivery Sold on: December 11, 2007 Rates: 4.20s, 525M, 2009/ 2015; 4.15s, 225M, 2016/ 2018; 3.875s, 300M, 2019/ 2022; 3.90s, 150M, 2023/ 2024; 4.00s, 355M, 2025/ 2028. The Bonds maturing on or after June 1, 2019 are subject to redemption prior to maturity, at the option of the County, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than June 1, 2018, at a redemption price of 100% of such principal amount, plus interest accrued to the date fixed for redemption. The entire issue is insured by FSA. True Interest Cost: 4.0098% Average Life: 11.23 years Winning Bidder: The Bankers Bank N. A. Bond Counsel: Parker Poe Adams & Bernstein LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 15 REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON DECEMBER 4, 2007 Authority: Onslow Water & Sewer Authority Amount: $ 37,025,000 Purpose: Water Improvements ($ 4,443,000); Sewer Improvements $ 32,582,000 Rating( s): Insured: S& P: AAA; Stand alone: S& P: A Dated: January 11, 2008 Underwriter( s): Banc of America Securities, LLC ( Sr.); Davenport & Company LLC Sold on: BPA – December 20, 2007 Closing – January 11, 2008 Terms: Public Offering — $ 5,000 Denominations Interest Rate( s): Fixed – ( yield) if different from stated Maturities: June 1: 10— 885M, 4.00%; ( 3.15%); 11— 920M, 4.00%; ( 3.24%); 12— 960M, 4.00%; ( 3.34%); 13— 995M, 4.00%; ( 3.43%); 14— 1,035M, 5.00%; ( 3.53%); 15— 1,085M, 5.00%; ( 3.63%); 16— 1,140M, 5.00%; ( 3.74%); 17— 1,200M, 5.00%; ( 3.83%); 18— 1,260M, 5.00%; ( 3.94%); 19— 1,320M, 5.00%; ( 4.04%); 20— 1,385M, 5.00%; ( 4.14%); 21— 1,455M, 4.00%; ( 4.28%); 22— 1,515M, 4.25%; ( 4.37%); 23— 1,580M, 4.25%; ( 4.43%); 24— 1,645M, 4.25%; ( 4.49%); 25— 1,715M, 4.25%; ( 4.53%); 26— 1,790M, 4.375%; ( 4.57%); 27— 1,870M; 4.50%; ( 4.60%); 33— 13,270M, 5.00%; ( 4.55%). Maturities callable June 1, 2018 at par. Mandatory sinking fund redemptions June 1, 2028— 2033. Trustee/ Registrar: First- Citizens Bank & Trust Company ( DTC) Feasibility Consultant: Utility Advisor’s Network, Inc. Credit Enhancement To be provided by: MBIA Insurance Corporation Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriter’s Counsel: Bode, Call & Stroupe, L. L. P. Municipality: City of Monroe ( Combined Enterprise System Revenue Bonds, Series 2008 A& B Amount: $ 44,015,000 ( Series A& B) A—$ 30,920,000; B— $ 13,095,000 Purpose: Water, Natural Gas, Airport and Electric Improvements Rating( s): S& P: AAA; Moody’s: Aaa; Underlying: S& P: A+; Moody’s: A2 Dated: January 10, 2008 Underwriter( s): Banc of America Securities LLC ( Sr.); Wachovia Securities Sold on: BPA — December 14, 2007 Closing — January 10, 2008 Terms: Series A: Public Offering — $ 5,000 denominations; Series B: Private Purchase — Banc of America Public Capital Corp. Limitation on Registration & Transfer Interest Rate( s): Fixed — ( yield) if different from stated Maturities: March 1: Series B 28— 13,095M, 4.5404%; ( 4.5404%). Maturities callable March 1, 2010 at par. Mandatory sinking fund redemptions March 1, 2010— 2028. Trustee/ Registrar: The Bank of New York Trust Company, N. A. ( DTC) Feasibility Consultant: Utilities Advisors Network, Inc. ( agreed- upon procedures) Credit Enhancement To be provided by: Assured Guaranty Bond Counsel: Dewey & LeBoeuf LLP Underwriter’s Counsel: Womble Carlyle Sandridge & Rice PLLC ( Continued on page 16) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 16 REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON DECEMBER 4, 2007 ( Continued from page 15 Municipality: City of Monroe ( Combined Enterprise System Revenue Bonds, Series 2008 A& B Amount: $ 44,015,000 ( Series A& B) A—$ 30,920,000; B— $ 13,095,000 Purpose: Water, Natural Gas, Airport and Electric Improvements Rating( s): S& P: AAA; Moody’s: Aaa; Underlying: S& P: A+; Moody’s: A2 Dated: January 10, 2008 Underwriter( s): Banc of America Securities LLC ( Sr.); Wachovia Securities Sold on: BPA — December 14, 2007 Closing — January 10, 2008 Terms: Series A: Public Offering — $ 5,000 denominations; Series B: Private Purchase — Banc of America Public Capital Corp. Limitation on Registration & Transfer Interest Rate( s): Fixed — ( yield) if different from stated Maturities: March 1: Series A 10— 765M, 4.00%; ( 3.13%); 11— 795M, 4.00%; ( 3.21%); 12— 825M. 4.00%; ( 3.31%); 13— 860M, 4.00%; ( 3.40%); 14— 890M, 4.00%; ( 3.49%); 15— 930M. 4.00%; ( 3.60%); 16— 965M, 4.00%; ( 3.72%); 17— 1,005M, 4.00%; ( 3.83%); 18— 1,045M, 5.00%; ( 3.95%); 19— 1,095M, 5.00%; ( 4.07%); 20— 1,150M, 4.00%; ( 4.25%); 21— 350M, 5.00%; ( 4.22%); 21— 845M. 4.00%; ( 4.32%); 22— 290M, 5.00%; ( 4.28%); 22— 960M, 4.125%; ( 4.38%); 23— 1,300M, 5.00%; ( 4.34%); 24— 1,365M, 4.25%; ( 4.49%); 25— 500M, 5.00%; ( 4.43%); 25— 925M, 4.375%; ( 4.53%); 26— 550M, 5.00%; ( 4.47%); 26— 940M, 4.375%; ( 4.57%); 27— 1,560M, 4.375%; ( 4.60%); 33— 6,000M, 5.00%; ( 4.53%); 33— 5,010M, 4.50%; ( 4.68%). Maturities callable March 1, 2018 at par. Mandatory sinking fund redemptions March 1, 2028— 2033. Trustee/ Registrar: The Bank of New York Trust Company, N. A. ( DTC) Feasibility Consultant: Utilities Advisors Network, Inc. ( agreed- upon procedures) Credit Enhancement To be provided by: Assured Guaranty Bond Counsel: Dewey & LeBoeuf LLP Underwriter’s Counsel: Womble Carlyle Sandridge & Rice PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 17 BOND BUYER’S INDEX 20 G. O. Bonds 4.31 4.10 4.26 4.25 4.00 4.61 4.51 4.57 4.42 4.40 4.38 4.32 3.80 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 Feb 5 Mar 1 Apr 4 May 3 Jun 7 Jul 5 Aug 2 Sept 6 Oct 4 Nov 1 Dec 6 Jan 3 DAY Percent Rate 2007 2008 RICHARD H. MOORE NORTH CAROLINA STATE TREASURER 325 NORTH SALISBURY STREET RALEIGH, NORTH CAROLINA 27603- 1385 The Bond Reporter is now available for download from the World Wide Web: http:// www. treasurer. state. nc. us Bulk Rate U. S. Postage Paid Raleigh, N. C. Permit 1998
Object Description
Description
Title | Bond reporter. |
Date | 2008-01 |
Description | Volume XV, Number 1 (January 2008) |
Digital Characteristics-A | 168 KB; 17 p. |
Digital Format | application/pdf |
Pres Local File Path-M | \Preservation_content\StatePubs\pubs_borndigital\images_master\ |
Full Text | NORTH CAROLINA DEPARTMENT OF STATE TREASURER Richard H. Moore, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES January 17, 2008 CITY OF GREENSBORO $ 63,800,000 Public Improvement & Refunding, G. O. Bonds January 23, 2008 COUNTY OF MECKLENBURG $ 160,500,000 Public Improvement, G. O. Bonds January 29, 2008 COUNTY OF BEAUFORT $ 7,000,000 School, G. O. Bonds February 12, 2008 COUNTY OF HAYWOOD $ 7,000,000 School, G. O. Bonds February 26, 2008 COUNTY OF TRANSYLVANIA $ 16,100,000 Refunding, G. O. Bonds March 4, 2008 COUNTY OF IREDELL $ 5,300,000 School, G. O. Bonds March 11, 2008 COUNTY OF ONSLOW $ 40,000,000 School, G. O. Bonds March 18, 2008 COUNTY OF DURHAM $ 45,000,000 Public Improvement, G. O. Bonds March 25, 2008 TOWN OF ZEBULON $ 5,000,000 Municipal Building, G. O. Bonds - BOND REPORTER VOLUME XV JANUARY 2008 No. 1 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER Richard H. Moore, Treasurer Published Monthly by North Carolina Department of State Treasurer Albemarle Building 325 North Salisbury Street Raleigh, North Carolina 27603- 1385 Richard H. Moore, State Treasurer ( 919) 508- 5176 T. Vance Holloman, Deputy Treasurer ( 919) 807- 2351 Sharon Edmundson, Director, Fiscal Management ( 919) 807- 2380 Tim Romocki, Director, Debt Management ( 919) 807- 2360 Dora D. Fazzini, Director, North Carolina Capital Facilities Finance Agency ( 919) 807- 2378 Robert C. Newman, Assistant Director Debt Management ( 919) 807- 2365 Jim Baker, Assistant Director Debt Management ( 919) 807- 2370 No data contained herein is designed or recommended as being suitable for use by any person in reaching a decision with respect to the purchase or sale of any security. Information to support such a decision should be obtained from the issuer or its authorized representatives. TABLE OF CONTENTS VOLUME XV No. 1 January 2008 Calendar of Scheduled Competitive Sales 1 Schedule of Negotiated Sales 3 Notice of Redemption 4 State and Local Unit Debt Outstanding Balances 5 PROPOSALS General Obligation Bond 5 Revolving Loan 6 North Carolina Housing Finance Agency 6 Revenue Bond 7 Industrial Revenue Bond 8 North Carolina Capital Facilities Finance Agency 9 North Carolina Medical Care Commission 10 Financing Agreements 11- 13 REPORTS OF RECENT SALES General Obligation Bond 14 Revenue Bonds 15- 16 OTHER INFORMATION Bond Buyer’s Index 17 B ON D REP ORT E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 3 SCHEDULE OF NEGOTIATED SALES* January 10, 2008 COUNTY OF BRUNSWICK $ 55,000,000 Enterprise System Revenue Bonds Wachovia Securities Co. Banc of America Securities LLC NORTH CAROLINA HOUSING FINANCE AGENCY $ 10,000,000 Multifamily Revenue Bonds Raymond James & Associates, Inc. January 16, 2008 CITY OF FAYETTEVILLE ( PWC COMMISSION) $ 19,000,000 Public Works Commission Revenue Bonds Citigroup Global Markets, Inc. January 17, 2008 TOWN OF OAK ISLAND $ 35,000,000 Enterprise System Revenue Bonds Wachovia Securities Co: BB& T Capital Markets January 24, 2008 COUNTY OF CABARRUS $ 70,000,000 Certificates of Participation UBS Securities ( Sr. Mgr.) BB& T Capital markets ( Co. Mgr.) January 30, 2008 COUNTY OF MECKLENBURG $ 36,350,000 Certificates of Participation BB& T Capital Markets ( Sr.) Key Bank Capital Markets ( Co. Mgr.) February 6, 2008 NORTH CAROLINA MEDICAL CARE COMMISSION $ 50,000,000 Carolina Village Inc. Wachovia Securities ( Sr. Mgr.) Davenport & Company LLC ( Co. Mgr.) February 13, 2008 COUNTY OF IREDELL $ 110,000,000 Certificates of Participation Citigroup ( Sr. Mgr.) Wachovia Securities ( Co. Mgr.) * Subject to change. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 4 NOTICE OF REDEMPTION Issuer: City of Charlotte, North Carolina Variable Rate Water and Sewer System Revenue Bonds, Series 2006B Amount: $ 4,990,000 Redemption Date: January 1, 2008 CUSIP Number: 161045FL8 Redemption Price: 100% Dated: July 15, 2006 Registered Bond: FASBAL_ 1 Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 Issuer: The Charlotte- Mecklenburg Hospital Authority ( North Carolina), DBA Carolinas Healthcare System Variable Rate Health Care Refunding Revenue Bonds, Series 2005B Amount: $ 1,060,000 CUSIP Number: 160853JL2 Redemption Date: January 15, 2008 Dated: December 14, 2005 Redemption Price: 100% Registered Bond: FASBAL_ 1 Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 Issuer: The Charlotte- Mecklenburg Hospital Authority ( North Carolina), DBA Carolina Healthcare System Variable Rate Health Care Refunding Revenue Bonds, Series 2005D Amount: $ 1,055,000 Dated: December 14, 2005 Redemption Date: January 15, 2008 CUSIP Number: 160853JN8 Redemption Price: 100% Registered Bond: FASBAL_ 1 Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor — Bond Drop Window, St. Paul, MN 55107 Issuer: The Charlotte- Mecklenburg Hospital Authority ( North Carolina), DBA Carolinas Healthcare System Variable Rate health Care Refunding Revenue Bonds, Series 2005C Amount: $ 1,055,000 Dated: December 14, 2005 Redemption Date: January 15, 2008 CUSIP Number: 160853JM0 Redemption Price: 100% Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor — Bond Drop Window, St. Paul, MN 55107 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 5 STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES DECEMBER 31, 2007 Amount Population Per Capita Local Units’ Debt $ 24,122,835,697 — — State of North Carolina $ 7,415,616,474 8,827,384 $ 840 U. S. Public Debt $ 9,130,889,561,057 303,467,054 $ 30,089 GENERAL OBLIGATION BOND PROPOSALS APPROVED ON JANUARY 8, 2008 County: Alleghany Population: 11,012 Amount: $ 7,535,000 Purpose: School Bond Counsel: Sanford Holshouser LLP Municipality: Town of Valdese Population: 4,572 Amount: $ 498,000 Purpose: Water Amount: $ 782,000 Purpose: Sanitary Sewer Bond Counsel: Sanford Holshouser LLP District: South Central Water and Sewer District ( Harnett County) Population: 15,193 Amount: $ 6,753,000 Purpose: Sanitary Sewer Bond Counsel: Parker Poe Adams & Bernstein LLP APPROVED ON JANUARY 16, 2008 Municipality: Greensboro Population: 244,610 Amount: $ 26,000,000 Purpose: G. O. Refunding Bond Counsel: Sidley Austin LLP and the Steve Allen Law Firm NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 6 REVOLVING LOANS APPROVED ON JANUARY 8, 2008 Municipality: Town of Hertford Amount: $ 2,569,647 Purpose: Water Interest Rate: Not to exceed 4%. Loan From: State of North Carolina Term: 20 years Municipality: Town of Oak Island Amount: $ 9,000,000 Purpose: Wastewater Collection Interest Rate: Not to exceed 4%. Loan From: State of North Carolina Term: 20 years County: Johnston Amount: $ 17,500,000 Purpose: Wastewater Interest Rate: Not to exceed 4%. Loan From: State of North Carolina Term: 20 years NORTH CAROLINA HOUSING FINANCE AGENCY APPROVED ON JANUARY 8, 2008 Issuer: North Carolina Housing Finance Agency Amount: $ 400,000,000 Purpose: Home Ownership Revenue Bonds Structure: Public sales from time to time through December 31, 2009 scheduled so as not to conflict with other revenue bonds sales. Expected ratings AA from S& P and Aa2 from Moody’s Term: Final maturity 33 years. Interest Rate: Fixed and Synthetically Fixed Final Maturity: Not to extend beyond 33 years Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriters: UBS Securities LLC; Co-managers may include only: ( For Fixed Rate Only); Banc of America Securities LLC; BB& T Capital Markets A Division of Scott & Stringfellow, Inc.; Citigroup Global Markets, Inc.; Davenport & Company LLC; Edward D. Jones & Co., L> P.; Morgan Keegan & Company, Inc.; Wachovia Bank, National Association Underwriters Counsel: Bode, Call & Stroupe, L. L. P. Trustee/ Registrar: The Bank of New York Trust Company, N. A. Liquidity Provider: Shall be rated A+ or better by S& P and A1 or better by Moody’s Swap Advisor: SWAP financial Group, Inc. or as approved by the State Treasurer. Swap Provider: Shall be rated A+ or better by S& P and A1 or better by Moody’s Remarketing Agent: UBS Securities LLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 7 REVENUE BOND PROPOSAL APPROVED ON JANUARY 8, 2008 Municipality: City of Fayetteville Amount: $ 17,410,000 Purpose: Public Works Commission Revenue Bonds Structure: Public sale. Sale is scheduled for the week of January 14th so as to not conflict with any other revenue bonds. Rated: Moody’s: Aa3; S& P: AA-Interest Rate: Fixed Final Maturity: Not beyond 2023 Term: Approximately 15 years Co- Bond Counsel: Womble Carlyle Sandridge & Rice PLLC; Rand & Gregory, P. A. Underwriter: Citigroup Global Markets, Inc. Co- Underwriter’s Counsel: Hunton & Williams L. L. P.; The Charleston Group Trustee/ Registrar: The Bank of New York Trust Company, N. A. ( DTC) Feasibility: Raftelis Financial Consultants, Inc. ( agreed-upon procedures review) Financial Advisor: First- Southwest Company Municipality: Town of Oak Island Amount: $ 33,900,000 Purpose: Enterprise Systems Revenue Bonds Structure: Public offering in $ 5,000 denominations. Sale is scheduled for the week of January 14th as not to conflict with any other revenue bonds. Issue expected to be insured for preferred marketing. Standalone rating by Moody’s: Baa1; S& P: A-. MBIA has been selected as the insurer for all or part of the issue as warranted. Interest Rate: Fixed Final Maturity: Not beyond 2035 Term: Approximately 27 years Bond Counsel: Robinson, Bradshaw & Hinson, P. A. Underwriters: Wachovia Bank, N. A. ( Sr.); BB& T Capital markets Underwriters Counsel: Parker Poe Adams & Bernstein LLP Trustee/ Registrar: U. S. Bank, National Association ( DTC) Insurer/ Surety: MBIA Feasibility: Raftelis Financial Consultants, Inc. County: Brunswick Amount: $ 56,145,000 Purpose: Enterprise Systems Revenue Bonds Structure: Public offering in $ 5,000 denominations. Sale is scheduled for the week of January 7th as not to conflict with any other revenue bonds. Issue is expected to be insured for preferred marketing. Standalone rating by Moody’s: A2; S& P: A+; Fitch: A+. FSA has been selected as the insurer for all or part of the issue as warranted. Interest Rate: Fixed Final Maturity: Not beyond 2031 Term: Approximately 24 years. Bond Counsel: Parker Poe Adams & Bernstein LLP Underwriters: Wachovia Bank, National Association ( Sr.); Banc of America Securities LLC Underwriters Counsel: Kilpatrick Stockton LLP Trustee/ Registrar: First- Citizens Bank & Trust ( DTC) Insurer/ Surety: Financial Security Assurance Inc. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 8 INDUSTRIAL REVENUE BONDS APPROVED ON JANUARY 8, 2008 Issuer: North Carolina Museum of Art Foundation, Inc. Amount: $ 7,168,740 Purpose: Special Purpose Project ( Art Museum) Location: ( Wake County – Raleigh) Structure: Private Sale to RBC Centura Bank for its own portfolio. Registration and transfer is limited to bank, insurance company or similar financial institution without LGC approval. Single Bond. Interest Rate: Fixed — Not to exceed 4.53% Term: Approximately 9 years Maturity: Not beyond the year 2018 ( monthly payments of principal and interest) Bond Counsel: Hunton & Williams LLP Purchaser: RBC Centura Bank Purchaser’s Counsel: Helms Mulliss & Wicker, PLLC Foundation Counsel: Parker Poe Adams & Bernstein LLP Authority Counsel: Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP Registrar: RBC Centura Bank Escrow Agent: RBC Centura Bank Issuer: Goodwill Industries of the Southern Piedmont, Inc. Amount: $ 6,200,000 Purpose: Special Purpose Project Location: Charlotte ( two buildings); Matthews ( one building) Structure: Private sale to Regions Equipment Finance Corporation for its own portfolio. Registration and transfer is limited to banks, insurance companies and similar financial institutions. Interest Rate: $ 4,100,000 Fixed < 6.5%; $ 2,100,000 Variable < 6.0% ( weekly) initial rate less than 6% Maturity: Not beyond the year 2018 Bullet Bond Counsel: McGuire Woods LLP Purchaser: Regions Equipment Finance Corporation Purchaser’s Counsel: Walston, Wells & Birchall, LLP Issuer: Power Curbers, Inc. Operator DDSM Properties, LLC Owner Amount: $ 8,000,000 Purpose: Acquisition of approximately twenty acres of land and two existing buildings consisting of a total of 85,000 square feet; the construction and installation of certain facilities and equipment for the use in the manufacture of paving equipment and related products. Location: Salisbury Structure: Limited public offering in denominations of $ 100,000 and integral multiples of $ 5,000 in excess thereof. Sale will not interfere with others in the marketplace. Letter of Credit: Wachovia Bank, National Association Interest Rate: Variable ( weekly) initial rate less than 6%. Maturity: January 1, 2028 Mandatory Sinking Fund Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriter/ Remarketing Agent: Wachovia Bank National Association Underwriters Counsel LOC: Robinson, Bradshaw & Hinson, P. A. Trustee/ Registrar: Deutsche Bank National Trust Company NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 9 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY APPROVED ON JANUARY 8, 2008 Issuer: Progress Energy Carolinas, Inc. Amount: $ 250,000,000 Purpose: Solid Waste Disposal Revenue Bonds Term: Bonds not to exceed 35 years ( bullet) Interest Rate: Auction Rate bonds with mode based on market at time of pricing or variable rate bonds in weekly mode. Structure: The project will be operated for the public good and the company will not discriminate against any person based on race, creed, color or national origin. A TEFRA public hearing on the project was held on December 19, 2007 and notices of the public hearing were mailed to the local government units in the area of the project as required by law. An allocation of $ 250 million in private activity bonds for these solid waste disposal facilities [ as authorized by G. S. 159 ( 6b) c and as defined in G. S. 159C- 3] was approved by the N. C. Tax Reform Allocation Committee on December 17, 2007. Maturity: Not to exceed December 31, 2043 Bond Counsel: Hunton & Williams LLP Underwriter: Banc of America Securities, LLC Underwriter’s Counsel: Dewey & LeBouef LLP Auction Agent: Bank of New York Trustee: U. S. Bank Trustee Counsel: Nexsen Pruet, LLC Insurer: To be determined. Letter of Credit Provider: To be determined. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 10 NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON JANUARY 8, 2008 Issuer: Carolina Village, Inc. Amount: $ 50,000,000 Purpose: Retirement Facilities First Mortgage Revenue Bonds, Series A and B Location: Hendersonville ( Henderson County) Term: Approximately 30 years Interest Rate: Series A: Fixed ( Serial, Term); Series B: Variable ( initial weekly) Structure: Series A: unrated public offering in $ 5,000 denominations, currently scheduled for the week of February 4, 2008, to not conflict with any other health care revenue bonds. Series B: limited public offering in $ 100,000 denominations and integral multiples of $ 5,000 thereafter. Pricing currently is scheduled for the week of February 25, 2008, so as not to conflict with any other revenue bonds. Bonds will be rated as follows: Moody’s: Aaa; S& P: AAA and Fitch: AA, based upon the confirming letter of credit provider. Final Maturity: Not to exceed June 30, 2038. Bond Counsel: Robinson, Bradshaw & Hinson, P. A. Underwriters: Series A: Wachovia Bank, National Association ( Senior Manager) & Davenport & Company LLC ( Co- Manager); Series B: Wachovia Bank, National Association Underwriter’s Counsel: Parker Poe Adams & Bernstein LLP Trustee/ Registrar: First- Citizens Bank & Trust Company ( DTC) LOC Provider: First- Citizens Bank & Trust Company with confirming LOC from Wells Fargo, N. A. LOC Provider Counsel: Hunton & Williams LLP Borrower Counsel: Prince, Youngblood, and Massagee, PLLC Issuer: Caromont Health, Inc. Amount: $ 125,000,000 Purpose: Hospital Revenue Bonds, Series 2008 Location: Gastonia, Gaston County Term: Approximately 27 years. Interest Rate: Variable ( initial weekly) Structure: Insured, limited public offering in $ 100,000 denominations and integral multiples of $ 5,000 thereafter. Currently scheduled for the week of January 30, 2008 to not conflict with any other revenue bonds. Bonds will have the following ratings, based upon the insurance support of Assured Guaranty Corp. and the liquidity support of Regions Bank: S& P: AAA/ A- 1; Moody’s: Aaa/ P- 1. Bonds will have the following underlying ratings: S& P: A+; Moody’s: A1 Final Maturity: Not to exceed February 28, 2035. Bond counsel: Kilpatrick Stockton LLP Underwriter/ Remarketing Agent: Merrill Lynch, Pierce, Fenner & Smith Incorporated Underwriter’s Counsel: McGuireWoods LLP Trustee/ Registrar: The Bank of New York Company, NA ( DTC) Agreed Upon Procedures: Dixon Hughes PLLC Borrower Counsel: Alston & Bird LLP Insurance Provider: Assured Guaranty Corp. SWAP Provider: Merrill Lynch Derivative Products SWAP Advisor: Shattuck Hammond Partners Verification Agent: The Arbitrage Group, Inc. Liquidity Provider: Regions Bank NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 11 FINANCING AGREEMENTS APPROVED ON JANUARY 8, 2008 Municipality: Town of Ahoskie Population: 4,488 Amount: $ 595,000 Purpose: Water Authority: G. S. 160A- 20 Installment Contract — Private Placement Interest Rate: 3.92% Term: 10 years Payment: Annual Bank: RBC Municipality: City of Albemarle Population: 16,042 Amount: $ 1,300,000 Purpose: Solid Waste Landfill Expansion Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 2.98% Term: 5 years Payment: Quarterly Bank: RBC Centura Municipality: City of Belmont Population: 9,470 Amount: $ 1,500,000 Purpose: Sewer Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Cost: 3.58% Term: 15 years Payment: Semi- annual Bank: RBC Centura Municipality: Town of Columbus Population: 992 Amount: $ 700,000 Purpose: Sewer Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.97% Term: 15 years Payment: Semi- annual Lender: BB& T Municipality: Town of Davidson Population: 9,099 Amount: $ 625,000 Purpose: Municipal Building Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 4.19% Term: 20 years Payment: Semi- annual Bank: BB& T Municipality: Town of Emerald Isle Population: 3,861 Amount: $ 585,000 Purpose: Land Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.60% Term: 9 years Payment: Annual Owners: Seller financed Municipality: Town of Leland Population: 9,642 Amount: $ 472,844 Purpose: Land Authority: G. S. l60A- 20 Installment Contract — Private Placement Interest Rate: 3.79% Term: 15 years Payment: Annual Lender: BB& T Municipality: Town of Morrisville Population: 13,501 Amount: $ 1,350,000 Purpose: Land Authority: G. S. 160A- 20 Installment Contract — Private Placement Interest Rate: 3.06% Term: 7 years Payment: Semi- annual Bank: RBC Centura ( Continued on page 12) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 12 FINANCING AGREEMENTS APPROVED ON JANUARY 8, 2008 ( Continued from page 11) Municipality: Town of Oak Ridge Population: 4,603 Amount: $ 3,350,000 Purpose: Recreation Authority: G. S. 160A- 20 Installment Contract — Private Placement Interest Rate: 3.91% Term: 15 years Payment: Annual Bank: BB& T Municipality: Town of Princeton Population: 1,270 Amount: $ 410,000 Purpose: Water and Sewer Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.91% Term: 15 years Payment: Annual Bank: BB& T Municipality: Town of Valdese Population: 4,572 Amount: $ 501,000 Purpose: Water Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.997% Term: 20 years Payment: Annual Bank: Carolina First Bank County: Cabarrus Population: 157,179 Amount: $ 52,330,000 Purpose: Schools Authority: G. S. 160A- 20 Installment Contract — Public Placement Effective Interest Cost: Not to exceed 5.408% Final Maturity: Not beyond 2028 Special Counsel: Helms Mulliss & Wicker, PLLC Underwriters: UBS Securities LLC ( Sr. Manager); BB& T Capital Markets ( Co- Manager) Underwriters Counsel: Parker Poe Adams & Bernstein L. L. P. Trustee: Regions Bank Insurer: Insurer to be determined due to current credit environment. County: Cabarrus Population: 157,179 Amount: $ 19,815,000 Purpose: Refunding Certificates of Participation — Schools Authority: G. S. 160A- 20 Installment Contract — Public Placement Effective Interest Cost: Not to exceed 4.908% Final Maturity: Not beyond 2019 Special Counsel: Helms Mulliss & Wicker, PLLC Underwriters: UBS Securities LLC ( Sr. Manager); BB& T Capital Markets ( Co- Manager) Underwriters Counsel: Parker Poe Adams & Bernstein L. L. P. Trustee: Regions Bank Insurer: Insurer to be determined due to current credit environment. APPROVED ON JANUARY 16, 2008 County: McDowell Population: 43,632 Amount: $ 562,500 Purpose: County Building Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.83% Term: 15 years Payment: Semi- annual Bank: BB& T ( Continued on page 13 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 13 FINANCING AGREEMENTS APPROVED ON JANUARY 8, 2008 ( Continued from page 12) County: Mecklenburg Population: 871,432 Amount: $ 85,000,000 Purpose: Schools Amount: $ 11,650,000 Purpose: Jail Amount: $ 2,610,000 Purpose: Library Amount: $ 5,000,000 Purpose: Community College Amount: $ 19,000,000 Purpose: Land Amount: $ 1,700,000 Purpose: Courthouse Authority: G. S. 160A- 20 Installment Contract — Public Placement Interest Rate: Variable Final Maturity: Not beyond 2028 Special Counsel: Robinson, Bradshaw & Hinson, P. A. Underwriter: BB& T Capital Markets Remarketing Agent: BB& T Capital Markets Underwriters Counsel: Helms Mulliss & Wicker, PLLC Liquidity Provider: SunTrust Trustee/ Registrar: Deutsche Bank National Trust Company ( DTC) County: Mecklenburg Population: 871,432 Amount: $ 36,000,000 Purpose: Economic Development ( Infrastructure) Amount: $ 350,000 Purpose: Jail Authority: G. S. 160A- 20 Installment Contract — Public Placement Effective Interest Cost: Not to exceed 4.965% Final Maturity: Not beyond 2028 Special Counsel: Robinson, Bradshaw & Hinson, P. A. Underwriter: BB& T Capital Markets Remarketing Agent: BB& T Capital Markets Underwriters Counsel: Helms Mulliss & Wicker, PLLC Trustee/ Registrar: Deutsche Bank National Trust Company ( DTC) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 14 REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS County: Rutherford Amount: $ 1,555,000 Purpose: General Obligation Bonds, Series 2008 Dated: Date of Delivery Sold on: December 11, 2007 Rates: 4.20s, 525M, 2009/ 2015; 4.15s, 225M, 2016/ 2018; 3.875s, 300M, 2019/ 2022; 3.90s, 150M, 2023/ 2024; 4.00s, 355M, 2025/ 2028. The Bonds maturing on or after June 1, 2019 are subject to redemption prior to maturity, at the option of the County, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than June 1, 2018, at a redemption price of 100% of such principal amount, plus interest accrued to the date fixed for redemption. The entire issue is insured by FSA. True Interest Cost: 4.0098% Average Life: 11.23 years Winning Bidder: The Bankers Bank N. A. Bond Counsel: Parker Poe Adams & Bernstein LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 15 REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON DECEMBER 4, 2007 Authority: Onslow Water & Sewer Authority Amount: $ 37,025,000 Purpose: Water Improvements ($ 4,443,000); Sewer Improvements $ 32,582,000 Rating( s): Insured: S& P: AAA; Stand alone: S& P: A Dated: January 11, 2008 Underwriter( s): Banc of America Securities, LLC ( Sr.); Davenport & Company LLC Sold on: BPA – December 20, 2007 Closing – January 11, 2008 Terms: Public Offering — $ 5,000 Denominations Interest Rate( s): Fixed – ( yield) if different from stated Maturities: June 1: 10— 885M, 4.00%; ( 3.15%); 11— 920M, 4.00%; ( 3.24%); 12— 960M, 4.00%; ( 3.34%); 13— 995M, 4.00%; ( 3.43%); 14— 1,035M, 5.00%; ( 3.53%); 15— 1,085M, 5.00%; ( 3.63%); 16— 1,140M, 5.00%; ( 3.74%); 17— 1,200M, 5.00%; ( 3.83%); 18— 1,260M, 5.00%; ( 3.94%); 19— 1,320M, 5.00%; ( 4.04%); 20— 1,385M, 5.00%; ( 4.14%); 21— 1,455M, 4.00%; ( 4.28%); 22— 1,515M, 4.25%; ( 4.37%); 23— 1,580M, 4.25%; ( 4.43%); 24— 1,645M, 4.25%; ( 4.49%); 25— 1,715M, 4.25%; ( 4.53%); 26— 1,790M, 4.375%; ( 4.57%); 27— 1,870M; 4.50%; ( 4.60%); 33— 13,270M, 5.00%; ( 4.55%). Maturities callable June 1, 2018 at par. Mandatory sinking fund redemptions June 1, 2028— 2033. Trustee/ Registrar: First- Citizens Bank & Trust Company ( DTC) Feasibility Consultant: Utility Advisor’s Network, Inc. Credit Enhancement To be provided by: MBIA Insurance Corporation Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriter’s Counsel: Bode, Call & Stroupe, L. L. P. Municipality: City of Monroe ( Combined Enterprise System Revenue Bonds, Series 2008 A& B Amount: $ 44,015,000 ( Series A& B) A—$ 30,920,000; B— $ 13,095,000 Purpose: Water, Natural Gas, Airport and Electric Improvements Rating( s): S& P: AAA; Moody’s: Aaa; Underlying: S& P: A+; Moody’s: A2 Dated: January 10, 2008 Underwriter( s): Banc of America Securities LLC ( Sr.); Wachovia Securities Sold on: BPA — December 14, 2007 Closing — January 10, 2008 Terms: Series A: Public Offering — $ 5,000 denominations; Series B: Private Purchase — Banc of America Public Capital Corp. Limitation on Registration & Transfer Interest Rate( s): Fixed — ( yield) if different from stated Maturities: March 1: Series B 28— 13,095M, 4.5404%; ( 4.5404%). Maturities callable March 1, 2010 at par. Mandatory sinking fund redemptions March 1, 2010— 2028. Trustee/ Registrar: The Bank of New York Trust Company, N. A. ( DTC) Feasibility Consultant: Utilities Advisors Network, Inc. ( agreed- upon procedures) Credit Enhancement To be provided by: Assured Guaranty Bond Counsel: Dewey & LeBoeuf LLP Underwriter’s Counsel: Womble Carlyle Sandridge & Rice PLLC ( Continued on page 16) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 16 REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON DECEMBER 4, 2007 ( Continued from page 15 Municipality: City of Monroe ( Combined Enterprise System Revenue Bonds, Series 2008 A& B Amount: $ 44,015,000 ( Series A& B) A—$ 30,920,000; B— $ 13,095,000 Purpose: Water, Natural Gas, Airport and Electric Improvements Rating( s): S& P: AAA; Moody’s: Aaa; Underlying: S& P: A+; Moody’s: A2 Dated: January 10, 2008 Underwriter( s): Banc of America Securities LLC ( Sr.); Wachovia Securities Sold on: BPA — December 14, 2007 Closing — January 10, 2008 Terms: Series A: Public Offering — $ 5,000 denominations; Series B: Private Purchase — Banc of America Public Capital Corp. Limitation on Registration & Transfer Interest Rate( s): Fixed — ( yield) if different from stated Maturities: March 1: Series A 10— 765M, 4.00%; ( 3.13%); 11— 795M, 4.00%; ( 3.21%); 12— 825M. 4.00%; ( 3.31%); 13— 860M, 4.00%; ( 3.40%); 14— 890M, 4.00%; ( 3.49%); 15— 930M. 4.00%; ( 3.60%); 16— 965M, 4.00%; ( 3.72%); 17— 1,005M, 4.00%; ( 3.83%); 18— 1,045M, 5.00%; ( 3.95%); 19— 1,095M, 5.00%; ( 4.07%); 20— 1,150M, 4.00%; ( 4.25%); 21— 350M, 5.00%; ( 4.22%); 21— 845M. 4.00%; ( 4.32%); 22— 290M, 5.00%; ( 4.28%); 22— 960M, 4.125%; ( 4.38%); 23— 1,300M, 5.00%; ( 4.34%); 24— 1,365M, 4.25%; ( 4.49%); 25— 500M, 5.00%; ( 4.43%); 25— 925M, 4.375%; ( 4.53%); 26— 550M, 5.00%; ( 4.47%); 26— 940M, 4.375%; ( 4.57%); 27— 1,560M, 4.375%; ( 4.60%); 33— 6,000M, 5.00%; ( 4.53%); 33— 5,010M, 4.50%; ( 4.68%). Maturities callable March 1, 2018 at par. Mandatory sinking fund redemptions March 1, 2028— 2033. Trustee/ Registrar: The Bank of New York Trust Company, N. A. ( DTC) Feasibility Consultant: Utilities Advisors Network, Inc. ( agreed- upon procedures) Credit Enhancement To be provided by: Assured Guaranty Bond Counsel: Dewey & LeBoeuf LLP Underwriter’s Counsel: Womble Carlyle Sandridge & Rice PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2008 17 BOND BUYER’S INDEX 20 G. O. Bonds 4.31 4.10 4.26 4.25 4.00 4.61 4.51 4.57 4.42 4.40 4.38 4.32 3.80 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 Feb 5 Mar 1 Apr 4 May 3 Jun 7 Jul 5 Aug 2 Sept 6 Oct 4 Nov 1 Dec 6 Jan 3 DAY Percent Rate 2007 2008 RICHARD H. MOORE NORTH CAROLINA STATE TREASURER 325 NORTH SALISBURY STREET RALEIGH, NORTH CAROLINA 27603- 1385 The Bond Reporter is now available for download from the World Wide Web: http:// www. treasurer. state. nc. us Bulk Rate U. S. Postage Paid Raleigh, N. C. Permit 1998 |
OCLC number | 23123426 |