Bond reporter.

              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