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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
Object Description
Description
Title | Bond reporter |
Date | 2005-03 |
Description | Volume 12, Number 3, (March 2005) |
Digital Characteristics-A | 170 KB; 17 p. |
Digital Format |
application/pdf |
Pres Local File Path-M | \Preservation_content\StatePubs\pubs_borndigital\images_master\ |
Full Text | 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 |
OCLC number | 23123426 |