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NORTH CAROLINA DEPARTMENT OF STATE TREASURER Richard H. Moore, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES February 12, 2008 COUNTY OF HAYWOOD $ 7,000,000 School, G. O. Bonds February 26, 2008 COUNTY OF TRANSYLVANIA $ 15,745,000 Refunding, G. O. Bonds March 4, 2008 COUNTY OF IREDELL $ 5,300,000 School, G. O. Bonds TOWN OF HERTFORD $ 2,961,000 Water, BAN’s March 11, 2008 COUNTY OF ONSLOW $ 40,000,000 School, G. O. Bonds March 18, 2008 COUNTY OF DURHAM $ 46,190,000 Public Improvement, G. O. Bonds EAST MOORE WATER DISTRICT $ 7,661,000 Water, BAN’s March 25, 2008 TOWN OF ZEBULON $ 5,000,000 Municipal Building, G. O. Bonds April 8, 2008 CITY OF GOLDSBORO $ 3,500,000 Public Improvement, G. O. Bonds - BOND REPORTER VOLUME XV FEBRUARY 2008 No. 2 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. 2 February 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 Revenue 6 Financing Agreements 7- 8 REPORTS OF RECENT SALES General Obligation Bond 9- 10 Revenue Bonds 11- 12 Certificates of Participation 13 OTHER INFORMATION Bond Buyer’s Index 14 B ON D REP ORT E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 3 SCHEDULE OF NEGOTIATED SALES* 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.) March 12, 2008 MEREDITH COLLEGE $ 40,000,000 Wachovia Bank National Association ( Sr. Mgr.) Banc of America Securities LLC ( Co. Mgr.) March 13, 2008 NORTHERN HOSPITAL DISTRICT OF SURRY COUNTY $ 15,000,000 Wachovia Bank National Association March 19, 2008 WINSTON- SALEM $ 28,000,000 Certificates of Participation Wachovia Securities ( Sr. Mgr.) Jackson Securities LLC ( Co. Mgr.) * Subject to change. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 4 NOTICE OF REDEMPTION Issuer: City of Charlotte, North Carolina, Public Improvement Bonds, Series 1998 Amount: $ 20,480,000 Redemption Date: February 1, 2008 CUSIP Number: 161034 Redemption Price: 100% Dated: March 28, 2005 Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 Issuer: City of Charlotte, North Carolina, Water and Sewer Bonds, Series 1998 Amount: $ 96,000,000 CUSIP Number: 161034 Redemption Date: February 1, 2008 Dated: March 28, 2005 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 Issuer: City of Charlotte, North Carolina, Public Improvement Bonds, Series 1998A Amount: $ 61,400,000 Dated: March 28, 2005 Redemption Date: February 1, 2008 CUSIP Number: 161034 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 Issuer: $ 20,505,000 City of Salisbury Combined Enterprise System Revenue Bonds, Series 2002 Amount: $ 580,000 Dated: April 15, 2002 Redemption Date: February 1, 2008 CUSIP Number: 795375AF1 Redemption Price: Par Present for payment at: First Citizens Bank & Trust Co., Attn: David Klimczak, Vice President, 4300 Six Forks Road, Raleigh, North Carolina 27609 Issuer: The Johnston County North Carolina Industrial, Facilities and Pollution Control Financing Authority, Idrb ( House – Autry Mills Inc. Project) Amount: $ 580,000 Dated: November 19, 1999 Redemption Date: February 1, 2008 Redemption Price: 100% CUSIP Number: 479349AH5 Present for payment at: Wells Fargo Bank, N. A., Corporate Trust Operations, Post Office Box 1517, Minneapolis, Mn 55480- 1517 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 5 STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES JANUARY 31, 2008 Amount Population Per Capita Local Units’ Debt $ 24,414,214,005 — — State of North Carolina $ 7,415,161,474 8,827,384 $ 840 U. S. Public Debt $ 9,120,549,682,475 303,155,693 $ 30,085 GENERAL OBLIGATION BOND PROPOSAL APPROVED ON FEBRUARY 5, 2008 County: Transylvania Population: 30,360 Amount: $ 17,500,000 Purpose: Refunding Bond Counsel: Robinson Bradshaw & Hinson, P. A. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 6 SCHEDULED BOND ELECTIONS Municipality/ District/ County Election Date Amount Purpose County of Guilford May 6, 2008 $ 412,315,000 $ 45,000,000 $ 114,615,000 $ 79,500,000 $ 20,200,000 $ 671,630,000 Schools Schools Jail Community College Parks & Recreation County of Lincoln May 6, 2008 $ 44,600,000 Schools Town of Sandy Creek May 6, 2008 $ 350,000 Water ( BAN’s) Town of Clayton May 6, 2008 $ 4,000,000 $ 3,000,000 $ 7,000,000 Streets Recreation County of Franklin May 6, 2008 $ 53,000,000 Schools County of Vance May 6, 2008 $ 27,000,000 Water REVENUE BOND PROPOSAL APPROVED ON February 5, 2008 Authority: Piedmont Triad Airport Authority Amount: $ 65,000,000 Purpose: Airport Revenue Bonds Structure: Limited Public Offering initially in $ 100,000 denominations. Sale is scheduled for the week of February 25th so as not to conflict with any other revenue bonds. Letter of Credit is required in all modes except fixed to maturity. Authority has achieved previous standalone rating of Moody’s: A2 and S& P: A-. Much of the financing will be reimbursed in the future by FAA ( Letter of Intent is in-hand) and thus the need for variable rate financing to allow early retirement of the Bonds. Interest Rate: Variable ( initially weekly- used due to grant repayment. Final Maturity: Not beyond 2033 Term: Approximately 25 years. Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriter: Banc of America Securities, LLC Underwriter’s Counsel: McGuireWoods L. L. P. Registrar/ Trustee/ Tender Agent: Branch Banking and Trust Company ( DTC) Remarketing Agent: Banc of America Securities LLC Letter of Credit Bank: Branch Banking and Trust Company Feasibility: Jacobs Consultancy ( agreed-upon procedures review) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 7 FINANCING AGREEMENTS APPROVED ON FEBRUARY 5, 2008 Municipality: Town of Forest City Population: 7,549 Amount: $ 2,500,000 Purpose: Recreation ( Baseball Field) Authority: G. S. 160A- 20 Installment Contract — Private Placement Interest Rate: 3.66% Term: 15 years Payment: Monthly Bank: BB& T Municipality: City of Kannapolis Population: 41,273 Amount: $ 3,234,053 Purpose: Fire Station Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 3.99% Term: 15 years Payment: Semiannual Bank: Sun Trust Equipment Finance & Leasing Municipality: City of Kings Mountain Population: 10,590 Amount: $ 210,000 Purpose: Library repairs Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Cost: 3.41% Term: 10 years Payment: Annual Bank: BB& T Municipality: City of Monroe Population: 33,908 Amount: $ 411,200 Purpose: Firing Range Renovations Amount: $ 1,488,800 Purpose: City Facilities Renovations Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.827% Term: 10 years Payment: Semiannual Lender: SunTrust Municipality: Town of Plymouth Population: 3,900 Amount: $ 250,000 Purpose: Water Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.87% Term: 10 years Payment: Annual Bank: RBC Centura Municipality: Town of Surf City Population: 1,695 Amount: $ 10,000,000 Purpose: Wastewater Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.94% Term: 20 years Payment: Semiannual Bank: RBC Centura County: Buncombe Population: 217,531 Amount: $ 2,500,000 Purpose: County Buildings Amount: $ 4,125,000 Purpose: County Buildings Authority: G. S. l60A- 20 Installment Contract — Public Placement Interest Rate: 3.26% Term & Payment: A payment of accrued interest will be due on 8/ 15/ 2008. The loan matures on 2/ 1/ 2009 with repayment of principal and accrued interest. The County may repay prior to that with no penalty and expects to do so from proceeds of a certificates of participation issue. Lender: Bank of America ( Continued on page 8) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 8 FINANCING AGREEMENTS APPROVED ON FEBRUARY 5, 2008 ( Continued from page 7) County: Guilford Population: 359,298 Amount: $ 5,102,000 Purpose: County Building Authority: G. S. 160A- 20 Installment Contract — Private Placement Interest Rate: 4.50% for $ 1,683,660 ( Tax-exempt – County Offices) 5.23% for $ 3,418,340 ( Taxable- Seller’s Use)% Term: 10 years Payment: Semiannual Bank: Wachovia County: Iredell Population: 145,234 Amount: $ 108,850,000 Purpose: Schools Amount: $ 4,850,000 Purpose: Land Acquisition Authority: G. S. 160A- 20 Installment Contract — Public Placement Effective Interest Cost: 4.894% Final Maturity: Not beyond 2028 Special Counsel: Sidley Austin LLP Underwriters: Citigroup Global Markets, Inc. ( Sr. Manager); Wachovia Securities Inc. ( Co- Manager) Underwriters Counsel: Womble Carlyle Sandridge & Rice, PLLC Trustee: U. S. Bank, N. A. ( DTC) Insurer: Will be determined and utilized if economically feasible. County: Northampton Population: 22,086 Amount: $ 645,515 Purpose: Equipment Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.74% Term: 5 years Payment: Annual Bank: Southern Bank County: Alleghany Population: 11,000 Amount: $ 2,000,000 Purpose: School Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 0% Term: Not to exceed 16 years Payment: Annual Bank: Dubuque Bank & Trust ( Iowa) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 9 REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS Municipality: City of Greensboro Amount: $ 23,445,000 Purpose: General Obligation Refunding Bonds, Series 2008 Dated: Date of Delivery Sold on: January 17, 2008 Rates: 3.50s, 2,265M, 2008/ 2009; 3.75s, 2,005M, 2010; 3.50s, 2,075M, 2011; 3.25s, 4,370M, 2012/ 2013; 5.00s, 12,730M, 2014/ 2018. The bonds will not be subject to redemption prior to their maturity. True Interest Cost: 3.0649% Average Life: 5.93 years Winning Bidder: BB& T Capital Markets, a division of Scott & Stringfellow, Inc. Co- Bond Counsel: Sidley Austin LLP and The Steve Allen Law Firm Municipality: City of Greensboro Amount: $ 40,220,000 Purpose: General Obligation Public Improvement Bonds, Series 2008A Dated: Date of Delivery Sold on: January 17, 2008 Rates: 4.00s, 2,365M, 2009; 3.50s, 2,365M, 2010; 5.00s, 21,285M, 2011/ 2019; 4.50s, 14,205M, 2020/ 2025. The bonds maturing prior to February 1, 2019 will not be subject to redemption prior to their maturity. The bonds maturing on February 1, 2019 and thereafter will be subject to redemption prior to their maturity, at the option of the City, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than February 1, 2018, at a redemption price equal to 100% of the principal amount of the bonds to be redeemed together with interest accrued thereon to the date fixed for redemption. True Interest Cost: 3.5738% Average Life: 9.0 years Winning Bidder: Piper Jaffray & Co. Co- Bond Counsel: Sidley Austin LLP and The Steven Allen Law Firm County: Mecklenburg Amount: $ 12,000,000 Purpose: General Obligation Parks and Recreation Bonds, Series 2008A Dated: Date of Delivery Sold on: January 23, 2008 Rates: 3.50s, 600M, 2009; 3.25s, 600M, 2010; 3.00s, 3,000M, 2011/ 2015; 3.25s, 1,200M, 2016/ 2017; 3.50s, 2,400M, 2018/ 2021; 3.625s, 600M, 2022; 3.75s, 600M, 2023; 4.00s, 2,400M, 2024/ 2027; 4.10s, 600M, 2028. The bonds maturing on February 1, 2019 and thereafter will be 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 February 1, 2018 at a redemption price equal to 100% of the principal amount of the bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption. True Interest Cost: 3.6115% Average Life: 10.41 years Winning Bidder: UBS Securities, LLC Bond Counsel: Robinson, Bradshaw & Hinson, P. A. ( Continued on page 10) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 10 REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS ( Continued from page 9) County: Mecklenburg Amount: $ 148,500,000 Purpose: General Obligation Public Improvement Bonds, Series 2008B Dated: Date of Delivery Sold on: January 23, 2008 Rates: 5.00s, 3,000M, 2009; 4.00s, 3,000M, 2010; 5.00s, 76,500M, 2011/ 2022; 4.00s, 10,000M, 2023; 5.00s, 10,000M, 2024; 4.50s, 22,000M, 2025/ 2026; 4.00s, 24,000M, 2027/ 2028. The bonds maturing on February 1, 2019 and thereafter will be 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 February 1, 2018 at a redemption price equal to 100% of the principal amount of the bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption. True Interest Cost: 3.7954% Average Life: 12.91 years Winning Bidder: Banc of America Securities LLC Bond Counsel: Robinson, Bradshaw & Hinson, P. A. County: Beaufort Amount: $ 7,000,000 Purpose: General Obligation School Bonds, Series 2008 Dated: Date of Delivery Sold on: January 29, 2008 Rates: 3.50s, 2,100M, 2009/ 2014; 3.25s, 350M, 2015; 3.00s, 700M, 2016/ 2017; 3.20s, 700M, 2018/ 2019; 3.30s, 350M, 2020; 3.45s, 350M, 2021; 3.55s, 700M, 2022/ 2023; 3.60s, 350M, 2024; 3.65s, 350M, 2025; 3.70s, 1,050M, 2026/ 2028. The bonds maturing prior to February 1, 2019 will not be subject to redemption prior to maturity. The bonds maturing on February 1, 2019 and thereafter will be 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 ( in multiples of $ 5,000) on any date not earlier than February 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 Assured Guaranty. True Interest Cost: 3.4763% Average Life: 10.42 years Winning Bidder: SILVERTON BANK, N. A. Bond Counsel: Dewey & LeBoeuf LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 11 REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON JANUARY 8, 2008 County: Brunswick Amount: $ 52,800,000 Purpose: Wastewater Plant Expansion, Effluent Disposal, Force Mains and Pump Station Rating( s): S& P: AAA; Moody’s: Aaa; Fitch: AAA; Standalone: S& P: A+; Moody’s A2; Fitch: A+ Dated: January 24, 2008 Underwriter( s): Wachovia Securities ( Sr.); Banc of America Securities LLC Sold on: BPA – January 11, 2008 Closing – January 24, 2008 Terms: Public Offering — $ 5,000 Denominations Interest Rate( s): Fixed – ( yield) if different from stated Maturities: April 1: 09— 1,395M, 4.00%; ( 2.78%); 10— 1,450M, 3.50%; ( 2.78%); 11— 1,500M, 4.00%; ( 2.84%); 12— 1,560M, 3.50%; ( 2.97%); 13— 1,615M, 3.50%; ( 3.06%); 14— 1,670M, 4.00%; ( 3.14%); 15— 1,740M, 5.00%; ( 3.24%); 16— 1,825M, 5.00%; ( 3.35%); 17— 1,920M, 3.50%; ( 3.47%); 18— 1,485M, 4.00%; ( 3.57%); 18— 500M, 3.75%; ( 3.57%); 19— 2,065M, 5.00%; ( 3.65%); 20— 2,165M, 5.00%; ( 3.71%); 21— 2,275M, 5.00%; ( 3.77%); 22— 2,390M, 5.00%; ( 3.83%); 23— 2,510M, 5.00%; ( 3.89%); 24— 2,635M, 4.00%; ( 4.18%); 25— 2,240M, 4.00%; ( 4.25%); 25— 500M, 4.125%; ( 4.25%); 26— 2,850M, 5.00%; ( 4.07%); 27— 2,990M, 5.00%; ( 4.11%); 31— 1,655M, 4.375%; ( 4.38%); 31— 11,865M, 5.00%; ( 4.20%). Maturities callable April 1, 2018 at par. Mandatory sinking fund redemptions April 1, 2028 — 2031. Trustee/ Registrar: First- Citizens Bank & Trust Company ( DTC) Feasibility Consultant: Raftelis Financial Consultants, Inc. Credit Enhancement To be provided by: Financial Security Assurance Inc. Bond Counsel: Parker Poe Adams & Bernstein LLP Underwriter’s Counsel: Kilpatrick Stockton LLP Municipality: City of Fayetteville Amount: $ 17,025,000 Purpose: Water and Sewer Annexation and Rehabilitation Rating( s): Moody’s: Aa3; S& P: AA-Dated: January 30, 2008 Underwriter( s): Citi Sold on: BPA — January 16, 2008 Closing — January 30, 2008 Terms: Public Offering — $ 5,000 Denominations Interest Rate( s): Fixed — ( yield) if different from stated Maturities: March 1: 09— 600M, 3.50%; ( 2.70%); 10— 600M, 3.50%; ( 2.73%); 11— 600M, 3.50%; ( 2.82%); 12— 600M, 3.50%; ( 2.90%): 13— 600M, 4.00%; ( 3.00%); 14— 600M, 4.00%; ( 3.09%); 15— 600M, 4.00%; ( 3.20%); 16— 600M, 4.00%; ( 3.32%); 17— 600M, 4.50%; ( 3.45%); 18— 600M, 4.00%; ( 3.56%); 19— 2,040M, 4.00%; ( 3.71%); 20— 2,120M, 4.00%; ( 3.81%); 21— 2,205M, 3.75%; ( 3.93%); 22— 1,825M, 3.75%; ( 4.00%); 22— 460M, 4.00%; ( 4.00%); 23— 2,375M, 4.00%; ( 4.08%). Maturities callable March 1, 2018 at par. Trustee/ Registrar: The Bank of New York Trust Company, N. A. ( DTC) Feasibility Consultant: Raftelis Financial Consultants, Inc. ( agreed-upon procedures) Financial Advisor: First- Southwest Company Co- Bond Counsel: Womble Carlyle Sandirdge & Rice, PLLC and Rand & Gregory, P. A. Co- Underwriter’s Counsel: Hunton & Williams LLP and The Charleston Group ( Continued on page 12) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 12 REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON JANUARY 8, 2008 ( Continued from page 11) Municipality: Town of Oak Island ( Enterprise System Revenue Bonds) Amount: $ 33,040,000 Purpose: Sewer Collection System Rating( s): Moody’s: Aaa; S& P: AAA; Standalone: Moody’s: Baa1; S& P: A-Dated: January 30, 2008 Underwriter( s): Wachovia Securities ( Sr.); BB& T Capital Markets Sold on: BPA – January 17, 2008 Closing – January 30, 2008 Terms: Public offering — $ 5,000 denominations Interest Rate( s): Fixed – ( yield) if different from stated Maturities: June 1: 10— 720M, 4.00%; ( 2.86%); 11— 750M, 4.00%; ( 2.97%); 12— 780M, 3.50%; ( 3.07%); 13— 805M, 4.00%; ( 3.18%); 14— 840M, 5.00%; ( 3.32%); 15— 880M, 4.00%; ( 3.43%); 16— 915M, 3.50%; ( 3.56%); 17— 950M, 4.00%; ( 3.69%); 18— 985M, 4.00%; ( 3.83%); 19— 1,025M, 4.00%; ( 4.00%); 20— 1,065M, 5.00%; ( 4.02%); 21— 1,120M, 4.00%; ( 4.14%); 22— 1,165M, 4.00%; ( 4.21%); 23— 1,210M, 5.00%; ( 4.22%); 26— 3,975M, 4.25%; ( 4.43%); 27— 1,000M, 5.00%; ( 4.44%); 33— 10.715M, 5.00%; ( 4.58%); 35— 4,140M, 4.375%; ( 4.56%). Maturities callable June 1, 2018 at par. Mandatory sinking fund redemptions June 1, 2024- 2035. Trustee/ Registrar: U. S. Bank National Association ( DTC) Feasibility Consultant: Raftelis Financial Consulting Inc. Credit Enhancement to be provided by: MBIA Insurance Corporation Underwriters Counsel: Parker Poe Adams Bernstein LLP Bond Counsel: Robinson, Bradshaw & Hinson, P. A. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 13 REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION APPROVED ON JANUARY 8, 2008 County: County of Cabarrus Population: 157,179 Amount: $ 46,920,000 Purpose: Construction and acquisition of Cox Mill Road High School, acquisition of a school site, sitework and preconstruction costs for four new schools, refunding of temporary financing the site and sitework for the new high school. Rating( s): Insured by FSA; Moody’s: Aaa, S& P: AAA, Fitch: AAA; Underlying ratings of Moody’s: Aa3, S& P: AA-, Fitch: AA-Dated: January 31, 2008 Underwriter( s): UBS Investment Bank ( Sr.); BB& T Capital Markets ( Co- Mgr.) Sold on: BPA — January 24, 2008 Closing — January 31, 2008 Terms: Public sale $ 5,000 denominations & multiples. Interest Rate( s): Fixed — ( yield) if different Maturities: June 1: 09— 50M, 3.50%; ( 2.18%); 09— 2,300M, 5.00%; ( 2.18%); 10— 500M, 3.50%; ( 2.28%); 10— 1,845M, 5.00%; ( 2.28%); 11— 2,225M, 3.25%; ( 2.42%); 11— 125M, 3.50%; ( 2.42%); 12— 350M, 3.50%; ( 2.66%); 12— 1,995M, 5.00%; ( 2.66%); 13— 995M, 3.00%; ( 2.81%); 13— 1,355M, 4.00%, ( 2.81%); 14— 1,885M, 3.25%, ( 2.94%); 14— 465M, 4.00%; ( 2.94%); 15— 2,345M, 4.25%; ( 3.07%); 16— 2,095M, 3.50%; ( 3.21%); 16— 250M, 4.25%; ( 3.21%); 17— 2,345M, 4.25%; ( 3.32%); 18— 2,345M, 4.25%, ( 3.43%); 19— 2,345M, 5.00%, ( 3.59%). $ 4,690,000 5.00% Term Certificates due June 1, 2021 — Yield 3.85%; $ 4,690,000 4.15% Term Certificates due June 1, 2023 — Yield 4.18%; $ 4,690,000 5.00% Term Certificates due June 1, 2025 — Yield 4.17%; $ 7,035,000 4.375% Term Certificates due June 1, 2028 — Yield 4.50%. Certificates maturing on and after 6/ 1/ 20 are callable on or after 6/ 1/ 18 at 100%. Mandatory sinking fund redemptions of term certificates June 1, 2020- 2028. Effective Interest Cost: 4.112682% Trustee/ Registrar: Regions Bank ( DTC) Special Counsel: Helms Mullis & Wicker, L. L. P. Underwriter’s Counsel: Parker, Poe. Adams & Bernstein L. L. P. County: County of Cabarrus Population: 157,179 Amount: $ 18,745,000 Purpose: Advance refunding of callable and non- callable maturities of Cabarrus County Installment Payment Revenue Bonds, Series 1999, originally financing schools. Rating( s): Insured by FSA; Moody’s: Aaa, S& P: AAA, Fitch: AAA; Underlying ratings of Moody’s: Aa3, S& P: AA-, Fitch: AA-Dated: January 31, 2008 Underwriter( s): UBS Investment Bank ( Sr.); BB& T Capital Markets ( Co- Mgr.) Sold on: BPA — January 24, 2008 Closing — January 31, 2008 Terms: Public sale $ 5,000 denominations & multiples. Interest Rate( s): Fixed — ( yield) if different Maturities: June 1: 08— 1,660M, 3.00%; ( 2.15%); 09— 1,690M, 3.00%; ( 2.18%); 10— 1,665M, 3.00%; ( 2.28%); 11— 1,640M, 3.00%; ( 2.42%); 12— 1,615M, 3.00%; ( 2.66%); 13— 1,585M, 3.00%, ( 2.81%); 14— 1,555M, 3.00%, ( 2.94%); 15— 1,520M, 3.25%; ( 3.07%); 16— 460M, 3.25%; ( 3.21%); 16— 1,030M, 4.25%; ( 3.21%); 17— 1,470M, 3.50%; ( 3.32%); 18— 1,440M, 3.50%, ( 3.43%); 19— 1,415M, 5.00%, ( 3.59%). Effective Interest Cost: 3.318887% Trustee/ Registrar: Regions Bank ( DTC) Special Counsel: Helms Mullis & Wicker, L. L. P. Underwriter’s Counsel: Parker, Poe. Adams & Bernstein L. L. P. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 14 BOND BUYER’S INDEX 20 G. O. Bonds 4.10 4.26 4.25 4.00 4.61 4.51 4.57 4.42 4.40 4.38 4.32 4.33 3.80 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 Mar 1 Apr 4 May 3 Jun 7 Jul 5 Aug 2 Sept 6 Oct 4 Nov 1 Dec 6 Jan 3 Feb 7 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 | 2008-02 |
Description | Volume XV, Number 2 (February 2008) |
Digital Characteristics-A | 157 KB; 14 p. |
Digital Format | application/pdf |
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Full Text | NORTH CAROLINA DEPARTMENT OF STATE TREASURER Richard H. Moore, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES February 12, 2008 COUNTY OF HAYWOOD $ 7,000,000 School, G. O. Bonds February 26, 2008 COUNTY OF TRANSYLVANIA $ 15,745,000 Refunding, G. O. Bonds March 4, 2008 COUNTY OF IREDELL $ 5,300,000 School, G. O. Bonds TOWN OF HERTFORD $ 2,961,000 Water, BAN’s March 11, 2008 COUNTY OF ONSLOW $ 40,000,000 School, G. O. Bonds March 18, 2008 COUNTY OF DURHAM $ 46,190,000 Public Improvement, G. O. Bonds EAST MOORE WATER DISTRICT $ 7,661,000 Water, BAN’s March 25, 2008 TOWN OF ZEBULON $ 5,000,000 Municipal Building, G. O. Bonds April 8, 2008 CITY OF GOLDSBORO $ 3,500,000 Public Improvement, G. O. Bonds - BOND REPORTER VOLUME XV FEBRUARY 2008 No. 2 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. 2 February 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 Revenue 6 Financing Agreements 7- 8 REPORTS OF RECENT SALES General Obligation Bond 9- 10 Revenue Bonds 11- 12 Certificates of Participation 13 OTHER INFORMATION Bond Buyer’s Index 14 B ON D REP ORT E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 3 SCHEDULE OF NEGOTIATED SALES* 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.) March 12, 2008 MEREDITH COLLEGE $ 40,000,000 Wachovia Bank National Association ( Sr. Mgr.) Banc of America Securities LLC ( Co. Mgr.) March 13, 2008 NORTHERN HOSPITAL DISTRICT OF SURRY COUNTY $ 15,000,000 Wachovia Bank National Association March 19, 2008 WINSTON- SALEM $ 28,000,000 Certificates of Participation Wachovia Securities ( Sr. Mgr.) Jackson Securities LLC ( Co. Mgr.) * Subject to change. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 4 NOTICE OF REDEMPTION Issuer: City of Charlotte, North Carolina, Public Improvement Bonds, Series 1998 Amount: $ 20,480,000 Redemption Date: February 1, 2008 CUSIP Number: 161034 Redemption Price: 100% Dated: March 28, 2005 Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 Issuer: City of Charlotte, North Carolina, Water and Sewer Bonds, Series 1998 Amount: $ 96,000,000 CUSIP Number: 161034 Redemption Date: February 1, 2008 Dated: March 28, 2005 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 Issuer: City of Charlotte, North Carolina, Public Improvement Bonds, Series 1998A Amount: $ 61,400,000 Dated: March 28, 2005 Redemption Date: February 1, 2008 CUSIP Number: 161034 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 Issuer: $ 20,505,000 City of Salisbury Combined Enterprise System Revenue Bonds, Series 2002 Amount: $ 580,000 Dated: April 15, 2002 Redemption Date: February 1, 2008 CUSIP Number: 795375AF1 Redemption Price: Par Present for payment at: First Citizens Bank & Trust Co., Attn: David Klimczak, Vice President, 4300 Six Forks Road, Raleigh, North Carolina 27609 Issuer: The Johnston County North Carolina Industrial, Facilities and Pollution Control Financing Authority, Idrb ( House – Autry Mills Inc. Project) Amount: $ 580,000 Dated: November 19, 1999 Redemption Date: February 1, 2008 Redemption Price: 100% CUSIP Number: 479349AH5 Present for payment at: Wells Fargo Bank, N. A., Corporate Trust Operations, Post Office Box 1517, Minneapolis, Mn 55480- 1517 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 5 STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES JANUARY 31, 2008 Amount Population Per Capita Local Units’ Debt $ 24,414,214,005 — — State of North Carolina $ 7,415,161,474 8,827,384 $ 840 U. S. Public Debt $ 9,120,549,682,475 303,155,693 $ 30,085 GENERAL OBLIGATION BOND PROPOSAL APPROVED ON FEBRUARY 5, 2008 County: Transylvania Population: 30,360 Amount: $ 17,500,000 Purpose: Refunding Bond Counsel: Robinson Bradshaw & Hinson, P. A. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 6 SCHEDULED BOND ELECTIONS Municipality/ District/ County Election Date Amount Purpose County of Guilford May 6, 2008 $ 412,315,000 $ 45,000,000 $ 114,615,000 $ 79,500,000 $ 20,200,000 $ 671,630,000 Schools Schools Jail Community College Parks & Recreation County of Lincoln May 6, 2008 $ 44,600,000 Schools Town of Sandy Creek May 6, 2008 $ 350,000 Water ( BAN’s) Town of Clayton May 6, 2008 $ 4,000,000 $ 3,000,000 $ 7,000,000 Streets Recreation County of Franklin May 6, 2008 $ 53,000,000 Schools County of Vance May 6, 2008 $ 27,000,000 Water REVENUE BOND PROPOSAL APPROVED ON February 5, 2008 Authority: Piedmont Triad Airport Authority Amount: $ 65,000,000 Purpose: Airport Revenue Bonds Structure: Limited Public Offering initially in $ 100,000 denominations. Sale is scheduled for the week of February 25th so as not to conflict with any other revenue bonds. Letter of Credit is required in all modes except fixed to maturity. Authority has achieved previous standalone rating of Moody’s: A2 and S& P: A-. Much of the financing will be reimbursed in the future by FAA ( Letter of Intent is in-hand) and thus the need for variable rate financing to allow early retirement of the Bonds. Interest Rate: Variable ( initially weekly- used due to grant repayment. Final Maturity: Not beyond 2033 Term: Approximately 25 years. Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriter: Banc of America Securities, LLC Underwriter’s Counsel: McGuireWoods L. L. P. Registrar/ Trustee/ Tender Agent: Branch Banking and Trust Company ( DTC) Remarketing Agent: Banc of America Securities LLC Letter of Credit Bank: Branch Banking and Trust Company Feasibility: Jacobs Consultancy ( agreed-upon procedures review) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 7 FINANCING AGREEMENTS APPROVED ON FEBRUARY 5, 2008 Municipality: Town of Forest City Population: 7,549 Amount: $ 2,500,000 Purpose: Recreation ( Baseball Field) Authority: G. S. 160A- 20 Installment Contract — Private Placement Interest Rate: 3.66% Term: 15 years Payment: Monthly Bank: BB& T Municipality: City of Kannapolis Population: 41,273 Amount: $ 3,234,053 Purpose: Fire Station Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 3.99% Term: 15 years Payment: Semiannual Bank: Sun Trust Equipment Finance & Leasing Municipality: City of Kings Mountain Population: 10,590 Amount: $ 210,000 Purpose: Library repairs Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Cost: 3.41% Term: 10 years Payment: Annual Bank: BB& T Municipality: City of Monroe Population: 33,908 Amount: $ 411,200 Purpose: Firing Range Renovations Amount: $ 1,488,800 Purpose: City Facilities Renovations Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.827% Term: 10 years Payment: Semiannual Lender: SunTrust Municipality: Town of Plymouth Population: 3,900 Amount: $ 250,000 Purpose: Water Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.87% Term: 10 years Payment: Annual Bank: RBC Centura Municipality: Town of Surf City Population: 1,695 Amount: $ 10,000,000 Purpose: Wastewater Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.94% Term: 20 years Payment: Semiannual Bank: RBC Centura County: Buncombe Population: 217,531 Amount: $ 2,500,000 Purpose: County Buildings Amount: $ 4,125,000 Purpose: County Buildings Authority: G. S. l60A- 20 Installment Contract — Public Placement Interest Rate: 3.26% Term & Payment: A payment of accrued interest will be due on 8/ 15/ 2008. The loan matures on 2/ 1/ 2009 with repayment of principal and accrued interest. The County may repay prior to that with no penalty and expects to do so from proceeds of a certificates of participation issue. Lender: Bank of America ( Continued on page 8) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 8 FINANCING AGREEMENTS APPROVED ON FEBRUARY 5, 2008 ( Continued from page 7) County: Guilford Population: 359,298 Amount: $ 5,102,000 Purpose: County Building Authority: G. S. 160A- 20 Installment Contract — Private Placement Interest Rate: 4.50% for $ 1,683,660 ( Tax-exempt – County Offices) 5.23% for $ 3,418,340 ( Taxable- Seller’s Use)% Term: 10 years Payment: Semiannual Bank: Wachovia County: Iredell Population: 145,234 Amount: $ 108,850,000 Purpose: Schools Amount: $ 4,850,000 Purpose: Land Acquisition Authority: G. S. 160A- 20 Installment Contract — Public Placement Effective Interest Cost: 4.894% Final Maturity: Not beyond 2028 Special Counsel: Sidley Austin LLP Underwriters: Citigroup Global Markets, Inc. ( Sr. Manager); Wachovia Securities Inc. ( Co- Manager) Underwriters Counsel: Womble Carlyle Sandridge & Rice, PLLC Trustee: U. S. Bank, N. A. ( DTC) Insurer: Will be determined and utilized if economically feasible. County: Northampton Population: 22,086 Amount: $ 645,515 Purpose: Equipment Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 3.74% Term: 5 years Payment: Annual Bank: Southern Bank County: Alleghany Population: 11,000 Amount: $ 2,000,000 Purpose: School Authority: G. S. 160A- 20 Installment Purchase — Private Placement Interest Rate: 0% Term: Not to exceed 16 years Payment: Annual Bank: Dubuque Bank & Trust ( Iowa) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 9 REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS Municipality: City of Greensboro Amount: $ 23,445,000 Purpose: General Obligation Refunding Bonds, Series 2008 Dated: Date of Delivery Sold on: January 17, 2008 Rates: 3.50s, 2,265M, 2008/ 2009; 3.75s, 2,005M, 2010; 3.50s, 2,075M, 2011; 3.25s, 4,370M, 2012/ 2013; 5.00s, 12,730M, 2014/ 2018. The bonds will not be subject to redemption prior to their maturity. True Interest Cost: 3.0649% Average Life: 5.93 years Winning Bidder: BB& T Capital Markets, a division of Scott & Stringfellow, Inc. Co- Bond Counsel: Sidley Austin LLP and The Steve Allen Law Firm Municipality: City of Greensboro Amount: $ 40,220,000 Purpose: General Obligation Public Improvement Bonds, Series 2008A Dated: Date of Delivery Sold on: January 17, 2008 Rates: 4.00s, 2,365M, 2009; 3.50s, 2,365M, 2010; 5.00s, 21,285M, 2011/ 2019; 4.50s, 14,205M, 2020/ 2025. The bonds maturing prior to February 1, 2019 will not be subject to redemption prior to their maturity. The bonds maturing on February 1, 2019 and thereafter will be subject to redemption prior to their maturity, at the option of the City, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than February 1, 2018, at a redemption price equal to 100% of the principal amount of the bonds to be redeemed together with interest accrued thereon to the date fixed for redemption. True Interest Cost: 3.5738% Average Life: 9.0 years Winning Bidder: Piper Jaffray & Co. Co- Bond Counsel: Sidley Austin LLP and The Steven Allen Law Firm County: Mecklenburg Amount: $ 12,000,000 Purpose: General Obligation Parks and Recreation Bonds, Series 2008A Dated: Date of Delivery Sold on: January 23, 2008 Rates: 3.50s, 600M, 2009; 3.25s, 600M, 2010; 3.00s, 3,000M, 2011/ 2015; 3.25s, 1,200M, 2016/ 2017; 3.50s, 2,400M, 2018/ 2021; 3.625s, 600M, 2022; 3.75s, 600M, 2023; 4.00s, 2,400M, 2024/ 2027; 4.10s, 600M, 2028. The bonds maturing on February 1, 2019 and thereafter will be 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 February 1, 2018 at a redemption price equal to 100% of the principal amount of the bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption. True Interest Cost: 3.6115% Average Life: 10.41 years Winning Bidder: UBS Securities, LLC Bond Counsel: Robinson, Bradshaw & Hinson, P. A. ( Continued on page 10) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 10 REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS ( Continued from page 9) County: Mecklenburg Amount: $ 148,500,000 Purpose: General Obligation Public Improvement Bonds, Series 2008B Dated: Date of Delivery Sold on: January 23, 2008 Rates: 5.00s, 3,000M, 2009; 4.00s, 3,000M, 2010; 5.00s, 76,500M, 2011/ 2022; 4.00s, 10,000M, 2023; 5.00s, 10,000M, 2024; 4.50s, 22,000M, 2025/ 2026; 4.00s, 24,000M, 2027/ 2028. The bonds maturing on February 1, 2019 and thereafter will be 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 February 1, 2018 at a redemption price equal to 100% of the principal amount of the bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption. True Interest Cost: 3.7954% Average Life: 12.91 years Winning Bidder: Banc of America Securities LLC Bond Counsel: Robinson, Bradshaw & Hinson, P. A. County: Beaufort Amount: $ 7,000,000 Purpose: General Obligation School Bonds, Series 2008 Dated: Date of Delivery Sold on: January 29, 2008 Rates: 3.50s, 2,100M, 2009/ 2014; 3.25s, 350M, 2015; 3.00s, 700M, 2016/ 2017; 3.20s, 700M, 2018/ 2019; 3.30s, 350M, 2020; 3.45s, 350M, 2021; 3.55s, 700M, 2022/ 2023; 3.60s, 350M, 2024; 3.65s, 350M, 2025; 3.70s, 1,050M, 2026/ 2028. The bonds maturing prior to February 1, 2019 will not be subject to redemption prior to maturity. The bonds maturing on February 1, 2019 and thereafter will be 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 ( in multiples of $ 5,000) on any date not earlier than February 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 Assured Guaranty. True Interest Cost: 3.4763% Average Life: 10.42 years Winning Bidder: SILVERTON BANK, N. A. Bond Counsel: Dewey & LeBoeuf LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 11 REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON JANUARY 8, 2008 County: Brunswick Amount: $ 52,800,000 Purpose: Wastewater Plant Expansion, Effluent Disposal, Force Mains and Pump Station Rating( s): S& P: AAA; Moody’s: Aaa; Fitch: AAA; Standalone: S& P: A+; Moody’s A2; Fitch: A+ Dated: January 24, 2008 Underwriter( s): Wachovia Securities ( Sr.); Banc of America Securities LLC Sold on: BPA – January 11, 2008 Closing – January 24, 2008 Terms: Public Offering — $ 5,000 Denominations Interest Rate( s): Fixed – ( yield) if different from stated Maturities: April 1: 09— 1,395M, 4.00%; ( 2.78%); 10— 1,450M, 3.50%; ( 2.78%); 11— 1,500M, 4.00%; ( 2.84%); 12— 1,560M, 3.50%; ( 2.97%); 13— 1,615M, 3.50%; ( 3.06%); 14— 1,670M, 4.00%; ( 3.14%); 15— 1,740M, 5.00%; ( 3.24%); 16— 1,825M, 5.00%; ( 3.35%); 17— 1,920M, 3.50%; ( 3.47%); 18— 1,485M, 4.00%; ( 3.57%); 18— 500M, 3.75%; ( 3.57%); 19— 2,065M, 5.00%; ( 3.65%); 20— 2,165M, 5.00%; ( 3.71%); 21— 2,275M, 5.00%; ( 3.77%); 22— 2,390M, 5.00%; ( 3.83%); 23— 2,510M, 5.00%; ( 3.89%); 24— 2,635M, 4.00%; ( 4.18%); 25— 2,240M, 4.00%; ( 4.25%); 25— 500M, 4.125%; ( 4.25%); 26— 2,850M, 5.00%; ( 4.07%); 27— 2,990M, 5.00%; ( 4.11%); 31— 1,655M, 4.375%; ( 4.38%); 31— 11,865M, 5.00%; ( 4.20%). Maturities callable April 1, 2018 at par. Mandatory sinking fund redemptions April 1, 2028 — 2031. Trustee/ Registrar: First- Citizens Bank & Trust Company ( DTC) Feasibility Consultant: Raftelis Financial Consultants, Inc. Credit Enhancement To be provided by: Financial Security Assurance Inc. Bond Counsel: Parker Poe Adams & Bernstein LLP Underwriter’s Counsel: Kilpatrick Stockton LLP Municipality: City of Fayetteville Amount: $ 17,025,000 Purpose: Water and Sewer Annexation and Rehabilitation Rating( s): Moody’s: Aa3; S& P: AA-Dated: January 30, 2008 Underwriter( s): Citi Sold on: BPA — January 16, 2008 Closing — January 30, 2008 Terms: Public Offering — $ 5,000 Denominations Interest Rate( s): Fixed — ( yield) if different from stated Maturities: March 1: 09— 600M, 3.50%; ( 2.70%); 10— 600M, 3.50%; ( 2.73%); 11— 600M, 3.50%; ( 2.82%); 12— 600M, 3.50%; ( 2.90%): 13— 600M, 4.00%; ( 3.00%); 14— 600M, 4.00%; ( 3.09%); 15— 600M, 4.00%; ( 3.20%); 16— 600M, 4.00%; ( 3.32%); 17— 600M, 4.50%; ( 3.45%); 18— 600M, 4.00%; ( 3.56%); 19— 2,040M, 4.00%; ( 3.71%); 20— 2,120M, 4.00%; ( 3.81%); 21— 2,205M, 3.75%; ( 3.93%); 22— 1,825M, 3.75%; ( 4.00%); 22— 460M, 4.00%; ( 4.00%); 23— 2,375M, 4.00%; ( 4.08%). Maturities callable March 1, 2018 at par. Trustee/ Registrar: The Bank of New York Trust Company, N. A. ( DTC) Feasibility Consultant: Raftelis Financial Consultants, Inc. ( agreed-upon procedures) Financial Advisor: First- Southwest Company Co- Bond Counsel: Womble Carlyle Sandirdge & Rice, PLLC and Rand & Gregory, P. A. Co- Underwriter’s Counsel: Hunton & Williams LLP and The Charleston Group ( Continued on page 12) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 12 REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON JANUARY 8, 2008 ( Continued from page 11) Municipality: Town of Oak Island ( Enterprise System Revenue Bonds) Amount: $ 33,040,000 Purpose: Sewer Collection System Rating( s): Moody’s: Aaa; S& P: AAA; Standalone: Moody’s: Baa1; S& P: A-Dated: January 30, 2008 Underwriter( s): Wachovia Securities ( Sr.); BB& T Capital Markets Sold on: BPA – January 17, 2008 Closing – January 30, 2008 Terms: Public offering — $ 5,000 denominations Interest Rate( s): Fixed – ( yield) if different from stated Maturities: June 1: 10— 720M, 4.00%; ( 2.86%); 11— 750M, 4.00%; ( 2.97%); 12— 780M, 3.50%; ( 3.07%); 13— 805M, 4.00%; ( 3.18%); 14— 840M, 5.00%; ( 3.32%); 15— 880M, 4.00%; ( 3.43%); 16— 915M, 3.50%; ( 3.56%); 17— 950M, 4.00%; ( 3.69%); 18— 985M, 4.00%; ( 3.83%); 19— 1,025M, 4.00%; ( 4.00%); 20— 1,065M, 5.00%; ( 4.02%); 21— 1,120M, 4.00%; ( 4.14%); 22— 1,165M, 4.00%; ( 4.21%); 23— 1,210M, 5.00%; ( 4.22%); 26— 3,975M, 4.25%; ( 4.43%); 27— 1,000M, 5.00%; ( 4.44%); 33— 10.715M, 5.00%; ( 4.58%); 35— 4,140M, 4.375%; ( 4.56%). Maturities callable June 1, 2018 at par. Mandatory sinking fund redemptions June 1, 2024- 2035. Trustee/ Registrar: U. S. Bank National Association ( DTC) Feasibility Consultant: Raftelis Financial Consulting Inc. Credit Enhancement to be provided by: MBIA Insurance Corporation Underwriters Counsel: Parker Poe Adams Bernstein LLP Bond Counsel: Robinson, Bradshaw & Hinson, P. A. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 13 REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION APPROVED ON JANUARY 8, 2008 County: County of Cabarrus Population: 157,179 Amount: $ 46,920,000 Purpose: Construction and acquisition of Cox Mill Road High School, acquisition of a school site, sitework and preconstruction costs for four new schools, refunding of temporary financing the site and sitework for the new high school. Rating( s): Insured by FSA; Moody’s: Aaa, S& P: AAA, Fitch: AAA; Underlying ratings of Moody’s: Aa3, S& P: AA-, Fitch: AA-Dated: January 31, 2008 Underwriter( s): UBS Investment Bank ( Sr.); BB& T Capital Markets ( Co- Mgr.) Sold on: BPA — January 24, 2008 Closing — January 31, 2008 Terms: Public sale $ 5,000 denominations & multiples. Interest Rate( s): Fixed — ( yield) if different Maturities: June 1: 09— 50M, 3.50%; ( 2.18%); 09— 2,300M, 5.00%; ( 2.18%); 10— 500M, 3.50%; ( 2.28%); 10— 1,845M, 5.00%; ( 2.28%); 11— 2,225M, 3.25%; ( 2.42%); 11— 125M, 3.50%; ( 2.42%); 12— 350M, 3.50%; ( 2.66%); 12— 1,995M, 5.00%; ( 2.66%); 13— 995M, 3.00%; ( 2.81%); 13— 1,355M, 4.00%, ( 2.81%); 14— 1,885M, 3.25%, ( 2.94%); 14— 465M, 4.00%; ( 2.94%); 15— 2,345M, 4.25%; ( 3.07%); 16— 2,095M, 3.50%; ( 3.21%); 16— 250M, 4.25%; ( 3.21%); 17— 2,345M, 4.25%; ( 3.32%); 18— 2,345M, 4.25%, ( 3.43%); 19— 2,345M, 5.00%, ( 3.59%). $ 4,690,000 5.00% Term Certificates due June 1, 2021 — Yield 3.85%; $ 4,690,000 4.15% Term Certificates due June 1, 2023 — Yield 4.18%; $ 4,690,000 5.00% Term Certificates due June 1, 2025 — Yield 4.17%; $ 7,035,000 4.375% Term Certificates due June 1, 2028 — Yield 4.50%. Certificates maturing on and after 6/ 1/ 20 are callable on or after 6/ 1/ 18 at 100%. Mandatory sinking fund redemptions of term certificates June 1, 2020- 2028. Effective Interest Cost: 4.112682% Trustee/ Registrar: Regions Bank ( DTC) Special Counsel: Helms Mullis & Wicker, L. L. P. Underwriter’s Counsel: Parker, Poe. Adams & Bernstein L. L. P. County: County of Cabarrus Population: 157,179 Amount: $ 18,745,000 Purpose: Advance refunding of callable and non- callable maturities of Cabarrus County Installment Payment Revenue Bonds, Series 1999, originally financing schools. Rating( s): Insured by FSA; Moody’s: Aaa, S& P: AAA, Fitch: AAA; Underlying ratings of Moody’s: Aa3, S& P: AA-, Fitch: AA-Dated: January 31, 2008 Underwriter( s): UBS Investment Bank ( Sr.); BB& T Capital Markets ( Co- Mgr.) Sold on: BPA — January 24, 2008 Closing — January 31, 2008 Terms: Public sale $ 5,000 denominations & multiples. Interest Rate( s): Fixed — ( yield) if different Maturities: June 1: 08— 1,660M, 3.00%; ( 2.15%); 09— 1,690M, 3.00%; ( 2.18%); 10— 1,665M, 3.00%; ( 2.28%); 11— 1,640M, 3.00%; ( 2.42%); 12— 1,615M, 3.00%; ( 2.66%); 13— 1,585M, 3.00%, ( 2.81%); 14— 1,555M, 3.00%, ( 2.94%); 15— 1,520M, 3.25%; ( 3.07%); 16— 460M, 3.25%; ( 3.21%); 16— 1,030M, 4.25%; ( 3.21%); 17— 1,470M, 3.50%; ( 3.32%); 18— 1,440M, 3.50%, ( 3.43%); 19— 1,415M, 5.00%, ( 3.59%). Effective Interest Cost: 3.318887% Trustee/ Registrar: Regions Bank ( DTC) Special Counsel: Helms Mullis & Wicker, L. L. P. Underwriter’s Counsel: Parker, Poe. Adams & Bernstein L. L. P. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER February 2008 14 BOND BUYER’S INDEX 20 G. O. Bonds 4.10 4.26 4.25 4.00 4.61 4.51 4.57 4.42 4.40 4.38 4.32 4.33 3.80 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 Mar 1 Apr 4 May 3 Jun 7 Jul 5 Aug 2 Sept 6 Oct 4 Nov 1 Dec 6 Jan 3 Feb 7 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 |