Bond reporter

              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
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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.
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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
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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
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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.
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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