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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 |
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