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