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NORTH CAROLINA DEPARTMENT OF STATE TREASURER Richard H. Moore, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES January 5, 2005 COUNTYOF BUNCOMBE $ 18,340,000 Refunding, G.O. Bonds January 11, 2005 COUNTY OF GUILFORD $ 56,595,000 Refunding & Public Improvement, G.O. Bonds January 19, 2005 COUNTY OF MECKLENBURG $ 32,300,000 Public Improvement, G.O. Bonds January 25, 2005 CITY OF GREENSBORO $ 14,580,000 Public Improvement, G.O. Bonds February 1, 2005 TOWN OF MOUNT OLIVE $ 2,455,000 Water, Bond Anticipation Notes TOWN OF HERTFORD $ 620,000 Water, Bond Anticipation Notes February 8, 2005 ROCKY POINT/TOPSAIL WATER & SEWER DISTRICT $ 5,723,000 Water, Bond Anticipation Notes BOILING SPRING LAKES $ 4,500,000 Water, Bond Anticipation Notes February 22, 2005 COUNTY OF CABARRUS $ 50,000,000 School, G.O. Bonds BOND REPORTER VOLUME XII JANUARY 2005 No. 1 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER Richard H. Moore, Treasurer Published Monthly by North Carolina Department of State Treasurer Albemarle Building 325 North Salisbury Street Raleigh, North Carolina 27603-1385 Richard H. Moore, State Treasurer (919) 508-5176 Janice T. Burke, Deputy Treasurer (919) 807-2351 Vance Holloman, Director, Fiscal Management (919) 807-2380 Tim Romocki, Director, Debt Management (919) 807-2360 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 XII No. 1 January 2005 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 Interest Rate SWAP 6 North Carolina Housing Finance Agency 7 Revolving Loan 7 North Carolina Medical Care Commission 8 Financing Agreements 9-10 REPORTS OF RECENT SALES General Obligation Bonds 11-12 Certificate of Participation 13-14 North Carolina Medical Care Commission 15 OTHER INFORMATION Bond Buyer’s Index 16 B ON D REP ORT E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 3 SCHEDULE OF NEGOTIATED SALES* January 12, 2005 COUNTY OF BUNCOMBE $ 16,000,000 Certificates of Participation Legg Mason Wood Walker, Inc. January 13, 2005 CITY OF RALEIGH $ 28,515,000 Certificate of Participation Citigroup (Sr. Mgr.); Banc of America Securities LLC (Co-Mgr.) BB&T Capital markets (Co-Mgr.) January 18, 2005 CITY OF GASTONIA $ 5,800,000 Certificates of Participation Banc of America Securities LLC January 26, 2005 CITY OF CONCORD $ 25,000,000 Certificates of Participation Citigroup (Sr. Mgr.) Legg Mason Wood Walker, Inc. (Co. Mgr.) NORTH CAROLINA MEDICAL CARE COMMISSION $ 20,800,000 First Mortgage Revenue Bonds United Methodist Retirement Homes (Croasdaile Village) BB&T Capital markets (Sr.), Davenport & Company LLC, Wachovia Securities March 4, 2005 RALEIGH-DURHAM AIRPORT AUTHORITY $ 135,000,000 Airport Revenue Bonds Citigroup (Sr.); Lehman Brothers (Sr.); Wachovia Securities; Banc of America Securities LLC; Morgan Keegan & Company, Inc.; Siebert Brandford Slank & Co., LLC; UBS Financial Services Inc. March 8, 2005 NORTH CAROLINA HOUSING FINANCE AGENCY $ 65,000,000 Single Family Home Ownership Revenue Bonds Senior Manager: UBS Financial Services Inc.; Co-Managers: BB&T Capital Markets, a Division of Scott & Stringfellow, Inc.; A. G. Edwards & Sons, Inc.; Davenport & Co. LLC; Wachovia Bank, National Association; Legg Mason Wood Walker, Incorporated; Banc of America Securities LLC; Morgan Keegan & Company, Inc.; and Citigroup Global Markets Inc. *Subject to change. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 4 NOTICE OF REDEMPTION Issuer: $22,095,000 Wake County Special Obligation Bonds (Solid Waste Management Projects), Series 1997 Amount: $ 3,560,000 Redemption Date: February 1, 2005 CUSIP Number: 930885AG3 Redemption Price: Par Dated: August 1, 1997 Present for payment at: First-Citizens Bank & Trust Co., Attn: Shawna L. Hale, Vice President, 100 E. Tryon Road, Raleigh, North Carolina 27603 Issuer: $158,955,000 State of North Carolina Correctional Facilities Project, Certificate of Participation, Series 2004A Amount: $ 7,945,000 Redemption Date: February 1, 2005 Redemption Price: Par CUSIP Number: 65820QAA1 Dated: February 12, 2004 Present for payment at: First-Citizens Bank & Trust Co., Attn: Shawna L. Hale, Vice President, 100 E. Tryon Road, Raleigh, North Carolina 27603 Issuer: $20,505,000 City of Salisbury, North Carolina Combined Enterprise System Revenue Bonds, Series 2002 Amount: $ 525,000 Redemption Date: February 1, 2005 Redemption Price: Par CUSIP Number: 795375AC8 Dated: April 15, 2002 Present for payment at: First-Citizens Bank & Trust Co., Attn: David J. Klimczak, Vice President, 100 E. Tryon Road, Raleigh, North Carolina 27603 Issuer: Lenoir Housing Authority, Mortgage Revenue Bond, Series 1997A, (GNMA Collateralized-Caldwell Gardens Apartments Project) Amount: $ 25,000 CUSIP Number: 526233AA9 Redemption Price: 100% Redemption Date: February 20, 2005 Certificate Number: RA-1 Dated: July 1, 1997 Present for payment at: First-Citizens Bank & Trust Company, as Trustee & Paying Agent Issuer: $2,425,000 Burlington Housing Authority Mortgage, Revenue Refunding Bonds, Series 1995A, (Burlington Homes-Section 8 Assisted Project) Amount: $ 90,000 CUSIP Number: 121894AA7 Dated: November 1, 1995 Redemption Price: 100% Redemption Date: February 1, 2005 Certificate Number: R-1 Present for payment at: First-Citizens Bank & Trust Company, as Trustee & Paying Agent Issuer: The Stanly County Industrial Facilities and Pollution Control Financing Authority, Industrial Development Revenue Bonds (Gentry Mills Inc. Project) Series 2000 Amount: $ 130,000 CUSIP Number: 854672AD4 Redemption Price: 100% Bond Number: FASBAL_1 Redemption Date: February 1, 2005 Present for payment at: Wachovia Customer Information Center, Attn: Redemptions NC-1153, 1525 West WT Harris Blvd – 3C3, Charlotte, North Carolina 28262-8522 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 5 STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES December 31, 2004 Amount Population Per Capita Local Units’ Debt $ 17,669,817,151 — — State of North Carolina $ 5,824,194,379 8,495,524 $ 686 U.S. Public Debt $ 7,535,629,022,968 294,924,534 $25,551 GENERAL OBLIGATION REFUNDING BOND PROPOSALS APPROVED ON JANUARY 4, 2005 County: Guilford Population: 438,520 Amount: $ 65,000,000 Purpose: Refunding Bond Counsel: Robinson, Bradshaw & Hinson, P.A. Financial Advisor: Banc of America Securities, LLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 6 REVENUE BOND APPROVED ON JANUARY 4, 2005 Municipality: City of Winston Salem Amount: $ 54,000,000 Purpose: Water & Sewer Amount: $ 36,000,000 Purpose: Refunding Structure: Public sale. Pricing currently scheduled for January 20, 2005 to not conflict with any other revenue bonds. Past issues have been rated: S&P: AAA; Moody’s: Aa2; Fitch: AA Interest Rate: Fixed (3 yrs interest only-new money.) Term: Approximately 28 years Final Maturity: Not beyond December 31, 2033 Bond Counsel: Parker Poe Adams & Bernstein, L.L.P. Underwriters: Citigroup Global markets Inc. (Sr.) Co-Managers: Jackson Securities LLC, Wachovia Bank, National Association Underwriters’ Counsel: Robinson, Bradshaw & Hinson, P.A. Registrar/Trustee: The Bank of New York Trust Company (DTC) Verification Agent: McGladrey & Pullen, LLP Escrow Agent: The Bank of New York Trust Company Surety Provider: Financial Security Assurance, Inc. Feasibility: Black & Veatch Corporation Financial Advisor: DEC Associates, Inc. INTEREST RATE SWAP City: Durham National Amount of SWAP: Not to exceed $106,670,000 Purpose: Interest Rate SWAP agreement — (Leveraged Basis Swap) Co-Special Counsel: Parker Poe Adams & Bernstein, LLP and the Banks Law Firm, P.A. Term of SWAP: Not to exceed 2020 SWAP Provider: RFPC, LLC SWAP Advisor: Public Financial Management Type of SWAP: Leveraged Basis as proposed NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 7 NORTH CAROLINA HOUSING FINANCE AGENCY APPROVED ON JANUARY 4, 2005 Issuer: North Carolina Housing Finance Agency Amount: $400,000,000 Purpose: Low Income Housing Structure: Public sales from time to time through December 31, 2006 scheduled so as not to conflict with other revenue bond sales. Expected ratings AA from S&P and Aa2 from Moody’s. Interest Rate: Fixed and Synthetically Fixed Final Maturity: Not to extend beyond 33 years Term: Final maturity 33 years Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriters: UBS PaineWebber Inc.; Co-managers may include only: (For Fixed Rate Only): A. G. Edwards & Sons, Inc.; Banc of America Securities LLC; BB&T Capital markets, a Division of Scott & Stringfellow, Inc.; Davenport & Company LLC; Legg Mason Wood Walker, Incorporated; Morgan Keegan & Company, Inc.; Citigroup Global Markets, Inc.; Wachovia Bank, National Association Underwriters Counsel: Bode, Call & Stroupe, L.L.P. Trustee/Registrar: Wachovia Bank, National Association Liquidity Provider: Shall be rated A+ or better by S&P and A1 or better by Moody’s Swap Advisor: SWAP Financial Group, Inc. or as approved by the State Treasurer Swap Provider: Shall be rated A+ or better by S&P and A1 or better by Moody’s Remarketing Agent: UBS PaineWebber Inc. REVOLVING LOAN APPROVED ON JANAURY 4, 2005 Municipality: Town of Clayton Amount: $ 4,450,000 Purpose: Wastewater Treatment Interest Rate: Not to exceed 4%. Loan From: State of North Carolina Term: 15 years NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 8 NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON JANUARY 4, 2005 Issuer: United Methodist Retirement Homes Amount: $ 37,800,000 Purpose: Construction Amount: $ 8,450,000 Purpose: Refunding Structure: Series A: non-rated, public offering in $5,000 denominations, scheduled for January 26, 2005 to not conflict with any other publicly offered revenue bonds. Series B: limited public offering in $100,000 denominations and integral multiples of $5,000 in excess thereof. Scheduled for February 15, 2005 to not conflict with any other publicly offered revenue bonds. Series B bonds will be backed by a direct pay letter of credit and will be rated Aa3/VMIG1 by Moody’s, based upon the credit support of the letter of credit provider. A credit facility is required at all times while in the variable rate mode. Interest Rate: Fixed (Serial, Term) Term: Approximately 31 years (Ser. A &B) Bond Counsel: Robinson, Bradshaw Hinson, P.A. Underwriter: BB&T Capital Markets Underwriter Counsel: Hunton & Williams LLP Borrower Counsel: Womble, Carlyle, Sandridge & Rice, PLLC Trustee/Registrar: First-Citizens Bank & Trust Company (DTC) Letter of Credit Provider: Branch Banking & Trust Company LOC Counsel: Helms Mulliss & Wicker, PLLC Remarketing Agent: BB&T Capital Markets Co-Manager: Davenport & Company, LLC Feasibility Consultant: Dixon Hughes, PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 9 FINANCING AGREEMENTS APPROVED ON JANUARY 4, 2005 Municipality: City of Concord Population: 61,068 Amount: $14,720,693 Purpose: Municipal Buildings (Police Headquarters) Amount: $ 1,901,001 Purpose: Equipment Amount: $10,378,306 Purpose: Refunding – Recreation (Golf Course) Authority: G.S. 160A-20 Installment Contract — Public Placement Interest Rate(s): True Interest Cost: 5.164% Effective Interest Cost: 5.228% Final Maturity: Not beyond 2030 Special Counsel: Parker Poe Adams & Bernstein L.L.P. Underwriters: Citigroup Global Markets, Inc. (Sr. Mgr.); Legg Mason Wood Walker, Inc. (Co-Mgr.) Underwriter’s Counsel: Womble Carlyle Sandridge & Rice, PLLC Trustee: Wachovia Bank, N.A. (DTC) Insurer: MBIA Municipality: City of Fayetteville Population: 130,692 Amount: $ 396,000 Purpose: Water Authority: G.S. 160A-20 Installment Contract — Private Placement Interest Rate: 0% Payment: Annual Term: 10 years Bank: South River Electric Membership Corporation (SREMC) Municipality: City of Gastonia Population: 68,518 Amount: $ 6,000,000 Purpose: Refunding – COPs (Originally financing a Police Headquarters) Authority: G.S. 160A-20 Installment Contract — Public Placement Interest Rate: True Interest Cost: 4.417% Effective Interest Cost: 4.72% Final Maturity: Not beyond 2015 Special Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriters: Banc of America Securities LLC Underwriters Counsel: Robinson Bradshaw & Hinson, P.A. Trustee: Wachovia Bank, N.A. (DTC) Insurer: To be determined Municipality: Town of Leland Population: 4,214 Amount: $275,000 Purpose: Municipal Building (Town Hall) Authority: G.S. 160A-20 Installment Purchase — Private Placement Interest Rate(s): 3.39% Terms: 5 years Payment: Monthly Bank: BB&T Municipality: City of Raleigh Population: 316,719 Amount: $200,000,000 Purpose: Convention Center Amount: $30,000,000 Purpose: Parking Authority: G. S. 160A-20 Installment Contract — Private Placement Interest Rate: Either Fixed or Variable If Fixed, True Interest Cost: 5.50%; Effective Interest Cost: 5.63%. If Variable; 12%; 25% if Bank held. Final Maturity: Not beyond 2035 Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriter Counsel: Parker Poe Adams & Bernstein L.L.P. Financial Advisor: DEC Associates, Inc. Underwriters: Citigroup Global Markets, Inc. (Sr. Mgr.); Co. Mgrs: Series A – Banc of America Securities LLC, BB&T Capital Markets; Series B (Fixed rate) – Series A Co Managers plus Wachovia Bank, N.A. and Legg Mason Wood Walker, Inc. Liquidity Provider: DEPFA Bank Trustee/Tender Agent: Deutsche Bank Remarketing Agent: Citigroup Global Markets, Inc. (Continued on page 10) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 10 FINANCING AGREEMENTS APPROVED ON JANUARY 4, 2005 (Continued from page 9) Municipality: Town of Rolesville Population: 1,000 Amount: $500,000 Purpose: Recreation (Park) Authority: G.S. 160A-20 Installment Contract — Private Placement Interest Rate(s): 3.20% Term: 5 years Payment: Monthly Bank: RBC Centura County: Buncombe Population: 212,316 Amount: $15,650,000 Purpose: Jail Authority: G.S. 160A-20 Installment Purchase — Public Placement Interest Rate(s): True Interest Cost: 4.895% Effective Interest Cost: 4.973% Final Maturity: Not beyond 2025 Special Counsel: Parker Poe Adams & Bernstein LLP; Martin L. Nesbitt, Esq. Underwriters: Legg Mason Wood Walker, Inc. Underwriters Counsel: Hunton & Williams LLP Trustee: Wachovia Bank, N.A. (DTC) Insurer: AMBAC County: Duplin Population: 50,775 Amount: $ 1,500,000 Purpose: Courthouse Renovation Authority: G.S. 160A-20 Installment Contract — Private Placement Interest Rate(s): 2.85% Terms: Semi-annual Maturity: 5 years Bank: Wachovia Issuer: Bladen County Schools Amount: $ 2,286,080 Purpose: Equipment Authority: G.S. 160A-20 Installment Contract — (Guaranteed Energy Savings Contract) Private Placement Interest Rate(s): Not to exceed 4.06% Terms: Monthly Maturity: 12 years Vendor: Energy Systems Group SE, Inc. Bank: Branch Banking and Trust Company NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 11 REPORT ON RECENT SALES OF GENERAL OBLIGATION BONDS County: Buncombe Amount: $ 5,835,000 Purpose: General Obligation Public Improvement Bonds, Series 2005A Dated: January 15, 2005 Sold on: January 5, 2005 Rates: 3.00s, 390M—2006; 3.25s, 385M—2007; 3.00s, 1,170M—2008/2010; 3.50s, 1,170M—2011/2013; 3.75s, 780M—2014/2015; 3.50s, 780M—2016/2017; 3.75s, 390M—2018; 4.00s, 770M—2019/2020. The Bonds are subject to redemption prior to maturity, at the option of the County, from any moneys that may be made available for such purpose, either in whole or in part on any date on or after may 1, 2015, at the principal amount of the Bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption, without a redemption premium. Net Interest Cost: 3.5607% Average Life: 8.29 years Winning Bidder: First Tryon Securities Bond Counsel: Parker Poe Adams & Bernstein L.L.P. County: Buncombe Amount: $ 12,430,000 Purpose: General Obligation Refunding Bonds, Series 2005B Dated: January 15, 2005 Sold on: January 5, 2005 Rates: 3.00s, 9,305M—2005/2012; 3.20s, 1,060M—2013; 3.50s, 2,065M—2014/2015. The Bonds will not be subject to redemption prior to maturity. True Interest Cost: 3.0666% Average Life: 5.56 years Winning Bidder: Wachovia Bank, National Association Bond Counsel: Parker Poe Adams & Bernstein L.L.P. County: Guilford Amount: $ 54,380,000 Purpose: General Obligation Refunding Bonds, Series 2005C Dated: February 1, 2005 Sold on: January 11, 2005 Rates: 3.00s, 15M—2005; 4.00s, 1,140M—2006; 5.00s, 1,130M—2007; 3.00s, 3,580M—2008/2010; 5.00s, 18,245M—2011/2012; 4.50s, 7,950M—2013; 5.00s, 22,320M—2014/2016. The Bonds will not be subject to redemption prior to maturity. True Interest Cost: 3.4232% Average Life: 8.41 years Winning Bidder: Merrilll Lynch & Co. Bond Counsel: Robinson, Bradshaw & Hinson, P.A. (Continued on page 12) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 12 REPORT ON RECENT SALES OF GENERAL OBLIGATION BONDS (Continued from page 11) County: Mecklenburg Amount: $ 32,300,000 Purpose: General Obligation Public Improvement Bonds, Series 2005A Dated: February 1, 2005 Sold on: January 19, 2005 Rates: 3.00s, 6,460M—2007/2010; 3.25s, 1,615M—2011; 3.50s, 1,615M—2012; 4.00s, 1,615M—2013; 3.40s, 1,615M—2014; 4.00s, 4,845M—2015/2017; 4.50s, 1,615M—2018; 4.00s, 4,845M—2019/2021; 4.125s, 3,230M—2022/2023; 4.25s, 4,845M—2024/2026. The bonds maturing on February 1, 2016 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, 2015 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. Net Interest Cost: 3.9849% Average Life: 11.50 years Winning Bidder: A. G. Edwards & Sons, Inc. Bond Counsel: Robinson, Bradshaw & Hinson, P.A. Municipality: City of Greensboro Amount: $ 14,580,000 Purpose: General Obligation Public Improvement Bonds, Series 2005A Dated: February 1, 2005 Sold on: January 25, 2005 Rates: 3.00s, 3,240M—2006/2009; 3.25s, 1,620M—2010/2011; 3.50s, 1,620M—2012/2013; 3.75s, 1,620M—2014/2015; 4.00s, 4,860M—2016/2021; 4.125s, 1,620M—2022/2023. The bonds maturing on February 1, 2016 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, 2015, 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. Net Interest Cost: 3.8472% Average Life: 9.50 years Winning Bidder: Banc of America Securities LLC Co-Bond Counsel: Sidley Austin Brown & Wood LLP and Steve Allen, Esq. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 13 REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION APPROVED ON JANUARY 4, 2005 Municipality: Buncombe Population: 212,316 Amount: $14,500,000 Purpose: Construction of 96,000 square foot addition to existing detention facility. Rating(s): Insured by AMBAC; Moody’s: Aaa, S&P: AAA; Underlying ratings of Moodys: Aa3, S&P:AA-Dated: January 27, 2005 Underwriter(s): Legg Mason Wood Walker, Inc. Sold on: BPA — January 13, 2005 Closing — January 27, 2005 Terms: Public sale $5,000 denominations. Interest Rate(s): Fixed — (yield) if different Maturities: April 1: 06— 725M, 3.00% (2.17%); 07— 720M, 2.50% (2.40%); 08— 725M, 2.75%; (2.53%); 09— 530M, 3.00%; (2.67%); 09— 190M, 5.00%; (2.67%); 10— 175M, 3.00%; (2.96%); 10— 570M, 5.00%; (2.96%); 11— 725M, 3.50%; (3.15%); 12— 600M, 3.50%; (3.33%); 12— 125M, 4.00%; (3.33%); 13— 100M, 3.75%; (3.48%); 13— 625M, 3.40%; (3.48%); 14— 725M, 4.00%; (3.62%); 15— 435M, 3.50%; (3.73%); 15— 290M, 4.00%; (3.73%); 19— 400M, 4.00%; (4.08%). 22— 350M, 4.125%; (4.27%); 23— 725M, 4.20%; (4.34%); 24— 720M, 4.25%; (4.38%); 25— 720M, 4.30%; (4.44%). $2,175,000 5.00% Term Certificates due April 1, 2018 — Yield 4.02%; $2,150,000 5.00% Term Certificates due April 1, 2022 — Yield 4.27%. Certificates maturing after 4/1/15 are callable on or after 4/1/15 at 100%. Mandatory sinking fund redemptions of term certificates April 1, 2016- 2022. Effective Interest Cost: 4.2749850% Trustee/Registrar: Wachovia Bank, National Association. (DTC) Credit Enhancement to be provided by: Insurance - AMBAC Special Counsel: Parker Poe Adams & Bernstein L.L.P. Underwriter’s Counsel: Hunton & Williams LLP Municipality: City of Concord Population: 61,068 Amount: $27,000,000 Purpose: Construction of a police headquarters and communications center, expansion of the City’s communications system and refunding of Certificates of Participation, Series 1996B to realize a savings of approximately $865,000 or 8% of the refunded debt. Rating(s): Insured by MBIA; Moody’s: Aaa, S&P: AAA, Fitch: AAA: Underlying ratings of Moodys: A1, S&P:A+, Fitch: AA-Dated: February 10, 2005 Underwriter(s): Citigroup Global Markets Inc. (Sr.); Legg Mason Wood Walker, Inc. (Co-Mgr.) Sold on: BPA — January 27, 2005 Closing — February 10, 2005 Terms: Public sale $5,000 denominations. Interest Rate(s): Fixed — (yield) if different Maturities: June 1: 06— 750M, 3.00% (2.30%); 07—1,205M, 3.00% (2.52%); 08—1,225M, 3.00%; (2.62%); 09—1,240M, 3.00%; (2.87%); 10— 500M, 3.00%; (3.04%); 10— 755M, 5.00%; (3.04%); 11— 730M, 3.11%; (3.22%); 11— 545M, 3.25; (3.22%); 12—1,045M, 3.25%; (3.40%); 12— 250M, 4.00%; (3.40%); 13—1,315M, 3.40%; (3.54%); 14—1,345M, 3.50%; (3.66%); 15—1,360M, 4.00%; (3.78%); 16��1,395M, 5.00%; (3.85%); 17—1,430M, 500%; (3.93%); 18—1,475M, 5.00%; (4.00%). 19—1,515M, 5.00%; (4.05%); 20—1,555M, 5.00%; (4.11%); 21— 590M, 4.00%; (4.20); 21—1,000M, 5.00%; (4.17%). $5,775,000 4.50% Term Certificates due June 1, 2030 — Yield 4.625%. Certificates maturing on or after 6/1/16 are callable on or after 6/1/15 at 100%. Mandatory sinking fund redemptions of term certificates April 1, 2022- 2030. Effective Interest Cost: 4.364823% Trustee/Registrar: Wachovia Bank, National Association. (DTC) Credit Enhancement to be provided by: Insurance - MBIA Special Counsel: Parker Poe Adams & Bernstein L.L.P. Underwriter’s Counsel: Womble Carlyle Sandridge & Rice, PLLC (Continued on page 14) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 14 REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION APPROVED ON JANUARY 4, 2005 (Continued from page 13 Municipality: Gastonia Population: 68,518 Amount: $ 5,540,000 Purpose: Refunding of Certificates of Participation, Series 1995 in order to realize net present value savings of approximately $330,000, or 6.26% of the refunded debt. Rating(s): Insured by MBIA; Moody’s: Aaa, S&P: AAA; Underlying ratings of S&P: A Dated: February 1, 2005 Underwriter(s): Banc of America Securities LLC Sold on: BPA — January 19, 2005 Closing — February 2, 2005 Terms: Public sale $5,000 denominations. Interest Rate(s): Fixed — (yield) if different Maturities: October 1: 05— 40M, 3.00% (2.12%); 06— 475M, 3.00% (2.32%); 07— 510M, 3.00%; (2.50%); 08— 500M, 3.00%; (2.69%); 09— 515M, 3.00%; (2.81%); 10— 535M, 3.50%; (3.14%); 11— 550M, 3.50%; (3.30%); 12— 570M, 3.75%; (3.48%); 13— 590M, 3.75%; (3.61%); 14— 615M, 4.00%; (3.72%); 15— 640M, 4.00%; (3.82%). Effective Interest Cost: 3.926176% Trustee/Registrar: Wachovia Bank, National Association. (DTC) Credit Enhancement to be provided by: Insurance - MBIA Special Counsel: Womble Carlyle Sandridge & Rice PLLC Underwriter’s Counsel: Robinson, Bradshaw & Hinson, P.A. County: Raleigh Population: 322,211 Amount: $28,515,000 Purpose: Construction of a parking deck to service a new convention center and hotel and to meet additional parking needs of downtown Raleigh. Rating(s): Moody’s: Aa2, S&P: AA+; Fitch AA Dated: January 19, 2005 Underwriter(s): Citigroup Global Markets Inc. (Sr.); BB&T Capital Markets (Co-Mgr.); Banc of America Securities LLC (Co-Mgr.) Sold on: BPA — January 14, 2005 Closing — January 19, 2005 Terms: Public sale $5,000 denominations. Interest Rate(s): Fixed — (yield) if different Maturities: February 1: 08— 575M, 2.50%; (2.58%); 09— 590M, 2.60%; (2.72%); 10— 605M, 2.875%; (2.97%); 11— 620M, 3.00% (3.19%); 12— 640M, 3.50%; (3.39%); 13— 665M, 4.00%; (3.54%); 14— 690M, 4.00%; (3.66%); 15— 720M, 3.70%; (3.77%); 16— 745M, 3.75% (3.89%); 17— 770M, 4.00%; (4.00%); 18— 805M, 4.00%; (4.08%); 19— 835M, 4.00%; (4.15%); 20— 870M, 4.10%; (4.22%). $1,855,000 5.00% Term Certificates due February 1, 2022 — Yield 4.24%; $2,040,000 5.00% Term Certificates due February 1, 2024 — Yield 4.36%; $6,070,000 5.00% Term Certificates due February 1, 2029 — Yield 4.55%; $6,070,000 5.00% Term Certificates due February 1, 2029 — Yield 4.55%. Certificates maturing on or after 2/1/16 are callable on or after 2/1/15 at 100%. Mandatory sinking fund redemptions of term certificates February 1, 2021- 2035. Effective Interest Cost: 4.5899150% Trustee/Registrar: Deutsche Bank National Trust Company (DTC) Credit Enhancement to be provided by: None Special Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriter’s Counsel: Parker Poe Adams & Bernstein L.L.P NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 15 REPORT ON RECENT SALE OF NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON JANUARY 4, 2005 Issuer: United Methodist Retirement Homes Amount: $20,790,000 Series 2005A (Fixed Rate Bonds) $24,250,000 Series 2005B (Variable Rate Bonds) Purpose: Construction/Refunding Ratings: Series A: not rated; Series B: Aa3/VMIG1 by Moody’s Dated: February 1, 2005 (Series A); February 16, 2005 (Series B) Underwriters: Series A: BB&T Capital Markets Group (Senior Manager) and Davenport & Company, LLC (Co. Manager); Series B: BB&T Capital Markets Sold on: BPA — January 27, 2005 (Series A) BPA — February 15, 2005 (Series B) Closing — February 16, 2005 Terms: Offering — $5,000 denominations (Series A) Offering — $100,000 denominations (Series B) Interest Rates: Fixed — (yield of different from stated) Series 2003A (Fixed Rate Bonds) 08—90M, 3.25%; 09—170M, 3.375%; (3.5%); 10—175M, 3.625%; (3.65%); 11—185M, 3.75%; (3.85%); 12—185M, 4.00%; 13—195M, 4.00%, (4.10%); 14—200M, 4.125%; (4.20%); 15—205M, 4.25%; (4.30%); 16—215M, 4.375%; (4.4%); 25—2,560M, 5.25%; (5.28%); 35—16,610M, 5.50%; (5.55%) Trustee: First-Citizens Bank & Trust Company Bond Counsel: Robinson, Bradshaw & Hinson, P.A. Underwriters Counsel: Hunton & Williams & Wicker LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 16 BOND BUYER’S INDEX 20 G.O. Bonds 4.68 4.49 4.76 5.01 5.03 4.98 4.78 4.61 4.61 4.45 4.63 4.47 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 5.8 6.0 6.2 6.4 6.6 6.8 7.0 Feb 5 Mar 4 Apr 8 May 6 Jun 3 Jul 5 Aug 5 Sept 9 Oct 8 Nov 4 Dec 8 Jan 6 Percent Rate 2004 DAY 2005 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
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Title | Bond reporter |
Date | 2005-01 |
Description | Volume 12, Number 1, (January 2005) |
Digital Characteristics-A | 178 KB; 16 p. |
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Full Text | NORTH CAROLINA DEPARTMENT OF STATE TREASURER Richard H. Moore, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES January 5, 2005 COUNTYOF BUNCOMBE $ 18,340,000 Refunding, G.O. Bonds January 11, 2005 COUNTY OF GUILFORD $ 56,595,000 Refunding & Public Improvement, G.O. Bonds January 19, 2005 COUNTY OF MECKLENBURG $ 32,300,000 Public Improvement, G.O. Bonds January 25, 2005 CITY OF GREENSBORO $ 14,580,000 Public Improvement, G.O. Bonds February 1, 2005 TOWN OF MOUNT OLIVE $ 2,455,000 Water, Bond Anticipation Notes TOWN OF HERTFORD $ 620,000 Water, Bond Anticipation Notes February 8, 2005 ROCKY POINT/TOPSAIL WATER & SEWER DISTRICT $ 5,723,000 Water, Bond Anticipation Notes BOILING SPRING LAKES $ 4,500,000 Water, Bond Anticipation Notes February 22, 2005 COUNTY OF CABARRUS $ 50,000,000 School, G.O. Bonds BOND REPORTER VOLUME XII JANUARY 2005 No. 1 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER Richard H. Moore, Treasurer Published Monthly by North Carolina Department of State Treasurer Albemarle Building 325 North Salisbury Street Raleigh, North Carolina 27603-1385 Richard H. Moore, State Treasurer (919) 508-5176 Janice T. Burke, Deputy Treasurer (919) 807-2351 Vance Holloman, Director, Fiscal Management (919) 807-2380 Tim Romocki, Director, Debt Management (919) 807-2360 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 XII No. 1 January 2005 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 Interest Rate SWAP 6 North Carolina Housing Finance Agency 7 Revolving Loan 7 North Carolina Medical Care Commission 8 Financing Agreements 9-10 REPORTS OF RECENT SALES General Obligation Bonds 11-12 Certificate of Participation 13-14 North Carolina Medical Care Commission 15 OTHER INFORMATION Bond Buyer’s Index 16 B ON D REP ORT E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 3 SCHEDULE OF NEGOTIATED SALES* January 12, 2005 COUNTY OF BUNCOMBE $ 16,000,000 Certificates of Participation Legg Mason Wood Walker, Inc. January 13, 2005 CITY OF RALEIGH $ 28,515,000 Certificate of Participation Citigroup (Sr. Mgr.); Banc of America Securities LLC (Co-Mgr.) BB&T Capital markets (Co-Mgr.) January 18, 2005 CITY OF GASTONIA $ 5,800,000 Certificates of Participation Banc of America Securities LLC January 26, 2005 CITY OF CONCORD $ 25,000,000 Certificates of Participation Citigroup (Sr. Mgr.) Legg Mason Wood Walker, Inc. (Co. Mgr.) NORTH CAROLINA MEDICAL CARE COMMISSION $ 20,800,000 First Mortgage Revenue Bonds United Methodist Retirement Homes (Croasdaile Village) BB&T Capital markets (Sr.), Davenport & Company LLC, Wachovia Securities March 4, 2005 RALEIGH-DURHAM AIRPORT AUTHORITY $ 135,000,000 Airport Revenue Bonds Citigroup (Sr.); Lehman Brothers (Sr.); Wachovia Securities; Banc of America Securities LLC; Morgan Keegan & Company, Inc.; Siebert Brandford Slank & Co., LLC; UBS Financial Services Inc. March 8, 2005 NORTH CAROLINA HOUSING FINANCE AGENCY $ 65,000,000 Single Family Home Ownership Revenue Bonds Senior Manager: UBS Financial Services Inc.; Co-Managers: BB&T Capital Markets, a Division of Scott & Stringfellow, Inc.; A. G. Edwards & Sons, Inc.; Davenport & Co. LLC; Wachovia Bank, National Association; Legg Mason Wood Walker, Incorporated; Banc of America Securities LLC; Morgan Keegan & Company, Inc.; and Citigroup Global Markets Inc. *Subject to change. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 4 NOTICE OF REDEMPTION Issuer: $22,095,000 Wake County Special Obligation Bonds (Solid Waste Management Projects), Series 1997 Amount: $ 3,560,000 Redemption Date: February 1, 2005 CUSIP Number: 930885AG3 Redemption Price: Par Dated: August 1, 1997 Present for payment at: First-Citizens Bank & Trust Co., Attn: Shawna L. Hale, Vice President, 100 E. Tryon Road, Raleigh, North Carolina 27603 Issuer: $158,955,000 State of North Carolina Correctional Facilities Project, Certificate of Participation, Series 2004A Amount: $ 7,945,000 Redemption Date: February 1, 2005 Redemption Price: Par CUSIP Number: 65820QAA1 Dated: February 12, 2004 Present for payment at: First-Citizens Bank & Trust Co., Attn: Shawna L. Hale, Vice President, 100 E. Tryon Road, Raleigh, North Carolina 27603 Issuer: $20,505,000 City of Salisbury, North Carolina Combined Enterprise System Revenue Bonds, Series 2002 Amount: $ 525,000 Redemption Date: February 1, 2005 Redemption Price: Par CUSIP Number: 795375AC8 Dated: April 15, 2002 Present for payment at: First-Citizens Bank & Trust Co., Attn: David J. Klimczak, Vice President, 100 E. Tryon Road, Raleigh, North Carolina 27603 Issuer: Lenoir Housing Authority, Mortgage Revenue Bond, Series 1997A, (GNMA Collateralized-Caldwell Gardens Apartments Project) Amount: $ 25,000 CUSIP Number: 526233AA9 Redemption Price: 100% Redemption Date: February 20, 2005 Certificate Number: RA-1 Dated: July 1, 1997 Present for payment at: First-Citizens Bank & Trust Company, as Trustee & Paying Agent Issuer: $2,425,000 Burlington Housing Authority Mortgage, Revenue Refunding Bonds, Series 1995A, (Burlington Homes-Section 8 Assisted Project) Amount: $ 90,000 CUSIP Number: 121894AA7 Dated: November 1, 1995 Redemption Price: 100% Redemption Date: February 1, 2005 Certificate Number: R-1 Present for payment at: First-Citizens Bank & Trust Company, as Trustee & Paying Agent Issuer: The Stanly County Industrial Facilities and Pollution Control Financing Authority, Industrial Development Revenue Bonds (Gentry Mills Inc. Project) Series 2000 Amount: $ 130,000 CUSIP Number: 854672AD4 Redemption Price: 100% Bond Number: FASBAL_1 Redemption Date: February 1, 2005 Present for payment at: Wachovia Customer Information Center, Attn: Redemptions NC-1153, 1525 West WT Harris Blvd – 3C3, Charlotte, North Carolina 28262-8522 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 5 STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES December 31, 2004 Amount Population Per Capita Local Units’ Debt $ 17,669,817,151 — — State of North Carolina $ 5,824,194,379 8,495,524 $ 686 U.S. Public Debt $ 7,535,629,022,968 294,924,534 $25,551 GENERAL OBLIGATION REFUNDING BOND PROPOSALS APPROVED ON JANUARY 4, 2005 County: Guilford Population: 438,520 Amount: $ 65,000,000 Purpose: Refunding Bond Counsel: Robinson, Bradshaw & Hinson, P.A. Financial Advisor: Banc of America Securities, LLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 6 REVENUE BOND APPROVED ON JANUARY 4, 2005 Municipality: City of Winston Salem Amount: $ 54,000,000 Purpose: Water & Sewer Amount: $ 36,000,000 Purpose: Refunding Structure: Public sale. Pricing currently scheduled for January 20, 2005 to not conflict with any other revenue bonds. Past issues have been rated: S&P: AAA; Moody’s: Aa2; Fitch: AA Interest Rate: Fixed (3 yrs interest only-new money.) Term: Approximately 28 years Final Maturity: Not beyond December 31, 2033 Bond Counsel: Parker Poe Adams & Bernstein, L.L.P. Underwriters: Citigroup Global markets Inc. (Sr.) Co-Managers: Jackson Securities LLC, Wachovia Bank, National Association Underwriters’ Counsel: Robinson, Bradshaw & Hinson, P.A. Registrar/Trustee: The Bank of New York Trust Company (DTC) Verification Agent: McGladrey & Pullen, LLP Escrow Agent: The Bank of New York Trust Company Surety Provider: Financial Security Assurance, Inc. Feasibility: Black & Veatch Corporation Financial Advisor: DEC Associates, Inc. INTEREST RATE SWAP City: Durham National Amount of SWAP: Not to exceed $106,670,000 Purpose: Interest Rate SWAP agreement — (Leveraged Basis Swap) Co-Special Counsel: Parker Poe Adams & Bernstein, LLP and the Banks Law Firm, P.A. Term of SWAP: Not to exceed 2020 SWAP Provider: RFPC, LLC SWAP Advisor: Public Financial Management Type of SWAP: Leveraged Basis as proposed NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 7 NORTH CAROLINA HOUSING FINANCE AGENCY APPROVED ON JANUARY 4, 2005 Issuer: North Carolina Housing Finance Agency Amount: $400,000,000 Purpose: Low Income Housing Structure: Public sales from time to time through December 31, 2006 scheduled so as not to conflict with other revenue bond sales. Expected ratings AA from S&P and Aa2 from Moody’s. Interest Rate: Fixed and Synthetically Fixed Final Maturity: Not to extend beyond 33 years Term: Final maturity 33 years Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriters: UBS PaineWebber Inc.; Co-managers may include only: (For Fixed Rate Only): A. G. Edwards & Sons, Inc.; Banc of America Securities LLC; BB&T Capital markets, a Division of Scott & Stringfellow, Inc.; Davenport & Company LLC; Legg Mason Wood Walker, Incorporated; Morgan Keegan & Company, Inc.; Citigroup Global Markets, Inc.; Wachovia Bank, National Association Underwriters Counsel: Bode, Call & Stroupe, L.L.P. Trustee/Registrar: Wachovia Bank, National Association Liquidity Provider: Shall be rated A+ or better by S&P and A1 or better by Moody’s Swap Advisor: SWAP Financial Group, Inc. or as approved by the State Treasurer Swap Provider: Shall be rated A+ or better by S&P and A1 or better by Moody’s Remarketing Agent: UBS PaineWebber Inc. REVOLVING LOAN APPROVED ON JANAURY 4, 2005 Municipality: Town of Clayton Amount: $ 4,450,000 Purpose: Wastewater Treatment Interest Rate: Not to exceed 4%. Loan From: State of North Carolina Term: 15 years NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 8 NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON JANUARY 4, 2005 Issuer: United Methodist Retirement Homes Amount: $ 37,800,000 Purpose: Construction Amount: $ 8,450,000 Purpose: Refunding Structure: Series A: non-rated, public offering in $5,000 denominations, scheduled for January 26, 2005 to not conflict with any other publicly offered revenue bonds. Series B: limited public offering in $100,000 denominations and integral multiples of $5,000 in excess thereof. Scheduled for February 15, 2005 to not conflict with any other publicly offered revenue bonds. Series B bonds will be backed by a direct pay letter of credit and will be rated Aa3/VMIG1 by Moody’s, based upon the credit support of the letter of credit provider. A credit facility is required at all times while in the variable rate mode. Interest Rate: Fixed (Serial, Term) Term: Approximately 31 years (Ser. A &B) Bond Counsel: Robinson, Bradshaw Hinson, P.A. Underwriter: BB&T Capital Markets Underwriter Counsel: Hunton & Williams LLP Borrower Counsel: Womble, Carlyle, Sandridge & Rice, PLLC Trustee/Registrar: First-Citizens Bank & Trust Company (DTC) Letter of Credit Provider: Branch Banking & Trust Company LOC Counsel: Helms Mulliss & Wicker, PLLC Remarketing Agent: BB&T Capital Markets Co-Manager: Davenport & Company, LLC Feasibility Consultant: Dixon Hughes, PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 9 FINANCING AGREEMENTS APPROVED ON JANUARY 4, 2005 Municipality: City of Concord Population: 61,068 Amount: $14,720,693 Purpose: Municipal Buildings (Police Headquarters) Amount: $ 1,901,001 Purpose: Equipment Amount: $10,378,306 Purpose: Refunding – Recreation (Golf Course) Authority: G.S. 160A-20 Installment Contract — Public Placement Interest Rate(s): True Interest Cost: 5.164% Effective Interest Cost: 5.228% Final Maturity: Not beyond 2030 Special Counsel: Parker Poe Adams & Bernstein L.L.P. Underwriters: Citigroup Global Markets, Inc. (Sr. Mgr.); Legg Mason Wood Walker, Inc. (Co-Mgr.) Underwriter’s Counsel: Womble Carlyle Sandridge & Rice, PLLC Trustee: Wachovia Bank, N.A. (DTC) Insurer: MBIA Municipality: City of Fayetteville Population: 130,692 Amount: $ 396,000 Purpose: Water Authority: G.S. 160A-20 Installment Contract — Private Placement Interest Rate: 0% Payment: Annual Term: 10 years Bank: South River Electric Membership Corporation (SREMC) Municipality: City of Gastonia Population: 68,518 Amount: $ 6,000,000 Purpose: Refunding – COPs (Originally financing a Police Headquarters) Authority: G.S. 160A-20 Installment Contract — Public Placement Interest Rate: True Interest Cost: 4.417% Effective Interest Cost: 4.72% Final Maturity: Not beyond 2015 Special Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriters: Banc of America Securities LLC Underwriters Counsel: Robinson Bradshaw & Hinson, P.A. Trustee: Wachovia Bank, N.A. (DTC) Insurer: To be determined Municipality: Town of Leland Population: 4,214 Amount: $275,000 Purpose: Municipal Building (Town Hall) Authority: G.S. 160A-20 Installment Purchase — Private Placement Interest Rate(s): 3.39% Terms: 5 years Payment: Monthly Bank: BB&T Municipality: City of Raleigh Population: 316,719 Amount: $200,000,000 Purpose: Convention Center Amount: $30,000,000 Purpose: Parking Authority: G. S. 160A-20 Installment Contract — Private Placement Interest Rate: Either Fixed or Variable If Fixed, True Interest Cost: 5.50%; Effective Interest Cost: 5.63%. If Variable; 12%; 25% if Bank held. Final Maturity: Not beyond 2035 Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriter Counsel: Parker Poe Adams & Bernstein L.L.P. Financial Advisor: DEC Associates, Inc. Underwriters: Citigroup Global Markets, Inc. (Sr. Mgr.); Co. Mgrs: Series A – Banc of America Securities LLC, BB&T Capital Markets; Series B (Fixed rate) – Series A Co Managers plus Wachovia Bank, N.A. and Legg Mason Wood Walker, Inc. Liquidity Provider: DEPFA Bank Trustee/Tender Agent: Deutsche Bank Remarketing Agent: Citigroup Global Markets, Inc. (Continued on page 10) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 10 FINANCING AGREEMENTS APPROVED ON JANUARY 4, 2005 (Continued from page 9) Municipality: Town of Rolesville Population: 1,000 Amount: $500,000 Purpose: Recreation (Park) Authority: G.S. 160A-20 Installment Contract — Private Placement Interest Rate(s): 3.20% Term: 5 years Payment: Monthly Bank: RBC Centura County: Buncombe Population: 212,316 Amount: $15,650,000 Purpose: Jail Authority: G.S. 160A-20 Installment Purchase — Public Placement Interest Rate(s): True Interest Cost: 4.895% Effective Interest Cost: 4.973% Final Maturity: Not beyond 2025 Special Counsel: Parker Poe Adams & Bernstein LLP; Martin L. Nesbitt, Esq. Underwriters: Legg Mason Wood Walker, Inc. Underwriters Counsel: Hunton & Williams LLP Trustee: Wachovia Bank, N.A. (DTC) Insurer: AMBAC County: Duplin Population: 50,775 Amount: $ 1,500,000 Purpose: Courthouse Renovation Authority: G.S. 160A-20 Installment Contract — Private Placement Interest Rate(s): 2.85% Terms: Semi-annual Maturity: 5 years Bank: Wachovia Issuer: Bladen County Schools Amount: $ 2,286,080 Purpose: Equipment Authority: G.S. 160A-20 Installment Contract — (Guaranteed Energy Savings Contract) Private Placement Interest Rate(s): Not to exceed 4.06% Terms: Monthly Maturity: 12 years Vendor: Energy Systems Group SE, Inc. Bank: Branch Banking and Trust Company NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 11 REPORT ON RECENT SALES OF GENERAL OBLIGATION BONDS County: Buncombe Amount: $ 5,835,000 Purpose: General Obligation Public Improvement Bonds, Series 2005A Dated: January 15, 2005 Sold on: January 5, 2005 Rates: 3.00s, 390M—2006; 3.25s, 385M—2007; 3.00s, 1,170M—2008/2010; 3.50s, 1,170M—2011/2013; 3.75s, 780M—2014/2015; 3.50s, 780M—2016/2017; 3.75s, 390M—2018; 4.00s, 770M—2019/2020. The Bonds are subject to redemption prior to maturity, at the option of the County, from any moneys that may be made available for such purpose, either in whole or in part on any date on or after may 1, 2015, at the principal amount of the Bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption, without a redemption premium. Net Interest Cost: 3.5607% Average Life: 8.29 years Winning Bidder: First Tryon Securities Bond Counsel: Parker Poe Adams & Bernstein L.L.P. County: Buncombe Amount: $ 12,430,000 Purpose: General Obligation Refunding Bonds, Series 2005B Dated: January 15, 2005 Sold on: January 5, 2005 Rates: 3.00s, 9,305M—2005/2012; 3.20s, 1,060M—2013; 3.50s, 2,065M—2014/2015. The Bonds will not be subject to redemption prior to maturity. True Interest Cost: 3.0666% Average Life: 5.56 years Winning Bidder: Wachovia Bank, National Association Bond Counsel: Parker Poe Adams & Bernstein L.L.P. County: Guilford Amount: $ 54,380,000 Purpose: General Obligation Refunding Bonds, Series 2005C Dated: February 1, 2005 Sold on: January 11, 2005 Rates: 3.00s, 15M—2005; 4.00s, 1,140M—2006; 5.00s, 1,130M—2007; 3.00s, 3,580M—2008/2010; 5.00s, 18,245M—2011/2012; 4.50s, 7,950M—2013; 5.00s, 22,320M—2014/2016. The Bonds will not be subject to redemption prior to maturity. True Interest Cost: 3.4232% Average Life: 8.41 years Winning Bidder: Merrilll Lynch & Co. Bond Counsel: Robinson, Bradshaw & Hinson, P.A. (Continued on page 12) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 12 REPORT ON RECENT SALES OF GENERAL OBLIGATION BONDS (Continued from page 11) County: Mecklenburg Amount: $ 32,300,000 Purpose: General Obligation Public Improvement Bonds, Series 2005A Dated: February 1, 2005 Sold on: January 19, 2005 Rates: 3.00s, 6,460M—2007/2010; 3.25s, 1,615M—2011; 3.50s, 1,615M—2012; 4.00s, 1,615M—2013; 3.40s, 1,615M—2014; 4.00s, 4,845M—2015/2017; 4.50s, 1,615M—2018; 4.00s, 4,845M—2019/2021; 4.125s, 3,230M—2022/2023; 4.25s, 4,845M—2024/2026. The bonds maturing on February 1, 2016 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, 2015 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. Net Interest Cost: 3.9849% Average Life: 11.50 years Winning Bidder: A. G. Edwards & Sons, Inc. Bond Counsel: Robinson, Bradshaw & Hinson, P.A. Municipality: City of Greensboro Amount: $ 14,580,000 Purpose: General Obligation Public Improvement Bonds, Series 2005A Dated: February 1, 2005 Sold on: January 25, 2005 Rates: 3.00s, 3,240M—2006/2009; 3.25s, 1,620M—2010/2011; 3.50s, 1,620M—2012/2013; 3.75s, 1,620M—2014/2015; 4.00s, 4,860M—2016/2021; 4.125s, 1,620M—2022/2023. The bonds maturing on February 1, 2016 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, 2015, 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. Net Interest Cost: 3.8472% Average Life: 9.50 years Winning Bidder: Banc of America Securities LLC Co-Bond Counsel: Sidley Austin Brown & Wood LLP and Steve Allen, Esq. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 13 REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION APPROVED ON JANUARY 4, 2005 Municipality: Buncombe Population: 212,316 Amount: $14,500,000 Purpose: Construction of 96,000 square foot addition to existing detention facility. Rating(s): Insured by AMBAC; Moody’s: Aaa, S&P: AAA; Underlying ratings of Moodys: Aa3, S&P:AA-Dated: January 27, 2005 Underwriter(s): Legg Mason Wood Walker, Inc. Sold on: BPA — January 13, 2005 Closing — January 27, 2005 Terms: Public sale $5,000 denominations. Interest Rate(s): Fixed — (yield) if different Maturities: April 1: 06— 725M, 3.00% (2.17%); 07— 720M, 2.50% (2.40%); 08— 725M, 2.75%; (2.53%); 09— 530M, 3.00%; (2.67%); 09— 190M, 5.00%; (2.67%); 10— 175M, 3.00%; (2.96%); 10— 570M, 5.00%; (2.96%); 11— 725M, 3.50%; (3.15%); 12— 600M, 3.50%; (3.33%); 12— 125M, 4.00%; (3.33%); 13— 100M, 3.75%; (3.48%); 13— 625M, 3.40%; (3.48%); 14— 725M, 4.00%; (3.62%); 15— 435M, 3.50%; (3.73%); 15— 290M, 4.00%; (3.73%); 19— 400M, 4.00%; (4.08%). 22— 350M, 4.125%; (4.27%); 23— 725M, 4.20%; (4.34%); 24— 720M, 4.25%; (4.38%); 25— 720M, 4.30%; (4.44%). $2,175,000 5.00% Term Certificates due April 1, 2018 — Yield 4.02%; $2,150,000 5.00% Term Certificates due April 1, 2022 — Yield 4.27%. Certificates maturing after 4/1/15 are callable on or after 4/1/15 at 100%. Mandatory sinking fund redemptions of term certificates April 1, 2016- 2022. Effective Interest Cost: 4.2749850% Trustee/Registrar: Wachovia Bank, National Association. (DTC) Credit Enhancement to be provided by: Insurance - AMBAC Special Counsel: Parker Poe Adams & Bernstein L.L.P. Underwriter’s Counsel: Hunton & Williams LLP Municipality: City of Concord Population: 61,068 Amount: $27,000,000 Purpose: Construction of a police headquarters and communications center, expansion of the City’s communications system and refunding of Certificates of Participation, Series 1996B to realize a savings of approximately $865,000 or 8% of the refunded debt. Rating(s): Insured by MBIA; Moody’s: Aaa, S&P: AAA, Fitch: AAA: Underlying ratings of Moodys: A1, S&P:A+, Fitch: AA-Dated: February 10, 2005 Underwriter(s): Citigroup Global Markets Inc. (Sr.); Legg Mason Wood Walker, Inc. (Co-Mgr.) Sold on: BPA — January 27, 2005 Closing — February 10, 2005 Terms: Public sale $5,000 denominations. Interest Rate(s): Fixed — (yield) if different Maturities: June 1: 06— 750M, 3.00% (2.30%); 07—1,205M, 3.00% (2.52%); 08—1,225M, 3.00%; (2.62%); 09—1,240M, 3.00%; (2.87%); 10— 500M, 3.00%; (3.04%); 10— 755M, 5.00%; (3.04%); 11— 730M, 3.11%; (3.22%); 11— 545M, 3.25; (3.22%); 12—1,045M, 3.25%; (3.40%); 12— 250M, 4.00%; (3.40%); 13—1,315M, 3.40%; (3.54%); 14—1,345M, 3.50%; (3.66%); 15—1,360M, 4.00%; (3.78%); 16��1,395M, 5.00%; (3.85%); 17—1,430M, 500%; (3.93%); 18—1,475M, 5.00%; (4.00%). 19—1,515M, 5.00%; (4.05%); 20—1,555M, 5.00%; (4.11%); 21— 590M, 4.00%; (4.20); 21—1,000M, 5.00%; (4.17%). $5,775,000 4.50% Term Certificates due June 1, 2030 — Yield 4.625%. Certificates maturing on or after 6/1/16 are callable on or after 6/1/15 at 100%. Mandatory sinking fund redemptions of term certificates April 1, 2022- 2030. Effective Interest Cost: 4.364823% Trustee/Registrar: Wachovia Bank, National Association. (DTC) Credit Enhancement to be provided by: Insurance - MBIA Special Counsel: Parker Poe Adams & Bernstein L.L.P. Underwriter’s Counsel: Womble Carlyle Sandridge & Rice, PLLC (Continued on page 14) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 14 REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION APPROVED ON JANUARY 4, 2005 (Continued from page 13 Municipality: Gastonia Population: 68,518 Amount: $ 5,540,000 Purpose: Refunding of Certificates of Participation, Series 1995 in order to realize net present value savings of approximately $330,000, or 6.26% of the refunded debt. Rating(s): Insured by MBIA; Moody’s: Aaa, S&P: AAA; Underlying ratings of S&P: A Dated: February 1, 2005 Underwriter(s): Banc of America Securities LLC Sold on: BPA — January 19, 2005 Closing — February 2, 2005 Terms: Public sale $5,000 denominations. Interest Rate(s): Fixed — (yield) if different Maturities: October 1: 05— 40M, 3.00% (2.12%); 06— 475M, 3.00% (2.32%); 07— 510M, 3.00%; (2.50%); 08— 500M, 3.00%; (2.69%); 09— 515M, 3.00%; (2.81%); 10— 535M, 3.50%; (3.14%); 11— 550M, 3.50%; (3.30%); 12— 570M, 3.75%; (3.48%); 13— 590M, 3.75%; (3.61%); 14— 615M, 4.00%; (3.72%); 15— 640M, 4.00%; (3.82%). Effective Interest Cost: 3.926176% Trustee/Registrar: Wachovia Bank, National Association. (DTC) Credit Enhancement to be provided by: Insurance - MBIA Special Counsel: Womble Carlyle Sandridge & Rice PLLC Underwriter’s Counsel: Robinson, Bradshaw & Hinson, P.A. County: Raleigh Population: 322,211 Amount: $28,515,000 Purpose: Construction of a parking deck to service a new convention center and hotel and to meet additional parking needs of downtown Raleigh. Rating(s): Moody’s: Aa2, S&P: AA+; Fitch AA Dated: January 19, 2005 Underwriter(s): Citigroup Global Markets Inc. (Sr.); BB&T Capital Markets (Co-Mgr.); Banc of America Securities LLC (Co-Mgr.) Sold on: BPA — January 14, 2005 Closing — January 19, 2005 Terms: Public sale $5,000 denominations. Interest Rate(s): Fixed — (yield) if different Maturities: February 1: 08— 575M, 2.50%; (2.58%); 09— 590M, 2.60%; (2.72%); 10— 605M, 2.875%; (2.97%); 11— 620M, 3.00% (3.19%); 12— 640M, 3.50%; (3.39%); 13— 665M, 4.00%; (3.54%); 14— 690M, 4.00%; (3.66%); 15— 720M, 3.70%; (3.77%); 16— 745M, 3.75% (3.89%); 17— 770M, 4.00%; (4.00%); 18— 805M, 4.00%; (4.08%); 19— 835M, 4.00%; (4.15%); 20— 870M, 4.10%; (4.22%). $1,855,000 5.00% Term Certificates due February 1, 2022 — Yield 4.24%; $2,040,000 5.00% Term Certificates due February 1, 2024 — Yield 4.36%; $6,070,000 5.00% Term Certificates due February 1, 2029 — Yield 4.55%; $6,070,000 5.00% Term Certificates due February 1, 2029 — Yield 4.55%. Certificates maturing on or after 2/1/16 are callable on or after 2/1/15 at 100%. Mandatory sinking fund redemptions of term certificates February 1, 2021- 2035. Effective Interest Cost: 4.5899150% Trustee/Registrar: Deutsche Bank National Trust Company (DTC) Credit Enhancement to be provided by: None Special Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriter’s Counsel: Parker Poe Adams & Bernstein L.L.P NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 15 REPORT ON RECENT SALE OF NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON JANUARY 4, 2005 Issuer: United Methodist Retirement Homes Amount: $20,790,000 Series 2005A (Fixed Rate Bonds) $24,250,000 Series 2005B (Variable Rate Bonds) Purpose: Construction/Refunding Ratings: Series A: not rated; Series B: Aa3/VMIG1 by Moody’s Dated: February 1, 2005 (Series A); February 16, 2005 (Series B) Underwriters: Series A: BB&T Capital Markets Group (Senior Manager) and Davenport & Company, LLC (Co. Manager); Series B: BB&T Capital Markets Sold on: BPA — January 27, 2005 (Series A) BPA — February 15, 2005 (Series B) Closing — February 16, 2005 Terms: Offering — $5,000 denominations (Series A) Offering — $100,000 denominations (Series B) Interest Rates: Fixed — (yield of different from stated) Series 2003A (Fixed Rate Bonds) 08—90M, 3.25%; 09—170M, 3.375%; (3.5%); 10—175M, 3.625%; (3.65%); 11—185M, 3.75%; (3.85%); 12—185M, 4.00%; 13—195M, 4.00%, (4.10%); 14—200M, 4.125%; (4.20%); 15—205M, 4.25%; (4.30%); 16—215M, 4.375%; (4.4%); 25—2,560M, 5.25%; (5.28%); 35—16,610M, 5.50%; (5.55%) Trustee: First-Citizens Bank & Trust Company Bond Counsel: Robinson, Bradshaw & Hinson, P.A. Underwriters Counsel: Hunton & Williams & Wicker LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER January 2005 16 BOND BUYER’S INDEX 20 G.O. Bonds 4.68 4.49 4.76 5.01 5.03 4.98 4.78 4.61 4.61 4.45 4.63 4.47 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 5.8 6.0 6.2 6.4 6.6 6.8 7.0 Feb 5 Mar 4 Apr 8 May 6 Jun 3 Jul 5 Aug 5 Sept 9 Oct 8 Nov 4 Dec 8 Jan 6 Percent Rate 2004 DAY 2005 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 |