Bond reporter

              NORTH CAROLINA
DEPARTMENT OF STATE TREASURER
Richard H. Moore, Treasurer
CALENDAR OF SCHEDULED COMPETITIVE SALES
March 15, 2005
COUNTY OF BRUNSWICK $ 14,830,000
Refunding and Community College, G.O. Bonds
COUNTY OF WAKE $ 115,770,000
Refunding, G.O. Bonds
March 22, 2005
COUNTY OF BEAUFORT $ 17,000,000
School, G.O. Bonds
March 29, 2005
CITY OF GOLDSBORO $ 11,560,000
Public Improvement & Refunding, G.O. Bonds
April 5, 2005
COUNTY OF ROWAN $ 52,300,000
School & Refunding, G.O. Bonds
April 12, 2005
COUNTY OF JOHNSTON $ 34,000,000
Refunding, G.O. Bonds
COUNTY OF ROBESON $ 8,000,000
Refunding, G.O. Bonds
April 19, 2005
CITY OF CHARLOTTE $ 175,000,000
Refunding, G.O. Bonds
COUNTY OF NORTHHAMPTON $ 14,000,000
Water and Refunding, G.O. Bonds
BOND
REPORTER
VOLUME XII MARCH 2005 No. 3
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. 3
March 2005
Calendar of Scheduled Competitive
Sales 1
Schedule of Negotiated Sales 3
Notice of Redemption 4-6
State and Local Unit Debt
Outstanding Balances 7
PROPOSALS
General Obligation Refunding Bond 7
Revenue 8
Revolving Loans 9
North Carolina Medical Care
Commission 10
Industrial Revenue Bond 11
North Carolina Capital Facilities
Finance Agency 12
Financing Agreements 13-14
REPORTS OF RECENT SALES
General Obligation Bond 15
Revenue Bond 16
OTHER INFORMATION
Bond Buyer’s Index 17
B
ON
D
REP
ORT
E
R
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 3
SCHEDULE OF NEGOTIATED SALES*
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.
March 16, 2005
CITY OF CHARLOTTE $ 55,000,000
Certificate of Participation
Bank of America Securities LLC (Sr. Mgr.)
Wachovia Securities (Co-Mgr.)
NORTH CAROLINA MEDICAL CARE COMMISSION $ 20,000,000
United Church Homes and Services
BB&T Capital Markets
March 17, 2005
COUNTY OF BRUNSWICK $ 10,000,000
Certificates of Participation
Bank of America Securities LLC
March 22, 2005
NORTH CAROLINA MEDICAL CARE COMMISSION $ 33,500,000
Presbyterian Homes Obligated Group
Legg Mason Wood & Walker Incorporated (Sr. Manager);
Davenport & Company LLC (Co-Manager)
April 13, 2005
STATE OF NORTH CAROLINA $ 206,500,000
Certificates of Participation
Banc of America Securities LLC (Sr. Mgr.)
Legg Mason Wood Walker (Co-Mgr.); BB&T Capital Markets (Co-Mgr)
April 14, 2005
ORANGE WATER AND SEWER AUTHORITY $ 20,000,000
Refunding Revenue Bonds
Banc of America Securities LLC
April 20, 2005
COUNTY OF CATAWBA $ 20,850,000
Certificates of Participation
Legg Mason Wood Walker (Sr. Mgr.)
BB&T Capital Markets (Co-Mgr.)
*Subject to change.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 4
NOTICE OF REDEMPTION
Issuer: North Carolina Capital Facilities Agency, Variable Rate Demand Revenue
Bonds, Series 2002, (Goodwill Community Foundation Project)
Amount: $ 590,000
Redemption Date: April 1, 2005
CUSIP Number: 65819GAL2
Redemption Price: 100%
Bond Number: R-1
Present for payment at: The Bank of New York, Attn: Fiscal Agency Department, Post Office Box
11265, Church Street Station, New York, New York 10286
Issuer: $8,835,000 Pitt Regional Infrastructure Development Effort, Inc.,
Certificates of Participation (Pitt County Public Facilities Project), Series
1997B
Amount: $1,120,000
Redemption Date: April 1, 2005
Redemption Price: Par
CUSIP Number: 724500CE1
Present for payment at: First Citizens Bank & Trust Co., Attn: Elizabeth J. Long, 100 E. Tryon Road,
Raleigh, North Carolina 27603
Issuer: Mount Olive Housing Authority, First Mortgage Refunding Revenue (Section
8 Assisted Project-Mount Olive Elderly Housing)
Amount: $ 25,000
Redemption Date: April 1, 2005
Redemption Price: 100%
CUSIP Number: 622201AU5
Certificate Number: R-1
Dated: October 1, 1993
Present for payment at: First-Citizens Bank & Trust Company, as Trustee
Issuer: $26,220,000 Lee County Development Corporation Certificates of
Participation, (Public School and Community College Projects), Series 2004
Amount: $ 500,000
Redemption Date: April 1, 2005
Redemption Price: Par
CUSIP Number: 523717AA4
Present for payment at: First-Citizens Bank & Trust Co., Attn: Elizabeth J. Long, 100 E. Tryon Road,
Raleigh, North Carolina 27603
(Continued on page 5)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 5
NOTICE OF REDEMPTION (Continued from page 4)
Issuer: $11,075,000 County of Brunswick, North Carolina, Certificates of
Participation, Series 2004
Amount: $ 1,115,000
Redemption Date: April 1, 2005
Redemption Price: Par
Dated: March 15, 2004
CUSIP Number: 117065BE1
Present for payment at: First-Citizens Bank & Trust Co., Attn: Elizabeth J. Long, 100 E. Tryon Road,
Raleigh, North Carolina 27603
Issuer: $18,665,000 Pitt Regional Infrastructure Development Effort, Inc.
Certificates of Participation (Pitt County Public Facilities Project), Series
1997A
Amount: $ 770,000
Redemption Date: April 1, 2005
Redemption Price: Par
CUSIP Number: 724500BS1
Present for payment at: First-Citizens Bank & Trust Co., Attn: Elizabeth J. Long, 100 E. Tryon Road,
Raleigh, North Carolina 27603
Issuer: $12,255,000 Pitt Regional Infrastructure Development Effort, Inc.,
Certificates of Participation (School Facilities Project), Series 2000A
Amount: $ 400,000
Redemption Date: April 1, 2005
Redemption Price: Par
CUSIP Number: 724500CM3
Present for payment at: First-Citizens Bank & Trust Co., Attn: Elizabeth J. Long, 100 E. Tryon Road,
Raleigh, North Carolina 27603
Issuer: $42,510,000 Pitt County, North Carolina Certificates of Participation (School
Facilities Project), Series 2004B
Amount: $ 105,000
Dated: October 26, 2004
CUSIP Number: 724500EP4
Redemption Date: April 1, 2005
Redemption Price: Par
Present for payment at: First-Citizens Bank & Trust Co., Attn: Elizabeth J. Long, 100 E. Tryon Road,
Raleigh, North Carolina 27603
(Continued on page 6)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 6
NOTICE OF REDEMPTION (Continued from page 5)
Issuer: $28,050,000 Pitt Regional Infrastructure Development Effort, Inc.
Certificates of Participation (School Facilities Project), Series 2000B
Amount: $ 500,000
Redemption Date: April 1, 2005
Redemption Price: Par
CUSIP Number: 724500DC4
Present for payment at: First-Citizens Bank & Trust Co., Attn: Elizabeth J. Long, 100 E. Tryon Road,
Raleigh, North Carolina 27603
Issuer: $12,635,000 Pitt County North Carolina Certificates of Participation (Pitt
County Public Facilities Project), Series 2001
Amount: $ 755,000
Dated: October 1, 2001
Redemption Date: April 1, 2005
Redemption Price: Par
CUSIP Number: 724500DY6
Present for payment at: First-Citizens Bank & Trust Co., Attn: Elizabeth J. Long, 100 E. Tryon Road,
Raleigh, North Carolina 27603
Issuer: City of Wilson, Redevelopment Commission, Multifamily Housing Revenue
Refunding Bond, Series 1997, (GNMA Collateralized-Cherry Hotel Project)
Amount: $ 10,000
Certificate Number: 1
CUSIP Number: 972334AA4
Dated: May 30, 1997
Redemption Date: April 20, 2005
Redemption Price: 100%
Present for payment at: First-Citizens Bank & Trust Company, as Trustee
Issuer: The Robeson County Industrial Development and Pollution Control
Financing Authority, Industrial Development Revenue Bonds, (Rempac Foam
Corporation Project), Series 1999
Amount: $115,000
CUSIP Number: 770657AU8
Redemption Date: April 1, 2005
Redemption Price: Par
Present for payment at: First-Citizens Bank & Trust Co., Attn: Donna Moos, 100 E. Tryon Road,
Raleigh, North Carolina 27603
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 7
STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES
February 28, 2005
Amount Population Per Capita
Local Units’ Debt $ 18,289,144,804 — —
State of North Carolina $ 6,497,399,379 8,495,524 $ 765
U.S. Public Debt $ 7,618,730,431,059 295,366,629 $25,794
􀂒􉈀􀂒􉈀􀂒􉈀􀂒􉈠
GENERAL OBLIGATION REFUNDING BOND PROPOSALS
APPROVED ON MARCH 1, 2005
Municipality: City of Goldsboro
Population: 38,522
Amount: $ 6,300,000
Purpose: Refunding
Bond Counsel: Sidley Austin Brown & Wood
LLP
Financial Advisor: Banc of America Securities,
LLC
County: County of Brunswick
Population: 81,810
Amount: $ 13,000,000
Purpose: Refunding
Bond Counsel: Parker Poe Adams &
Bernstein L.L.P.
Financial Advisor: Banc of America Securities,
LLC
County: County of Mecklenburg
Population: 801,137
Amount: $250,000,000
Purpose: Refunding
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
Financial Advisor: Banc of America Securities,
LLC
County: County of Wake
Population: 725,902
Amount: $272,300,000
Purpose: Refunding
Bond Counsel: Helms Mulliss & Wicker,
PLLC
Financial Advisor: Waters & Company, LLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 8
REVENUE BOND
APPROVED ON MARCH 1, 2005
Municipality: City of Raleigh
Amount: $60,000,000 (Amendment
to April 2004 approval)
Purpose: Refunding
Structure: Public Sale. Sale is scheduled
for the week of March 10th not
to conflict with any other
revenue bonds. Issue
expected to be rated by
Moody’s: Aa1; S&P: AAA;
Fitch: AAA
Interest Rate: Fixed
Term: Approximately 20 years
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Underwriters: Citigroup Global Markets
(Sr.); Banc of America
Securities, LLC; Wachovia
Bank, N.A.
Financial Advisor: DEC Associates, Inc.
Verification Agent: McGladrey & Pullen LLP
Surety Provider: Financial Security Assurance,
Inc.
Municipality: City of Shelby
Amount: $ 6,605,000
Purpose: Refunding
Structure: Private Sale to Bank of
America, N.A. for its own
portfolio. Registration and
transfer limited to banks,
insurance companies and
similar financial institutions.
Single Bond — bank qualified.
While these bonds are not
rated previous issues have
been rated Moody’s: Baa1
and S&P: A-Interest
Rate: Fixed
Term: Approximately 12 years
Final Maturity: Not beyond 2017
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Purchaser: Bank of America, N.A.
Trustee/Registrar/
Escrow Agent: Wachovia Bank, N.A.
Financial Advisor: Banc of America Securities
LLC
Authority: Raleigh-Durham Airport
Authority
Amount: $135,000,000
Purpose: Aeronautical Facilities
Revenue Bonds
Amount: $ 43,400,000
Purpose: Refunding
Structure: Public sale in $5,000
denominations. Sale is
currently scheduled for March
3rd in order not to conflict
with any other revenue
bonds. Authority is rated
Moody’s: A1; Fitch: A+
Insurance will be utilized for
preferred marketing.
Interest Rate: Fixed
Term: Approximately 30 years (new
money) Refunding — no
extension of maturity (2031)
Final Maturity: Not beyond 2036 (new money)
Not beyond 2031 (refunding)
Bond Counsel: LeBoeuf, Lamb, Greene &
MacRae, L.L.P.
Underwriters: Citigroup (Co-Senior);
Lehman Brothers (Co-Senior);
Wachovia Securities; Banc of
America Securities, LLC;
Morgan Keegan & Company,
Inc.; UBS Financial Services
Inc.; Siebert Brandford Shank
& Co. LLC
Underwriters
Counsel: Parker Poe Adams &
Bernstein, LLP
Financial Advisor: First Albany Capital Inc.
Registrar/Trustee: The Bank of New York Trust
Co. (DTC)
Feasibility: John F. Brown Company, Inc.
Insurance: Ambac Assurance
Corporation
Verification Agent: McGladrey & Pullen LLP
Escrow Agent: The Bank of New York Trust
Company, N.A.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 9
REVOLVING LOANS
APPROVED ON MARCH 1, 2005
Municipality: Town of Cramerton
Amount: $ 3,000,000
Purpose: Wastewater Treatment Plant
Interest Rate: Not to exceed 4%.
Loan From: State of North Carolina
Term: 17 years
Municipality: Town of Farmville
Amount: $ 2,471,380
Purpose: Wastewater Treatment
Interest Rate: Not to exceed 4%.
Loan From: State of North Carolina
Term: 20 years
Municipality: City of Oxford
Amount: $ 1,823,148
Purpose: Wastewater Treatment
Interest Rate: Not to exceed 4%.
Loan From: State of North Carolina
Term: 20 years
Municipality: City of Thomasville
Amount: $ 20,000,000
Purpose: Wastewater Treatment
Interest Rate: Not to exceed 4%.
Loan From: State of North Carolina
Term: 20 years
Municipality: Town of Whiteville
Amount: $ 2,200,000
Purpose: Wastewater Treatment
Interest Rate: Not to exceed 4%.
Loan From: State of North Carolina
Term: 13 years
Municipality: Town of Wilkesboro
Amount: $ 6,740,500
Purpose: Wastewater Treatment
Interest Rate: Not to exceed 4%.
Loan From: State of North Carolina
Term: 17 years
County: County of Cherokee
Amount: $ 845,578
Purpose: Water Supply System
Interest Rate: Not to exceed 4%.
Loan From: State of North Carolina
Term: 20 years
County: County of Harnett
Amount: $ 15,000,000
Purpose: Wastewater Treatment
Interest Rate: Not to exceed 4%.
Loan From: State of North Carolina
Term: 20 years
Municipality: Town of Fuquay-Varina
Amount: $ 12,000,000
Purpose: Wastewater Treatment
Interest Rate: Not to exceed 4%.
Loan From: State of North Carolina
Term: 20 years
Authority: Tuckaseigee Water & Sewer
Authority
Amount: $ 1,017,797
Purpose: Water Supply System
Interest Rate: Not to exceed 4%
Loan From: State of North Carolina
Term: 20 years
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 10
NORTH CAROLINA MEDICAL CARE COMMISSION
APPROVED ON MARCH 1, 2005
Issuer: Presbyterian Homes,
Inc./Glenaire, Inc.
Amount: $ 33,500,000
Purpose: Construction
Structure: Unrated Public Offering in
$5,000 denominations.
Currently scheduled for
March 22, 2005, and is not
expected to conflict with any
other unrated publicly offered
revenue bonds.
Interest Rate: Fixed (Serial, Term) and
Variable for the adjustable
Rate Reset Bonds which will
have a rate reset in one to five
years and will reset
periodically until final
maturity in 2031, unless
redeemed earlier.
Term: Approximately 26 & one half
years.
Bond Counsel: Womble Carlyle Sandridge &
Rice PLLC
Underwriter(s): Legg Mason Wood Walker,
Inc. (Sr. Mgr); Davenport &
Company LLC (Co. Mgr.)
Underwriter
Counsel: Sidley, Austin, Brown &
Wood, LLP
Trustee/Registrar: First-Citizens Bank & Trust
Company (DTC)
Feasibility: Larsen Allen Weishair & Co.
Borrower Counsel: Wyatt, Early, Harris &
Wheeler, LLP
Issuer: United Church Homes and
Services
Amount: $ 19,500,000
Purpose: Retirement Facilities First
Mortgage Revenue
Refunding Bonds
Structure: Unrated Public Offering in
$5,000 denominations.
Currently scheduled for
March 17, 2005, and is not
expected to conflict with any
other unrated publicly offered
revenue bonds.
Interest Rate: Series A: Fixed (Serial, term)
Series B: Adjustable rate
reset each one to five years,
up to final maturity.
Term: Approximately 19 and one
half years
Bond Counsel: McGuireWoods LLP
Underwriter: BB&T Capital Markets
Underwriters
Counsel: Robinson, Bradshaw &
Hinson, P.A.
Trustee/Registrar: The Bank of New York Trust
Company, N.A. (DTC)
Borrower’s
Counsel: Jordan Price Wall Gray Jones
& Carlton, PLLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 11
INDUSTRIAL REVENUE BOND
APPROVED ON MARCH 1, 2005
Authority: Ritz-Craft Corporation of
North Carolina, Inc.
Location: City of Hamlet (Richmond
County)
Amount: $ 9,000,000
Purpose: Construction, equipping and
furnishing of an
approximately 200,000
square foot facility for the
manufacturing of modular
homes.
Structure: Limited Public Offering
Denomination of $100,000
and $5,000 in excess thereof.
Sale will not interfere with
others in the marketplace.
Interest Rate: Variable (weekly) initial rate
less than 6%; highest rate:
12% for bonds; 20% for bank
bonds (may be changed with
LGC approval)
Maturity: First business day March
2025 (Bullet)
Bond Counsel: Hunton & Williams LLP
Underwriter/
Remarketing
Agent: Mercantile Bank Capital
Markets Group
Underwriter’s
Counsel: Keefer Wood Allen & Rahal,
LLP
Letter of Credit: Mercantile Bank, Letter of
credit Dept. Mercantile Safe-
Deposit and Trust Company
Omega Bank
Trustee/Registrar: Wells Fargo Bank, N.A.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 12
NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY
APPROVED ON MARCH 1, 2005
Issuer: Duke University
Amount: $505,000,000
Purpose:
Interest Rate: Variable (Initially established
for each Note issued, with the
maturity limited to no more
than 270 days and interest
calculated on either an
arrears basis and/or on a
discount basis.)
Term: The Agency’s approval for new
money financing will be
effective for 36 months from
the date of issue.
Structure: Notes for one or more
approved projects. Each note
will have a maturity not to
exceed 270 days and maybe
(i) refinanced by issuance of
new Notes on a recurring
basis for additional maturities
not to exceed 270 days for a
maximum of 10 years, (ii)
maybe replaced with
permanent financing as
determined by the University
and approved by the Agency.
Bond Counsel: Robinson, Bradshaw and
Hinson, P.A.
Dealers: Lehman Brothers Inc. & UBS
Financial Services, Inc.
University’s
Counsel: Sutherland Asbill & Brennan,
LLP; Ralph McCaughan,
Esquire
Issuing and Paying
Agent: The Bank of New York
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 13
FINANCING AGREEMENTS
APPROVED ON MARCH 1, 2005
Municipality: City of Charlotte
Population: 614,330
Amount: $16,000,000
Purpose: Municipal Buildings Central
Maintenance Yard
Authority: G.S. 160A-20 Installment
Contract — Public Placement
Interest Rate(s): Variable; Initial Rate < 7.00%;
Cap: 12%; 22% for bank-held
(liquidity provider) certificates
Final Maturity: Not beyond 2025
Bond Counsel: Parker, Poe, Adams &
Bernstein L.L.P.
Financial Advisor: DEC Associates, Inc.
Underwriter: Banc of America Securities
LLC
Underwriters
Counsel: Helms Mulliss & Wicker,
PLLC
Trustee: Wachovia Bank, National
Association (DTC)
Liquidity Provider: Bank of America, N.A.
Remarketing
Agent: Banc of America Securities,
LLC
Municipality: City of Charlotte
Population: 614,330
Amount: $ 37,000,000
Purpose: Refundings — COPs, Series
2000 A & B
Authority: G.S. 160A-20 Installment
Contract — Public Placement
Interest Rate(s): True Interest Cost: 4.867%
Effective Interest Cost:
4.894%
Final Maturity: Not beyond 2026
Bond Counsel: Parker, Poe, Adams &
Bernstein L.L.P.
Financial Advisor: DEC Associates, Inc.
Underwriter: Banc of America Securities
LLC (Sr. Mgr.); Wachovia
Securities (Co-Mgr.)
Underwriters
Counsel: Helms Mulliss & Wicker,
PLLC
Trustee: Wachovia Bank, National
Association (DTC)
Municipality: City of Charlotte
Population: 614,330
Amount: $18,500,000
Purpose: Refundings — COPs, Series
2000D
Authority: G.S. 160A-20 Installment
Contract — Public Placement
Interest Rate: True Interest Cost: 4.863%
Effective Interest Cost:
4.892%
Bond Counsel: Parker, Poe, Adams &
Bernstein L.L.P.
Financial Advisor: DEC Associates, Inc.
Underwriter: Banc of America Securities
LLC (Sr. Mgr.); Wachovia
Securities (Co-Mgr.)
Underwriters
Counsel: Helms Mulliss & Wicker,
PLLC
Trustee: Wachovia Bank, National
association (DTC)
Municipality: Town of Holly Springs
Population: 13,500
Amount: $3,000,000
Purpose: Municipal Building (Fire
Station)
Authority: G.S. 160A-20 Installment
Contract — Private Placement
Interest Rate: 3.65%
Term: 12 years
Payment: Annual
Bank: Wachovia
Municipality: Village of Pinehurst
Population: 10,498
Amount: $ 2,500,000
Purpose: Municipal Building (Fire
Station)
Authority: G.S. 160A-20 Installment
Purchase — Private
Placement
Interest Rate: 3.44%
Term: 15 years
Payment: Semiannual
Bank: RBC Centura
Municipality: City of Rocky Mount
Population: 56,209
Amount: $10,390,000
Purpose: Community Development –
Operating Lease: total
rentals
Authority: G.S. 159-148 Financing
Agreement — Private
Placement
Payment: Annual
Terms: 40 years
Lessor: City of Rocky Mount Theater,
LLC
(Continued on page 14)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 14
FINANCING AGREEMENTS APPROVED ON MARCH 1, 2005 (Continued from page 13)
Municipality: City of Sanford
Population: 23,530
Amount: $ 7,630,000
Purpose: Water (System Acquisition)
Authority: G.S. 160A-20 Installment
Contract — Private Placement
Interest Rate: 3.47%
Term: 15 years
Payment: Quarterly
Bank: RBC Centura
Municipality: Town of Smithfield
Population: 11,601
Amount: $ 650,000
Purpose: Sewer (Sewer Pump Station)
Authority: G.S. 160A-20 Installment
Purchase — Private
Placement
Interest Rate: 3.38%
Term: 10 years
Payment: Annual
Bank: RBC Centura
Municipality: Town of Wilson’s Mills
Population: 1,460
Amount: $ 140,000
Purpose: Municipal Building (Town
Hall)
Authority: G.S. 160A-20 Installment
Purchase — Private
Placement
Interest Rate: 4.20%
Term: 15 years
Payment: Monthly
Bank: BB&T
County: County of Brunswick
Population: 81,810
Amount: $ 10,500,000
Purpose: COPs Refunding
(Courthouse)
Authority: G.S. 160A-20 Installment
Contract — Public Placement
Interest Rate: True Interest Cost: 3.902%
Effective Interest Cost:
4.024%
Final Maturity: Not beyond 2020
Bond Counsel: Parker, Poe, Adams &
Bernstein L.L.P.
Underwriter: Banc of America Securities
LLC
Underwriters
Counsel: Kilpatrick Stockton LLP
Trustee: First-Citizens Bank & Trust
Company (DTC)
Insurer: To be determined
County: Pamlico
Population: 12,992
Amount: $ 6,200,000
Purpose: Municipal Building
(Detention Center)
Authority: G.S. 160A-20 Installment
Purchase — Private
Placement
Interest Rate: 2.72%
Term: 18 months
Payment: Semi-Annual
Bank: Wachovia
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 15
REPORT OF RECENT SALES OF GENERAL OBLIGATION BOND
District: Beaufort County Water
District VI —
Chocowinity/Richland
Township
Amount: $ 2,804,000
Purpose: Water, Series 2005A
Amount: $ 3,535,000
Purpose: Water, Series 2005B
Amount: $ 4,361,000
Purpose: Water Bond, Series 2005C
Net Interest Cost: 4.50%
Dated: February 14, 2005
Sold to: United States of America
Sold on: February 14, 2005
Maturity: June 1, 2044
Bond Counsel: LeBoeuf, Lamb, Greene &
MacRae, L.L.P.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 16
REPORT ON RECENT SALE OF REVENUE BONDS
APPROVED ON MARCH 1, 2005
Municipality: Raleigh-Durham Airport
Authority
Amount: $39,805,000
Purpose: Airport Revenue Bonds
Series 2005A (Non-AMT)
Amount: $85,490,000
Purpose: Airport Revenue Bonds
Series 2005B (AMT)
Rating(s): Moody’s: Aaa; Fitch AAA
(insurance)
Moody’s: A1; Fitch: A+
(underlying)
Dated: March 6, 2005
Underwriter(s): Citigroup (Co-Senior)
Lehman Brothers (Co-Senior)
Wachovia Securities
Banc of America Securities
LLC
Morgan Keegan & Company,
Inc.
Siebert Brandford Shank &
Co,. LLC
UBS Financial Services Inc.
Sold on: BPA — March 4, 2005
Closing — March 16, 2005
Terms: Public Offering — $5,000
denominations
Interest Rate(s): Fixed — (yield) if different from
stated
$39,805,000 Series 2005A
(NON-AMT)
Maturities: May 1:
19—490M, 4.00%; (4.15%);
20—2,760M, 5.00%; (4.21%);
21—2,900M, 5.00%; (4.25%);
22—3,050M, 5.00%; (4.29%);
23—3,205M, 5.00%; (4.32%);
24—3,370M, 5.00%; (4.36%);
25—3,530M, 4.375%; (4.50%);
30—20,260M, 5.00%; (4.53%);
30—240M, 4.375%; (4.53%);
Maturities callable May 1,
2015 at par. Mandatory
sinking fund redemptions 1,
2026-2030.
$85,490,000 Series 2005B
(AMT)
06—1,440M, 3.00%; (2.65%);
07—355M, 3.00%; (3.00%);
07—1,135M, 5.00%; (3.00%);
08—1,545M, 3.00%; (3.18%);
09—420M, 3.30%; (3.39%);
09—2,830M, 5.00%; (3.39%);
10—150M, 3.50%; (3.58%);
10—3,265M, 5.00%; (3.58%);
11—350M, 3.625%; (3.74%);
11—3235M, 5.00%; (3.74%);
12—80M, 3.80%; (3.88%);
12—3,680M, 5.00%; (3.88%);
13—450M, 4.00%; (4.01%);
13—3,500M, 5.00%; (4.01%);
14—250M, 4.00%; (4.11%);
14—3,900M, 5.00%; (4.11%;)
15—1,520M, 4.125%; (4.21%;)
15—2,835M, 5.00%; (4.21%);
16—4,575M, 5.00%; (4.29%);
17—4,810M, 5.00%; (4.36%);
18—5,055M, 5.00%; (4.41%);
19—4,820M, 5.00%; (4.45%);
20—2,820M, 5.00%; (4.49%);
21—2,965M, 5.00%; (4.55%);
22—3,120M, 5.00%; (4.59%);
23—3,270M, 4.50%; (4.62%);
24—3,420M, 4.50%; (4.66%);
25—3,580M, 4.50%; (4.69%);
29—16,115M, 4.75%; (4.80%).
Maturities callable May 1,
2015 at par. Mandatory
sinking fund redemptions May
1, 2026-29.
Trustee/Registrar: The Bank of New York Trust
Company (DTC)
Feasibility
Consultant: John F. Brown Company, Inc.
Financial Advisor: First Albany Capital, Inc.
Credit Enhancement: Ambac Assurance Company
Bond Counsel: LeBoeuf, Lamb, Greene &
MacRae, L.L.P.
Underwriter’s
Counsel: Parker Poe Adams &
Bernstein, LLP
Verification Agent: McGladrey & Pullen LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2005 17
BOND BUYER’S INDEX
20 G.O. Bonds
4.76
5.01 5.03 4.98
4.78
4.61 4.61
4.45
4.63
4.47 4.37
4.57
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
Apr 8 May 6 Jun 3 Jul 5 Aug 5 Sept 9 Oct 8 Nov 4 Dec 8 Jan 6 Feb 4 Mar 10
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