NORTH CAROLINA

DEPARTMENT OF STATE TREASURER

Richard H. Moore, Treasurer

CALENDAR OF SCHEDULED COMPETITIVE SALES

April 8, 2008

CITY OF GOLDSBORO $ 3,500,000

Public Improvement, G. O. Bonds

April 15, 2008

EDGECOMBE CO. WATER & SEWER DISTRICT No. 5 $ 3,928,000

Water, BAN’s

May 6, 2008

COUNTY OF MOORE $ 40,000,000

Public Improvement, G. O. Bonds

May 13, 2008

COUNTY OF LENOIR $ 39,700,000

School, G. O. Bonds

May 20, 2008

CITY OF HIGH POINT $ 13,075,000

Public Improvement, G. O. Bonds

May 28, 2008

COUNTY OF NEW HANOVER $ 18,000,000

Parks & Recreation, G. O. Bonds

June 3, 2008

TOWN OF APEX $ 2,500,000

Parks and Recreation, G. O. Bonds

TOWN OF HUNTERSVILLE $ 5,000,000

Public Improvement, G. O. Bonds

-

BOND

REPORTER

VOLUME XV APRIL 2008 No. 4

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. 4

April 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

Schedule Bond Elections 6

Revenue Bond 7

North Carolina Medical Care

Commission 8

Industrial Revenue Bond 9

Revolving Loan 9

Financing Agreements 10- 11

REPORTS OF RECENT SALES

General Obligation Bonds 12- 13

Bond Anticipation Notes 14

OTHER INFORMATION

Bond Buyer’s Index 15

B

ON

D

REP

ORT

E

R

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 3

SCHEDULE OF NEGOTIATED SALES*

April 7, 2008

NORTH CAROLINA MUNICIPAL POWER AGENCY 1 $ 587,000,000

Revenue Bonds

Morgan Stanley ( Sr. Manager)

UBS, Merrill Lynch, Wachovia, Goldman Sachs, First Southwest ( Co- Manager)

April 24, 2008

CITY OF WILMINGTON $ 50,000,000

Certificates of Participation

UBS Investment Bank ( Sr. Manager)

Banc of America Securities ( Co- Manager)

Wachovia Securities ( Co- Manager)

April 29, 2008

NORTH CAROLINA EASTERN MUNICIPAL POWER AGENCY $ 500,000,000

Revenue Bonds

Citi ( Sr. Manager)

UBS, Merrill Lynch, Wachovia, Davenport ( Co- Managers)

May 20, 2008

JOHNSTON MEMORIAL HOSPITAL AUTHORITY $ 150,000,000

Banc of America Securities ( Sr. Manager)

BB& T Capital Markets ( Co- Manager)

Wachovia Securities ( Co- Manager)

Merrill Lynch & Company ( Co- Manager)

May 21, 2008

CITY OF CHARLOTTE $ 38,245,000

Certificates of Participation

UBS Investment Bank ( Sr. Manager)

Banc of America Securities ( Co- Manager)

Wachovia Securities ( Co- Manager)

* Subject to change.

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 4

NOTICE OF REDEMPTIONS

Issuer: The Guilford County Industrial Facilities and Pollution Control Financing

Authority, Industrial Revenue Bonds ( Shamrock Corporation Project), Series

1997

Amount: $ 125,000

Redemption Date: April 1, 2008

Redemption Price: Par

Present for payment at: First- Citizens Bank & Trust Co., Attn: Carol Kinder, 4300 Six Forks Road,

Raleigh, North Carolina 27609

Issuer: State of North Carolina, Public School Building Bonds, Series 1998A

Amount: $ 27,500,000

Dated: April 1, 1998

CUSIP Number: 6582555Y6

Redemption Date: April 1, 2008

Redemption Price: 102%

Present for payment at: First- Citizens Bank & Trust Company

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 5

STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES

MARCH 31, 2008

Amount Population Per Capita

Local Units’ Debt $ 25,437,340,844 — —

State of North Carolina $ 7,156,876,474 8,860,341 $ 808

U. S. Public Debt $ 9,400,595,502,368 303,720,224 $ 30,950

􀂒 􀂒 􀂒 􀂒

GENERAL OBLIGATION BOND PROPOSALS

APPROVED ON APRIL 1, 2008

Municipality: Town of Clayton

Population: 130,000

Amount: $ 4,000,000

Purpose: Recreation

Amount: $ 3,000,000

Purpose: Streets

Bond Counsel: Hunton and Williams LLP

County: Franklin

Population: 55,886

Amount: $ 53,000,000

Purpose: Schools

Bond Counsel: Womble Carlyle Sandridge and

Rice, PLLC

County: Guilford

Population: 456,757

Amount: $ 457,315,000

Purpose: Schools

Amount: $ 114,615,000

Purpose: Jail

Amount: $ 20,200,000

Purpose: Recreation

Amount: $ 79,500,000

Purpose: Community College

Bond Counsel: Robinson Bradshaw & Hinson,

P. A.

County: Lincoln

Population: 73,107

Amount: $ 44,600,000

Purpose: Schools

Bond Counsel: Sidley Austin, LLP

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 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 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

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 7

REVENUE BOND PROPOSAL

APPROVED ON APRIL 1, 2008

Authority: Raleigh- Durham Airport

Authority

Amount: $ 300,000,000

Purpose: Aeronautical Facilities

Revenue Refunding Bonds

Structure: Limited Public Offering

initially in $ 100,000

denominations. Sale is

expected to be in three Series

and will not conflict with any

other revenue bonds. One

Series will be used for each

letter of credit and liquidity

provider. $ 125,000,000 of

Series 2008A Bonds with

liquidity from Bank of

America; $ 100,000,000 of

Series 2008B Bonds with

letter of credit from Wachovia

and $ 75,000,000 of Series

2008C Bonds with a letter of

credit from SunTrust. The

Authority expects Moody’s

and Fitch Ratings of

Aa3/ VMIG- 1 and AA-/ F1+

respectively on the Series

2008A Bonds. Ratings on the

Series 2008B and Series

2008C Bonds are expected to

be at least the equivalent to

those of the series 2008A

Bonds because of the “ double

barrel” security structure

combining the credit of the

Authority and the respective

Letter of Credit Bank.

Interest Rate: Variable ( initially weekly) —

synthetic fixed thru swap

transfer/ assignment

from/ with 2006 agreement.

Final Maturity: Not beyond 2036

Term: Approximately 28 years ( 30

from initial issuance date). No

extension of maturities.

Bond Counsel: Womble Carlyle Sandridge &

Rice, PLLC

Underwriters/

Remarketing

Agents: Banc of America Securities

LLC; Wachovia Bank, N. A.;

SunTrust Robinson

Humphrey, Inc.

Underwriter’s

Counsel: Parker Poe Adams &

Bernstein LLP

Financial Advisor: DEPFA First Albany

Securities LLC

Special Advisor: Efficient Capital Corp.

Trustee/ Tender

Agent/ Registrar: The Bank of New York Trust

Co., ( DTC)

Liquidity Provider: Bank of America, N. A.

Letter of Credit

Provider: Wachovia Bank, N. A.;

SunTrust Bank

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 8

NORTH CAROLINA MEDICAL CARE COMMISSION

APPROVED ON APRIL 1, 2008

Issuer: Catholic Health East ( Saint

Joseph of the Pines, Inc.)

Amount: $ 31,000,000

Purpose: Health Care Facilities

Revenue Bonds

Structure: Rated, limited public offering

in $ 100,000 denominations

and $ 5,000 integral multiples

thereof. Pricing is scheduled

for April, 2008 so as not to

conflict with any other

healthcare revenue bond sale.

Expected ratings: Aaa/ P- 1

( Moody’s) and AA/ A- 1+

( Standard & Poors)

Interest Rate: Variable ( initially weekly)

Term: Approximately 20 and one

half years.

Final Maturity: Not beyond December 31,

2028.

Bond Counsel: Hawkins Delafield & Wood

LLP

Underwriter: Merrill Lynch & Co.

Underwriter’s

Counsel: Foley & Lardner LLP

Trustee: The Bank of New York Trust

Company, NA

Hospital Counsel: Buchanan, Ingersoll

Professional Corporation

Financial Advisor: Kaufman Hall & Associates

Remarketing Agent: Merrill Lynch & Co.

Letter of Credit

Provider: JP Morgan Chase

Issuer: Moses Cone Health System

Amount: $ 50,000,000

Purpose: Hospital Revenue Refunding

Bonds, Series 2008

Structure: Rated, limited public offering

in $ 100,000 denominations

and integral multiples of

$ 5,000 thereafter. Scheduled

for April, 2008, so as to not

conflict with any other

healthcare revenue bond

sales. The bonds will be rated

AA/ A- 1+ by S& P. The Health

System has an underlying

rating of AA by Standard &

Poors.

Interest Rate: Variable ( initially daily)

Final Maturity: Not to exceed December 31,

2035

Term: Approximately 27 and one

half years.

Bond Counsel: McGuireWoods LLP

Underwriter: Morgan Stanley & Co.

Incorporated

Underwriter’s

Counsel: Bode, Call & Stroupe, LLP

Liquidity Provider: Wachovia Bank, National

Association

Borrower Counsel: Smith Moore

Trustee/ Registrar: The Bank of New York Trust

Company, N. A. ( DTC)

Verification Agent: The Arbitrage Group, Inc.

Remarketing Agent: Morgan Stanley

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 9

INDUSTRIAL REVENUE BONDS

APPROVED ON APRIL 1, 2008

Issuer: Solus- System Plast ( project)

Solus Industrial

Innovations, LLC

( operator/ borrower), Gemini

One, LLC ( owner/ borrower)

Location: Sanford

Amount: $ 8,700,000

Purpose: Company moving from

leased space and acquiring

two buildings with a

combined square footage of

approximately 218,000 to

renovate and equip for the

manufacture metal working

and plastic molding

equipment.

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.

Interest Rate: Variable ( weekly) initial rate

less than 6% Bullet.

Maturity: Not beyond the year 2028

LOC: Branch Banking & Trust

Company

Bond Counsel: Hunton and Williams LLP

Underwriter/

Remarketing

Agent: Scott & Stringfellow Trading

as BB& T Capital Markets

Underwriters

Counsel: Robinson, Bradshaw &

Hinson, P. A.

Letter of Credit: Branch Banking and Trust

Company

LOC Counsel: Helms, Mulliss & Wicker, LLC

Trustee/ Registrar: Branch Banking & Trust

Company ( DTC)

Issuer: Chicago Tube and Iron

Company

Location: Locust

Amount: $ 8,000,000

Purpose: Construction of a 128,000

square foot facility for the

manufacture of pressure

parts and panels used in

conventionally fired electric

generation plants. The

operator has outgrown the

Oakboro facility and is

looking to expand in the

County.

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.

Interest Rate: Variable ( weekly) initial rate

less than 6% Bullet.

Maturity: April 1, 2018

LOC: JP Morgan chase Bank, N. A.

Bond Counsel: Helms, Mulliss and Wicker,

PLLC

Underwriter/

Remarketing

Agent: J. P. Morgan Securities Inc.

Underwriters

Counsel: Reinhart Boerner Van Deuren

S. C.

Trustee/ Registrar: Wells Fargo Bank, N. A. ( DTC)

􀂒 􀂒 􀂒 􀂒

REVOLVING LOAN

APPROVED ON APRIL 1, 2008

Municipality: City of Hendersonville

Amount: $ 909,937

Purpose: Water

Interest Rate: Not to exceed 4%.

Loan From: State of North Carolina

Term: 5 years

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 10

FINANCING AGREEMENTS

APPROVED ON APRIL 1, 2008

Municipality: Town of Blowing Rock

Population: 1,425

Amount: $ 804,800

Purpose: Parking

Amount: $ 1,260,000

Purpose: Water/ Sewer

Authority: G. S. 160A- 20 Installment

Contract — Private Placement

Interest Rate: 2.92%

Term: 7 years

Payment: Annual

Bank: RBC Centura

Municipality: Town of Cornelius

Population: 21,256

Amount: $ 1,300,000

Purpose: Park

Authority: G. S. 160A- 20 Installment

Purchase – Private Placement

Interest Rate: 3.53%

Term: 15 years

Payment: Semi- annual

Bank: BB& T

Municipality: Town of Emerald Isle

Population: 3,861

Amount: $ 800,000

Purpose: Storm Water

Authority: G. S. 160A- 20 Installment

Purchase — Private

Placement

Interest Rate: 3.26%

Term: 10 years

Payment: Annual

Bank: RBC Centura

Municipality: Town of Hillsborough

Population: 6,240

Amount: $ 1,226,000

Purpose: Park

Authority: G. S. 160A- 20 Installment

Purchase — Private

Placement

Interest Rate: 3.76%

Term: 15 years

Payment: Semi- annual

Bank: BB& T

Municipality: City of Kannapolis

Population: 41,298

Amount: $ 737,700

Purpose: Sewer

Authority: G. S. 160A- 20 Installment

Purchase — Private

Placement

Interest Rate: 3.81%

Term: 15 years

Payment: Semi- annual

Bank: RBC Centura

Municipality: City of Wilmington

Population: 98,529

Amount: $ 50,000,000

Purpose: Convention Center

Authority: G. S. 160A- 20 Installment

Contract — Public Placement

Effective Interest

Cost: Not to exceed 6.50%

Final Maturity: Not beyond 2038

Special Counsel: Parker Poe Adams &

Bernstein L. L. P.

Underwriters: Citigroup Global Markets, Inc.

( Sr. Manager); BB& T Capital

Markets ( Co- Manager)

Underwriters

Counsel: Womble Carlyle Sandridge &

Rice, PLLC

Trustee: U. S. Bank, National

Association

Insurer: Insurer to be determined due

to current credit environment

installment financing is more

timely than issuing G. O.

Bonds.

County: Clay

Population: 9,499

Amount: $ 1,500,000

Purpose: County Building

Authority: G. S. 160A- 20 Installment

Purchase — Private

Placement

Interest Rate: 3.73%

Term: 20 years

Payment: Semi- annual

Lender: BB& T

( Continued on page 11)

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 11

FINANCING AGREEMENTS APPROVED ON APRIL 1, 2008 ( Continued from page 10)

County: Haywood

Population: 56,664

Amount: $ 1,400,000

Purpose: School

Authority: G. S. 160A- 20 Installment

Purchase — Private

Placement

Interest Rate: 3.32%

Term: 5 years

Payment: Annual

Bank: BB& T

County: Henderson

Population: 100,107

Amount: $ 32,000,000

Purpose: Schools

Authority: G. S. l60A- 20 Installment

Contract — Private Placement

Interest Rate: 3.72%

Term: 17.5 years with approximately

straight line amortization of

principal

Payment: Semi- annual payments

Lender: SunTrust Equipment Finance

& Leasing Corporation

County: McDowell

Population: 43,632

Amount: $ 965,663

Purpose: County Building

Authority: G. S. 160A- 20 Installment

Contract — Private Placement

Interest Rate: 3.51%

Term: 15 years

Payment: Semi- annual

Bank: RBC Centura

County: New Hanover

Population: 188,000

Amount: $ 5,388,100

Purpose: Land ( Future Jail)

Amount: $ 3,500,000

Purpose: Community College

Amount: $ 3,549,966

Purpose: County Buildings ( Fire

Station)

Authority: G. S. 160A- 20 Installment

Contract — Private Placement

Interest Cost: 4.06%

Term: 18 years

Payment: Semi- annual

Lender: SunTrust Equipment Finance

& Leasing Corporation

County: Richmond

Population: 46,676

Amount: $ 19,000,000

Purpose: Courthouse

Amount: $ 2,000,000

Purpose: Community College

Authority: G. S. 160A- 20 Installment

Contract — Private Placement

Interest Rate: 4.15%

Term: 20 years

Payment: Semi- annual

Lender: Branch Banking & Trust

Company

County: Swain

Population: 13,353

Amount: $ 1,160,000

Purpose: County Building

Authority: G. S. 160A- 20 Installment

Purchase — Private

Placement

Interest Rate: 3.53%

Term: 15 years

Payment: Annual

Bank: RBC Centura

County: Watauga

Population: 42,695

Amount: $ 70,000,000

Purpose: Schools

Authority: G. S. 160A- 20 Installment

Contract — Private Placement

Advance # 1

Term: 20 years

Interest Rate: 4.17%

Payment: Semi- annual payments

Advance # 2

Interest Rate: 3.41% initially correcting to

4.17% if the loan is not paid

in full at the end of the years.

Term: Maximum of 20 years with

interest only in the first three

years and straight line

amortization of principal

beginning in the fourth year if

the loan is not liquidated in

the third year.

Payment: Semi- annual payments of

interest only for the first three

years with a call of the entire

amount in the third year. In

the event the call is not made,

semi- annual payments of

interest and annual payments

of principal for the remaining

term.

Lender: Branch Banking & Trust

Company

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 12

REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS

County: Onslow

Amount: $ 40,000,000

Purpose: General Obligation School

Bonds, Series 2008

Dated: Date of Delivery

Sold on: March 11, 2008

Rates: 3.00s, 2,000M, 2011;

4.00s, 4,000M, 2012/ 2013;

5.00s, 10,000M, 2014/ 2018;

4.00s, 2,000M, 2019;

4.125s, 2,000M, 2020;

5.00s, 4,000M, 2021/ 2022;

4.50s, 2,000M, 2023;

4.625s, 2,000M, 2024;

5.00s, 10,000M, 2025/ 2027;

4.75s, 2,000M, 2028. The

Bonds maturing prior to April

1, 2019 will not be subject to

redemption prior to maturity.

The Bonds maturing on April

1, 2019 and thereafter will be

redeemable, 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 April 1, 2018,

at a redemption price of 100%

of such principal amount,

plus interest accrued to the

date fixed for redemption.

True Interest Cost: 4.3913%

Average Life: 12.16 years

Winning Bidder: Harris N. A.

Bond Counsel: Sanford Holshouser LLP

County: Durham

Amount: $ 12,100,000

Purpose: General Obligation Public

Improvement Bonds, Series

2008A

Dated: Date of Delivery

Sold on: March 18, 2008

Rates: 3.50s, 800M, 2009/ 2010;

3.75s, 400M, 2011;

4.00s, 2,000M, 2012/ 2016;

5.00s, 400M, 2017;

4.00s, 1,200M, 2018/ 2020;

4.125s, 400M, 2021;

4.25s, 400M, 2022;

4.375s, 1,500M, 2023;

4.50s, 3,000M, 2024/ 2025;

4.625s, 1,500M, 2026;

4.75s, 500M, 2027. the bonds

maturing prior to April 1,

2019 will not be subject to

redemption prior to maturity.

The Bonds maturing on April

1, 2019 and thereafter will be

redeemable, 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 April 1, 2018,

at a redemption price of 100%

of such principal amount,

plus interest accrued to the

date fixed for redemption.

True Interest Cost: 4.3787%

Average Life: 12.41 years

Winning Bidder: Merrill Lynch & Co.

Bond Counsel: Robinson, Bradshaw &

Hinson, P. A.

County: Durham

Amount: $ 34,090,000

Purpose: General Obligation School

Bonds, Series 2008B

Dated: Date of Delivery

Sold on: March 18, 2008

Rates: 4.00s, 4,200M, 2009/ 2012;

3.50s, 1,050M, 2013;

3.375s, 1,050M, 2014;

3.50s, 1,050M, 2015;

3.625s, 1,050M, 2016;

4.00s, 2,100M, 2017/ 2018;

4.30s, 1,050M, 2019;

4.40s, 1,050M, 2020;

4.125s, 1,050M, 2021;

4.25s, 1,050M, 2022;

5.00s, 4,100M, 2023;

4.50s, 4,100M, 2024;

4.625s, 4,100M, 2025;

4.75s, 7,090M, 2026/ 2027.

The Bonds maturing prior to

April 1, 2019 will not be

subject to redemption prior to

maturity. The Bonds

maturing on April 1, 2019

and thereafter will be

redeemable, 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 April 1, 2018,

at a redemption price of 100%

of such principal amount,

plus interest accrued to the

date fixed for redemption.

True Interest Cost: 4.3950%

Average Life: 12.75 years

Winning Bidder: Banc of America Securities

LLC

Bond Counsel: Robinson, Bradshaw &

Hinson, P. A.

( Continued on page 13)

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 13

REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS ( Continued from

page 12)

Municipality: Town of Zebulon

Amount: $ 4,600,000

Purpose: General Obligation Public

Improvement Bonds, Series

2008

Dated: Date of Delivery

Sold on: March 25, 2008

Rates: 3.50s, 2,700M, 2009/ 2020;

3.55s, 225M, 2021;

3.60s, 225M, 2022;

3.65s, 225M, 2023;

3.70s, 225M, 2024;

3.75s, 225M, 2025;

3.80s, 225M, 2026;

3.85s, 225M, 2027;

3.90s, 225M, 2028;

4.00s, 100M, 2029. The

Bonds maturing on or prior to

April 1, 2018 will not be

subject to redemption prior to

maturity. The Bonds

maturing on April 1, 2019

and thereafter will be subject

to redemption, at the option

of the Town, from any moneys

that may be made available

for such purpose, either in

whole or in part on any date

not earlier than April 1, 2018,

at a redemption price equal to

100% of the principal amount

of the Bonds to be redeemed,

plus accrued interest to the

dated fixed for redemption.

True Interest Cost: 3.6070%

Average Life: 10.66 years

Winning Bidder: Morgan Keegan & Company,

Inc.

Bond Counsel: Womble Carlyle Sandridge &

Rice, PLLC

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 14

REPORT OF RECENT SALE OF BOND ANTICIPATION NOTES

District: East Moore Water District,

North Carolina

Amount: $ 7,661,000

Purpose: General Obligation Water

Bond Anticipation Notes,

Series 2008

Dated: April 1, 2008

Maturing: July 30, 2008

Sold on: March 18, 2008

Interest Cost: 2.1622%

Winning Bidder: Wachovia Bank, National

Association

Bond Counsel: Sanford Holshouser LLP

NORTH CAROLINA

DEPARTMENT OF STATE TREASURER BOND REPORTER

April 2008 15

BOND BUYER’S INDEX

20 G. O. Bonds

4.25

4.00

4.61

4.51 4.57

4.42 4.40 4.38 4.32 4.33

4.92 4.90

3.80

4.00

4.20

4.40

4.60

4.80

5.00

5.20

5.40

5.60

May 3 Jun 7 Jul 5 Aug 2 Sept 6 Oct 4 Nov 1 Dec 6 Jan 3 Feb 7 Mar 6 Apr 4

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