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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
Object Description
Description
| Title | Bond reporter. |
| Date | 2008-04 |
| Description | Volume XV, Number 4 (April 2008) |
| Digital Characteristics-A | 155 KB; 15 p. |
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| Full Text | 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 |
| OCLC number | 23123426 |
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