NORTH CAROLINA
DEPARTMENT OF STATE TREASURER
Richard H. Moore, Treasurer
CALENDAR OF SCHEDULED COMPETITIVE SALES
May 24, 2005
COUNTY OF GRANVILLE $ 26,265,000
School & Public Improvement, G.O. Bonds
June 1, 2005
COUNTY OF FRANKLIN $ 7,300,000
School & Refunding, G.O. Bonds
June 7, 2005
TOWN OF WEAVERVILLE $ 3,700,000
Refunding, G.O. Bonds
MARTIN COUNTY WATER & SEWER DIST. NO. 2 $ 5,830,000
Water, Bond Anticipation Notes
WARREN COUNTY WATER & SEWER DIST. II $ 3,581,000
Water, Bond Anticipation Notes
June 21, 2005
TOWN OF APEX $ 7,500,000
Pubic Improvement, G.O. Bonds
July 12, 2005
COUNTY OF JOHNSTON $ 37,500,000
Public Improvement, G.O. Bonds
July 19, 2005
CITY OF DURHAM $ 30,000,000
Public Improvement, G.O. Bonds
August 9, 2005
CITY OF RALEIGH $ 44,500,000
Public Improvement, G.O. Bonds
BOND
REPORTER
VOLUME XII MAY 2005 No. 5
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. 5
May 2005
Calendar of Scheduled Competitive
Sales 1
Schedule of Negotiated Sales 3
Notice of Redemption 4-7
Scheduled Bond Elections 8
Results of Bond Referenda 8
State and Local Unit Debt
Outstanding Balances 9
PROPOSALS
General Obligation Bond 9
General Obligation Refunding Bond 9
Revenue 10
Revolving Loans 11
Notes or Other Evidences
Of Indebtedness 11
Industrial Revenue Bond 12
North Carolina Medical
Care Commission 13-14
Financing Agreements 15-17
REPORTS OF RECENT SALES
General Obligation Bond 18-19
Certificate of Participation 20-23
OTHER INFORMATION
Bond Buyer’s Index 24
B
ON
D
REP
ORT
E
R
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 3
SCHEDULE OF NEGOTIATED SALES*
May 18, 2005
NORTH CAROLINA MEDICAL CARE COMMISSION $ 35,000,000
Blue Ridge Healthcare Systems
Banc of America Securities LLC (Sr. Mgr.); Citigroup Global Markets (Co. Mgr.)
Wachovia Securities (Co-Mgr.)
May 19, 2005
NORTH CAROLINA INFRASTRUCTURE FINANCE CORPORATION $ 201,000,000
Certificates of Participation
Banc of America Securities LLC (Sr. Mgr.); BB&T Capital Markets (Co-Mgr.)
Legg Mason Wood Walker Incorporated (Co-Mgr.); Merrill Lynch & Co., Inc. (Co-Mgr.)
May 24, 2005
NORTH CAROLINA MEDICAL CARE COMMISSION $ 50,000,000
Morehead Memorial Hospital
BB&T Capital markets (Sr. Mgr.)
RBC Dan Rauscher (Co-Mgr.)
May 25, 2005
CITY OF WILMINGTON $ 39,405,000
Certificates of Participation
Legg Mason Wood Walker, Inc. (Sr. Mgr.)
Banc of America Securities LLC (Co. Mgr.)
CITY OF GREENSBORO $ 41,070,000
Combined Enterprise System Variable Rate Revenue Refunding
and Revenue Bonds
Banc of America Securities LLC (Sr.)
Legg Mason Wood Walker, Inc.
June 15, 2005
NORTH CAROLINA MEDICAL CARE COMMISSION $ 210,000,000
Duke University
Lehman Brothers (Sr. Mgr.)
UBS (Co. Mgr.)
June 29, 2005
CITY OF GASTONIA $ 15,500,000
Combined Enterprise System Revenue & Revenue Refunding Bonds
Banc of America Securities LLC
*Subject to change.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 4
NOTICE OF REDEMPTION
Issuer: Housing Authority of The City of Kinston, North Carolina Mortgage Revenue
Refunding Bonds, Series 1994 (Kinston Towers Project)
Amount: $ 70,000
Redemption Date: June 1, 2005
CUSIP Number: 497183AC7
Redemption Price: Par
Dated: April 1, 1994
Present for payment at: First Citizens Bank & Trust Co.; Attn: Elizabeth Long; 100 E. Tryon Road;
Raleigh, North Carolina 27603
Issuer: $13,345,000 Certificates of Participation (Lincoln County Public Facilities
Projects) Series 2003
Amount: $1,380,000
Redemption Date: June 1, 2005
Redemption Price: Par
CUSIP Number: 53333NAB2
Issue Date: October 1, 2003
Present for payment at: First Citizens Bank & Trust Co.; Attn: Elizabeth Long; 100 E. Tryon Road;
Raleigh, North Carolina 27603
Issuer: Town of Matthews, North Carolina, General Obligation Water and Sewer
Bonds, Series 1995
Amount: $ 6,045,000
Redemption Date: June 1, 2005
Redemption Price: 100%
CUSIP Numbers: 577135BF2 2006, 577135BG0 2007, 577135BH8 2008, 577135BK1 2009,
577135BL9 2010, 577135BM7 2011, 577135BN5 2012, 577135BP0 2013,
577135BQ8 2014, 577135BR6 2015, 577135BS4 2016, 577135BT2 2017, and
577135BU9 2018
Dated: April 20, 2004
Present for payment at: Wachovia Bank, National Association
Issuer: $150,000 North Carolina Medical Care Commission Hospital Revenue Bonds
(North Carolina Baptist Hospitals Project Series 2000)
Amount: $ 7,200,000
Redemption Date: June 1, 2005
Redemption Price: Par
Issue Date: June 15, 2000
CUSIP Number: 65820HSL8
Present for payment at: First Citizens Bank & Trust Co.; Attn: Donna Moos; 100 E. Tryon Road;
Raleigh, North Carolina 27603
(Continued on page 5)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 5
NOTICE OF REDEMPTION (Continued from page 4)
Issuer: State of North Carolina Clean Water Bonds, Series 1995A
Dated: June 1, 1995
Redemption Date: June 1, 2005
CUSIP Numbers: 6582552K9, 6582552L7, 6582552M5, 6582552N3, 6582552P8, 6582552Q6,
6582552R4, and 6582552S2
Redemption Price: 102%
Issuer: County of Davidson, North Carolina, General Obligation School Bonds, Series
1995
Amount: $11,000,000
Redemption Date: June 1, 2005
Redemption Price: 100%
Dated: June 1, 2003
CUSIP Numbers: 238595GX4, 238595GY2, 238595GZ9, 238595HM8, 238595HA3, 238595HB1,
238595HC9, 238595HD7, 238595HE5, 238595HF2, and 238595HG0
Present for payment at: First Citizens Bank & Trust Company; Attn: Corporate Trust Division; 100
East Tryon Road; Raleigh, North Carolina 27603
Issuer: Guilford County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds (Medi USA L. P. Project),
Series 1999
Amount: $ 90,000
Redemption Date: June 1, 2005
Redemption Price: 100%
CUSIP Number: 401789AT9
Bond Number: FASBAL_1
Present for payment at: Wachovia Customer Information Center, Attn: Corporate Trust Redemptions NC-
1153, 1525 West WT Harris Blvd. – 3C3, Charlotte, North Carolina 28262-8522
Issuer: The Catawba County Industrial Facilities and Pollution Control, Industrial
Revenue Bonds (Lucky 7 Project)
Amount: $ 35,000
Redemption Date: June 1, 2005
Redemption Price: 100%
CUSIP Number: 149060AF2
Bond Number: BOOK_2
Present for payment at: Wachovia Customer Information Center, Attn: Corporate Trust Redemptions
NC-1153, 1525 West WT Harris Blvd. – 3C3, Charlotte, North Carolina 28262-
8522
(Continued on page 6)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 6
NOTICE OF REDEMPTION (Continued from page 5)
Issuer: The Alamance County Industrial Facilities and Pollution Control Financing
Authority , Industrial Development Revenue Bonds (Connecticut – Nassau
Corporation Project), Series 1998
Amount: $ 140,000
Redemption Date: June 1, 2005
Redemption Price: 100%
CUSIP Number: 010737AJ3
Bond Number: BOOK_1
Present for payment at: Wachovia Customer Information Center, Attn: Corporate Trust Redemptions
NC-1153, 1525 West WT Harris Blvd. – 3C3, Charlotte, North Carolina 28262-
8522
Issuer: The Gaston County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds (Marlatex Corporation
Project), Series 2000
Amount: $ 15,000
Redemption Date: June 1, 2005
Redemption Price: 100%
CUSIP Number: 367302BA3
Bond Number: FASBAL_1
Present for payment at: Wachovia Customer Information Center, Attn: Corporate Trust Redemptions
NC-1153, 1525 West WT Harris Blvd – 3C3, Charlotte, North Carolina 28262-
8522
Issuer: The Vance County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds (HH Hunt Manufacturing
Project), Series 1998
Amount: $ 80,000
Redemption Date: June 1, 2005
Redemption Price: 100%
CUSIP Number: 921445AA0
Bond Number: BOOK_1
Present for payment at: Wachovia Customer Information Center, Attn: Corporate Trust Redemptions
NC-1153, 1525 West WT Harris Blvd – 3C3, Charlotte, North Carolina 28262-
8522
(Continued on page 7)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 7
NOTICE OF REDEMPTION (Continued from page 6)
Issuer: North Carolina Educational Facilities Finance Agency, Variable Rate
Educational Facilities Revenue Bonds, Series 2003, (Roman Catholic Diocese
of Charlotte, North Carolina)
Amount: $ 650,000
Redemption Date: June 1, 2005
Redemption Price: 100%
CUSIP Number: 657903LC2
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: City of Charlotte, North Carolina, Variable Rate Transit Certificate of
Participation, Series 2004B
Amount: $ 2,485,000
Redemption Date: June 1, 2005
Redemption Price: 100%
CUSIP Number: 161037PX8
Bond Number: FASBAL_1
Present for payment at: Wachovia Customer Information Center, Attn: Corporate Trust Redemptions
NC-1153, 1525 West WT Harris Blvd. – 3C3, Charlotte, North Carolina 28262-
8522
Issuer: City of Charlotte, North Carolina, Variable Rate Water and Sewer System
Refunding Revenue Bonds, Series 2002C
Amount: $ 520,000
Redemption Date: June 1, 2005
Redemption Price: 100%
CUSIP Number: 161045EL9
Bond Number: FASBAL_1
Present for payment at: Wachovia Customer Information Center, Attn: Corporate Trust Redemptions
NC-1153, 1525 West WT Harris Blvd. – 3C3, Charlotte, North Carolina 28262-
8522
Issuer: City of Greensboro, North Carolina, Combined Enterprise System Revenue
Bonds, Series 1995A
Dated: June 1, 1995
Redemption Date: June 1, 2005
Redemption Price: 102%
CUSIP Numbers: 395468AK7, 395468AL5, 395468AM3, 395468AN1, 395468AP6, 395468AQ4, and
395468AR2
Present for payment at: First Citizens Bank & Trust Company, 100 East Tryon Road, DAC-61,
Raleigh, North Carolina 27603
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 8
SCHEDULED BOND ELECTIONS
Municipality/District/County Election Date Amount Purpose
Town of Wake Forest May 3, 2004 $ 7,000,000
$ 9,500,000
$16,500,000
Parks & Recreation
Street & Sidewalks
Johnston County May 10, 2005 $10,000,000
$85,000,000
$95,000,000
Community College
Schools
Haywood County May 3, 2005 $25,000,000 Schools
New Hanover County May 10, 2005 $123,000,000
$ 27,000,000
$150,000,000
Schools
Community College
Town of Cary May 3, 2005 $110,000,000
$ 10,000,000
$120,000,000
Wastewater
Open Space
Town of Apex May 3, 2005 $35,000,000 Wastewater
􀂒􉈀􀂒􉈀􀂒􉈀􀂒􉈠
RESULTS OF BOND REFERENDA
District/
Town/County
Election Date Amount Purpose For Against Result
Town of Wake
Forest
May 3, 2005 $ 7,000,000
$ 9,500,000
$16,500,000
Parks & Recreation
Street & Sidewalks
337
366
101
69
PASSED
PASSED
Haywood County May 3, 2005 $25,000,000 Schools 3,365 516 PASSED
Town of Cary May 3, 2005 $110,000,000
$ 10,000,000
$120,000,000
Wastewater
Open Space
3,668
3,524
1,030
1,163
PASSED
PASSED
Town of Apex May 3, 2005 $35,000,000 Wastewater 763 103 PASSED
Pender County May 3, 2005 $51,475,000
$ 4,400,000
$55,875,000
School Construction
Performing Arts
3,034
2,771
1,808
2,035
PASSED
PASSED
Johnston County May 10, 2005 $10,000,000
$85,000,000
$95,000,000
Community College
Schools
4,418
4,400
1,269
1,288
PASSED
PASSED
New Hanover
County
May 10, 2005 $123,000,000
$ 27,000,000
$150,000,000
Schools
Community College
7,496
4,921
4,852
7,287
PASSED
FAILED
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 9
STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES
April 30, 2005
Amount Population Per Capita
Local Units’ Debt $ 18,111,321,104 — —
State of North Carolina $ 6,350,204,379 8,495,524 $ 747
U.S. Public Debt $ 7,776,939,047,670 295,783,418 $26,293
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GENERAL OBLIGATION BOND PROPOSALS
APPROVED ON MAY 3, 2005
Municipality: City of Fayetteville
Population: 130,692
Amount: $ 3,510,000
Purpose: Street and Sidewalk
Amount: $ 3,340,000
Purpose: Public Building (Fire
Station)
Amount: $ 600,000
Purpose: Storm Sewer
Amount: $ 1,000,000
Purpose: Land Acquisition
Co-Bond Counsel: Sidley Austin Brown & Wood
LLP, and Rand & Gregory,
P.A.
County: Granville
Population: 52,442
Amount: $ 350,000
Purpose: Parks and Recreation
Amount: $ 415,000
Purpose: Schools
Bond Counsel: Sanford Holshouser, LLP
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GENERAL OBLIGATION REFUNDING BOND PROPOSALS
APPROVED ON MAY 3, 2005
Municipality: Town of Weaverville
Population: 2,455
Amount: $ 4,200,000
Purpose: Refunding
Bond Counsel: Sands Anderson Marks &
Miller, PC
Financial Advisor: Ferris, Baker Watts,
Incorporated
County: Franklin
Population: 51,652
Amount: $ 6,500,000
Purpose: Refunding
Bond Counsel: Womble Carlyle Sandridge &
Rice PLLC
Financial Advisor: Ferris, Baker Watts,
Incorporated
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 10
REVENUE BOND PROPOSALS
APPROVED ON MAY 3, 2005
Municipality: City of Greensboro
Amount: $ 31,070,000
Purpose: Refunding due to exercise
of swaption
Structure: Variable Rate bonds will be
sold in $100,000
denominations. Bond sale is
currently scheduled for the
week of May 25th to not
conflict with any other
revenue bonds. Bonds will be
rated: Moody’s: VMIG1/Aa3;
S&P: A1+/AA+; Fitch:
F1+/AA+
Interest Rate: Variable (Swapped to fixed)
Initially 7-day
Term: Approximately 14 years
Co-Bond Counsel: Sidley Austin Brown & Wood
LLP
Co-Bond Counsel: The Steve Allen Law Firm
Underwriters: Banc of America Securities
LLC (Sr.); Legg Mason Wood
Walker, Inc. (Fixed)
Underwriters’
Counsel: Womble Carlyle Sandridge &
Rice
Registrar/Trustee: First-Citizens Bank & Trust
Co. (DTC)
Feasibility: Black & Veatch International
Corporation
Financial Advisor: DEC Associates, Inc.
Liquidity: Bank of America, N.A.
Municipality: City of Greensboro
Amount: $ 42,605,00
Purpose: System Improvements
Structure: Variable Rate bonds will be
sold in $100,000
denominations. Fixed bonds
will be sold in
$5,000/denominations. Sale
is scheduled for the week of
May 10th so as to not conflict
with any other revenue
bonds. Issue is expected to be
rated: Fitch: AA+; S&P: AA+;
Moody’s: Aa3
Interest Rate: Fixed and Variable
Term: Approximately 22 years fixed;
25 years variable
Co-Bond Counsel: Sidley Austin Brown & Wood
LLP
Co-Bond Counsel: The Steve Allen Law Firm
Underwriters: Banc of America Securities
LLC (Sr.); Legg Mason Wood
Walker, Inc. (Fixed)
Underwriters’
Counsel: Womble Carlyle Sandridge &
Rice
Registrar/Trustee: First-Citizens Bank & Trust
Co. (DTC)
Feasibility: Black & Veatch International
Corporation
Financial Advisor: DEC Associates, Inc.
Liquidity: Bank of America, N.A.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 11
REVOLVING LOAN PROPOSAL
APPROVED ON MAY 3, 2005
Municipality: Town of Lake Lure
Amount: $ 1,407,498
Purpose: Water Supply System
Interest Rate: Not to exceed 4%.
Loan From: State of North Carolina
Term: 20 years
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NOTES OR OTHER EVIDENCES OF INDEBTEDNESS
APPROVED ON MAY 3, 2005
Authority: Raleigh-Durham Airport
Authority
Amount: $320,000,000
Purpose: Interest Rate Swap
Agreement(s) – (Forward
Starting Synthetic Fixed
Interest Rate Swap(s))
Type of Swap: Forward Starting Synthetic
Fixed Interest Rate Swap;
Fixed Rate to be paid by
Authority not to exceed 5.20%
+ ongoing fees (estimated at
.30%)
Swap Providers: Citibank, N.A.; Lehman
Brothers Special Financing
Swap Guarantor
For Lehman: Lehman Brothers Holding,
Inc.
Swap advisor: First Albany Capital, Inc.
Feasibility: John F. Brown, Inc.
Bond Counsel: LeBoeuf, Lamb, Greene &
MacRae, L.L.P.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 12
INDUSTRIAL REVENUE BOND PROPOSAL
APPROVED ON MAY 3, 2005
Issuer: C. R. Onsrud, Inc.
Location: Town of Troutman
Amount: $ 3,300,000
Purpose: Acquiring, constructing and
equipping an approximately
50,000 square foot facility, on
45 acres of land, for the
manufacture of computer
controlled routing equipment
for cutting plastic, aluminum,
and for woodworking
machines.
Structure: Limited Public Offering in
Denominations of $100,000
and integral multiples of
$5,000 in excess thereof. Sale
will not interfere with others
in the marketplace.
Interest Rate: Variable (weekly) initial rate
less than 6%
Maturity: Not beyond the year 2026.
Bond Counsel: Hunton & Williams LLP
Underwriter/
Remarketing
Agent: Wachovia Bank, National
Association
Letter of Credit: Wachovia Bank, National
Association
Trustee: Wachovia Bank, National
Association (DTC)
Underwriter’s
Counsel/Letter
Of Credit Bank
Counsel: Robinson, Bradshaw &
Hinson, P.A.
Company Counsel: Eisele, Ashburn, Greene &
Chapman, P.A.
Issuer’s Counsel: Pope, McMillian, Kutteh,
Simon & Privette, P.A.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 13
NORTH CAROLINA MEDICAL CARE COMMISSION PROPOSALS
APPROVED ON MAY 3, 2005
Issuer: Duke University Health
System, Inc.
Amount: $325,000,000
Purpose: Refunding
Structure: Limited public offering in
$100,000 denominations and
integral multiples of $5,000 in
excess thereafter. Scheduled
for May 18, 2005 so as not to
conflict with any other
publicly offered revenue bond
sale.
Interest Rate: Variable (initial weekly)
Term: 23 years
Bond Counsel: Robinson Bradshaw &
Hinson, P.A.
Underwriter: Citigroup Global Markets, Inc.
Underwriter’s
Counsel: Womble Carlyle Sandridge &
Rice PLLC
Trustee: The Bank of New York Trust
Co., NA
University Counsel: Sutherland, Asbill & Brennan,
L.L.P.
Verification Agent: Causey Demgen & Moore Inc.
Financial Advisor: Ponder & Company
Liquidity
Providers
(in equal shares): Bank of America, N.A.,
Citibank, N.A. and SunTrust
Bank
Remarketing
Agent: Citigroup Global Markets Inc.
Issuer: Blue Ridge Healthcare
System, Inc.
Amount: $ 80,000,000
Purpose: Refunding
Structure: Series A: Insured, public
offering in $5,000
denominations, with bond
insurance provided by
Financial Guaranty Insurance
Company. Scheduled for May
18, 2005 to not conflict with
any other insured, publicly
offered revenue bond. Series
B: Limited public offering,
initially in $25,000
denominations and integral
multiples of $25,000
thereafter. Scheduled for
June 8, 2005 and will not
conflict with any other
publicly offered revenue bond.
Series A and B will have
ratings of Aaa from Moody’s
and AAA from S & P, based
upon bond insurance.
Underlying ratings of the
obligated group: Moody’s:
A3; S&P: A+
Interest Rate: Series A: Fixed (Serial, term);
Series B bonds will be issued
as auction rate bonds in a
floating rate mode with 7, 28
or 35 day reset, and will be
supported by bond insurance
provided by Financial
Guaranty Insurance
Company.
Term: Approximately 30 and one
half years.
Bond Counsel: Helms Mullis & Wicker, PLLC
Underwriters: Banc of America Securities
LLC (Sr. Mgr.); Citigroup
Global Markets, Inc. (Co.
Mgr.); Wachovia Securities
(Co. Mgr.)
Underwriter’s
Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Brokers/Dealers: Banc of America Securities
LLC; Citigroup Global
Markets, Inc.; Wachovia
Securities
Borrower’s
Counsel: Robinson Bradshaw &
Hinson, P.A.
Trustee/Registrar: Wachovia Bank, National
Association (DTC)
Agreed Upon
Procedures: Larson, Allen, Weishair & Co.,
LLP
Bond Insurance: Financial Guaranty Insurance
Company Auction
Agent: Deutsche Bank Trust
Company America
(Continued on page 14)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 14
NORTH CAROLINA MEDICAL CARE COMMISSION PROPOSALS APPROVED ON
MAY 3, 2005 (Continued on page )
Issuer: Morehead Memorial
Hospital
Amount: $ 52,000,000
Purpose: Refunding
Structure: Insured, rated, public offering
in $5,000 denominations.
Scheduled for May 24, 2005
to not conflict with any other
revenue bonds. Bonds will
have the following ratings,
based upon commercial bond
insurance support: Standard
& Poor’s: AAA; Moody’s: Aaa
Interest Rate: Fixed (Term, Serial)
Term: Approximately 30 years
Bond Counsel: McGuireWoods LLP
Underwriters: BB&T Capital Markets (Sr.
Mgr.); RBC Dain Rauscher
(Co-Manager)
Mortgage
Insurance: Dept. of Housing and Urban
Development, acting through
Federal Housing
Commissioner (FHA)
Underwriter
Counsel: Hunton & Williams, LLP
Hospital Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Trustee/Registrar: Wachovia Bank, National
Association (DTC)
Agreed-Upon-
Procedures: Dixon Hughes, PLLC
Bond Insurance: Financial Security Assurance,
Inc.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 15
FINANCING AGREEMENTS
APPROVED ON MAY 3, 2005
Municipality: Village of Alamance
Population: 315
Amount: $ 295,000
Purpose: Municipal Building (Town
Hall)
Authority: G.S. 160A-20 Installment
Contract — Private Placement
Interest Rate: 4.18%
Term: 15 years
Payment: Monthly
Bank: BB&T
Municipality: Town of Chapel Hill
Population: 51,485
Amount: $ 25,481,327
Purpose: Municipal Buildings
(Operations Center)
Amount: $ 518,673
Purpose: Refunding (Land Acquisition
Installment Purchase)
Authority: G.S. 160A-20 Installment
Contract — Public Placement
Interest Rate(s): True Interest Cost: 4.922%
Final Maturity: Not beyond 2025
Special Counsel: Sanford Holshouser LLP
Underwriter: Legg Mason Wood Walker,
Inc. (Sr. Mgr.); Wachovia
Securities (Co-Mgr.)
Underwriters
Counsel: Parker Poe Adams &
Bernstein LLP
Trustee: First Citizens Bank & Trust
Company (DTC)
Municipality: City of Elizabeth City
Population: 17,490
Amount: $3,000,000
Purpose: Water & Sewer
Interest Rate: 3.43%
Term: 10 years
Amount: $ 1,000,000
Purpose: Streets & Sidewalks
Interest Rate: 3.16%
Authority: G.S. 160A-20 Installment
Contract — Private Placement
Term: 5 years
Payment: Monthly
Bank: RBC Centura
Municipality: City of Kannapolis
Population: 38,679
Amount: $3,500,000
Purpose: Street and Storm Water
Improvements
Authority: G.S. 160A-20 Installment
Contract — Private Placement
Interest Rate: 3.63%
Term: 15 years
Payment: Semi-Annual
Bank: Bank of America
Municipality: Town of Kure Beach
Population: 1,755
Amount: $ 875,000
Purpose: Storm Water Drainage Pipe
Authority: G.S. 160A-20 Installment
Purchase — Private
Placement
Interest Rate: 4.40%
Term: 15 years
Payment: Monthly
Bank: Bank of America
Municipality: Town of Nags Head
Population: 2,992
Amount: $1,600,000
Purpose: Municipal Building
Interest Rate: 3.82%
Amount: $ 1,200,000
Purpose: Water
Interest Rate: 3.85%
Authority: G. S. 160A-20 Installment
Contract — Private Placement
Term: 15 years
Payment: Annual
Bank: RBC Centura
(Continued on page 16)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 16
FINANCING AGREEMENTS APPROVED ON MAY 3, 2005 (Continued from page 15)
Municipality: City of New Bern
Population: 23,247
Amount: $ 77,750
Purpose: Municipal Building
Amount: $ 1,252,610
Purpose: Street Improvements
Amount: $ 2,534,120
Purpose: Water and Sewer Line
Authority: G.S. 160A-20 Installment
Purchase — Private
Placement
Interest Rate: 3.72%
Term: 15 years
Payment: Semiannual
Bank: Bank of America
Municipality: City of Raeford
Population: 3,602
Amount: $ 500,000
Purpose: Streets and Sidewalks
Authority: G.S. 160A-20 Installment
Contract — Private Placement
Interest Rate: 4.03%
Term: 15 years
Payment: Semiannual
Bank: BB&T
Municipality: City of Wilmington
Population: 91,441
Amount: $ 29,085,000
Purpose: Municipal Buildings
Amount: $ 1,535,000
Purpose: Storm Water
Amount: $ 8,785,000
Purpose: Refunding COPs
Authority: G.S. 160A-20 Installment
Purchase — Public Placement
True Interest Rate: 5.19%
Final Maturity: Not beyond 2032
Special Counsel: Parker Poe Adams &
Bernstein
Co-Special Counsel: Francis & Austin, PLLC
Underwriter: Legg Mason Wood Walker,
Inc. (Sr. Mgr.); Banc of
America Securities LLC (Co-
Mgr.)
Underwriters
Counsel: LeBoeuf, Lamb, Greene &
MacRae LLP
Trustee: Wachovia Bank, N.A. (DTC
Insurer: AMBAC
County: Madison
Population: 19,858
Amount: $ 800,000
Purpose: Municipal Building/Land
Authority: G.S. 160A-20 Installment
Purchase — Private
Placement
Interest Rate: 3.96%
Term: 15 years
Payment: Annual
Bank: BB&T
County: McDowell
Population: 43,080
Amount: $ 1,340,000
Purpose: Land Acquisition
Authority: G.S. 160A-20 Installment
Purchase — Private
Placement
Interest Rate: 3.67%
Term: 12 years
Payment: Semiannual
Bank: RBC Centura
(Continued on page 17)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 17
FINANCING AGREEMENTS APPROVED ON MAY 3, 2005 (Continued from page 16)
County: New Hanover
Population: 160,978
Amount: $ 5,100,000
Purpose: Municipal Building
Authority: G.S. 160A-20 Installment
Contract — Private Placement
Interest Rate: 60.515% of Libor + 80%
Term: 3 years – to be included in
COP prior to maturity.
Payment: Semiannual
Bank: Bank of America
District: Handy Sanitary District
Population: 2,998
Amount: $ 585,000
Purpose: Equipment
Authority: G.S. 160A-20 Installment
Contract — Private Placement
Interest Rate: 3.24%
Term: 10 years
Payment: Monthly
Bank: First Bank
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 18
REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS
County: Northampton
Amount: $ 9,430,000
Purpose: General Obligation Public
Improvement Bonds, Series
2005
Dated: May 1, 2005
Sold on: April 19, 2005
Rates: 5.00s, 750M—2006/2010;
4.50s, 1,000M—2011/2012;
4.00s, 3,900M—2013/2019;
4.125s, 600M—2020;
4.20s, 600M—2021;
4.25s, 600M—2022;
4.30s, 1,200M—2023/2024;
4.375s, 600M—2025;
4.50s, 180M—2026. The
bonds maturing on or after
June 1, 2016, 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 (in multiples
of $5,000) on any date not
earlier than June 1, 2015, at
the principal amount of the
bonds to be redeemed,
together with interest accrued
thereon to the date fixed for
redemption, but without any
redemption premium.
Net Interest Cost: 4.2025%
Average Life: 12.72 years
Winning Bidder: Citigroup Global Markets Inc.
Bond Counsel: Hunton & Williams LLP
County: Northampton
Amount: $ 4,835,000
Purpose: General Obligation
Refunding Bonds, Series
2005
Dated: May 1, 2005
Sold on: April 19, 2005
Rates: 3.50s, 635M—2006/2010;
3.75s, 145M—2011;
4.00s, 1,350M—2012/2019;
4.125s, 410M—2020/2021;
4.25s, 220M—2022;
4.30s, 225M—2023;
4.375s, 485M—2024/2025;
4.50s, 1,365M—2026/2030.
The bonds maturing on or
after June 1, 2016, 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 (in multiples
of $5,000) on any date not
earlier than June 1, 2015, at
the principal amount of the
bonds to be redeemed,
together with interest accrued
thereon to the date fixed for
redemption, but without any
redemption premium.
True Interest Cost: 4.3572%%
Average Life: 15.05 years
Winning Bidder: Citigroup Global Markets Inc.
Bond Counsel: Hunton & Williams LLP
Municipality: City of Charlotte
Amount: $ 53,890,000
Purpose: General Obligation
Refunding Bonds, Series
2005A
Dated: May 1, 2005
Sold on: April 19, 2005
Rates: 4.00s, 365M—2007/2010;
5.25s, 13,390M—2011/2015;
5.00s, 13,605M—2016/2019;
4.00s, 3,840M—2020;
5.00s, 17,630M—2021/2024;
4.25s, 5,060M—2025. The
bonds are subject to
redemption prior to 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 on or after
June 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.
True Interest Cost: 4.1301%
Average Life: 13.96 years
Winning Bidder: J. P. Morgan Securities, Inc.
Bond Counsel: Parker Poe Adams &
Bernstein L.L.P.
County: Mecklenburg
Amount: $172,125,000
Purpose: General Obligation
Refunding Bonds, Series
2005C
Dated: May 1, 2005
Sold on: April 26, 2005
Rates: 3.50s, 1,290M—2006;
5.00s, 170,835M—
2007/2016. The bonds will
not be subject to redemption
prior to maturity.
True Interest Cost: 3.4368%
Average Life: 7.19 years
Winning Bidder: Merrill Lynch & Co.
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
(Continued on page 19)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 19
REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS (Continued from
page 18)
Municipality: City of Charlotte
Amount: $104,040,000
Purpose: General Obligation
Refunding Bonds, Series
2005B
Dated: June 1, 2005
Sold on: May 10, 2005
Rates: 4.00s, 100M—2008;
5.00s, 88,935M—2009/2021;
4.125s, 7,350M—2022;
4.25s, 7,655M—2023. The
bonds are subject to
redemption prior to 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 on or after
June 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.
True Interest Cost: 3.9262%
Average Life: 10.98 years
Winning Bidder: Merrill Lynch & Co.
Bond Counsel: Parker Poe Adams &
Bernstein L.L.P.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 20
REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION
APPROVED ON MARCh 1, 2005
Municipality: City of Charlotte
Population: 614,330
Amount: $ 16,805,000
Purpose: Refunding of Certificates of
Participation Series 2000D
originally financing a public
safety facility resulting in
net present value savings of
approx. $587,000 or 3.62%
of the refunded debt.
Rating(s): Moodys: Aa2, S&P: AA+
Dated: May 4, 2005
Underwriter(s): Banc of America Securities
(Sr. Mgr.); Wachovia Securities
(Co-Mgr.)
Sold on: BPA — April 25, 2005
Closing — May 4, 2005
Terms: Public sale $5,000
denominations.
Interest Rate(s): Fixed — (yield) if different
Maturities: June 1:
07�� 60M, 3.00%; (3.00%);
08— 60M, 3.50%; (3.10%);
09— 60M, 3.50%; (3.20%);
10— 65M, 3.50% (3.30%);
11— 800M, 4.00%; (3.45%);
12— 830M, 5.00% (3.60%);
13— 875M, 4.00%; (3.72%);
14— 905M, 4.00%; (3.92%);
15— 945M, 4.25% (3.92%);
16— 990M, 4.00%; (4.03%);
17—1,025M, 4.00%; (4.14%);
18—1,065M, 5.00%; (4.13%);
19—1,120M, 5.00% (4.18%);
20—1,175M, 5.00%; (4.24%);
21—1,235M, 5.00%; (4.28%);
22—1,295M, 5.00%; (4.32%);
23—1,365M, 5.00%; (4.36%);
24—1,430M, 5.00% (4.40%);
25—1,505M, 4.50%; (4.60%).
Certificates maturing after
6/1/15 are callable on or after
6/1/15 at 100%.
Effective Interest
Cost: 4.472502%
Trustee/Registrar: Wachovia Bank, National
Association (DTC)
Special Counsel: Parker Poe Adams & Bernstein
L.L.P
Underwriter’s
Counsel: Helms Mullis & Wicker, PLLC.
Municipality: City of Charlotte
Population: 614,330
Amount: $ 33,665,000
Purpose: Refunding of Certificates of
Participation Series 2000A
and Series 2000B originally
financing a convention
center resulting in net
present value savings of
approx. $1,153,000 or
3.52% of the refunded debt.
Rating(s): Moodys: Aa2, S&P: AA+
Dated: May 4, 2005
Underwriter(s): Banc of America Securities
(Sr. Mgr.); Wachovia Securities
(Co-Mgr.)
Sold on: BPA — April 15, 2005
Closing — May 4, 2005
Terms: Public sale $5,000
denominations.
Interest Rate(s): Fixed — (yield) if different
Maturities: December 1:
05— 60M, 3.00% (2.50%);
06— 180M, 3.00%; (2.93%);
07— 100M, 3.50%; (3.06%);
08— 100M, 3.50%; (3.17%);
09— 100M, 3.50%; (3.34%);
10— 105M, 4.00% (3.48%);
11—1,575M, 4.00%; (3.61%);
12—1,640M, 4.00% (3.73%);
13—1,705M, 4.00%; (3.84%);
14—1,765M, 4.00%; (3.93%);
15—1,850M, 5.00% (4.02%);
16—1,945M, 5.00%; (4.08%);
17—2,040M, 5.00%; (4.14%);
18—2,145M, 5.00%; (4.20%);
19—2,250M, 5.00% (4.23%);
20—2,365M, 5.00%; (4.29%);
21—2,485M, 5.00%; (4.34%);
22—2,610M, 5.00%; (4.38%);
23—2,740M, 5.00%; (4.42%);
24—2,880M, 5.00% (4.46%);
25—3,025M, 5.00%; (4.51%).
Certificates maturing after
12/1/15 are callable on or
after 12/1/15 at 100%.
Effective Interest
Cost: 4.472502%
Trustee/Registrar: Wachovia Bank, National
Association (DTC)
Special Counsel: Parker Poe Adams & Bernstein
L.L.P
Underwriter’s
Counsel: Helms Mullis & Wicker, PLLC.
(Continued on page 21)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 21
REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION
APPROVED ON APRIL 5, 2005 (Continued from page 20)
Municipality: Henderson County
Population: 94,496
Amount: $ 25,875,000
Purpose: Construction of an new
Human Services Building
and of new classrooms and
renovations at the Dana
Elementary School. A
portion of the issue
pertaining to the Human
Services Building refinances
a non-bank qualified
installment purchase
originally financing the site.
Rating(s): Insured by AMBAC; Moody’s:
Aaa, S&P: AAA, Fitch: AAA;
Underlying ratings of Moodys:
A1, S&P A, Fitch: A+
Dated: May 11, 2005
Underwriter(s): Wachovia Securities, BB&T
Capital Markets
Sold on: BPA — April 26, 2005
Closing — May 11, 2005
Terms: Public sale $5,000
denominations.
Interest Rate(s): Fixed — (yield) if different
Maturities: May 1:
06— 630M, 3.50%; (2.74%);
07— 645M, 3.50%; (2.88%);
08— 765M, 3.00%; (3.02%);
09— 945M, 3.50%; (3.16%);
10— 685M, 4.00% (3.28%);
10— 750M, 3.50% (3.28%);
11— 435M, 4.00%; (3.46%);
11—1,000M, 5.00%; (3.46%);
12—1,430M, 5.00% (3.59%);
13—1,430M, 5.00%; (3.71%);
14—1,430M, 4.50%; (3.81%);
15—1,430M, 5.00% (3.91%);
16—1,430M, 5.25%; (4.00%);
17—1,430M, 5.25%; (4.05%);
18—1,030M, 5.00%; (4.15%);
18— 400M 4.00%; (4.17%);
19—1,430M, 5.25% (4.08%);
20—1,430M, 5.25%; (4.13%);
21—1,430M, 5.25%; (4.17%);
22—1,430M, 5.00%; (4.33%);
23—1,430M, 5.00% (4.37%);
24—1,430M, 5.00% (4.41%);
25— 430M, 4.375%; (4.53%);
25—1,000M, 5.00%; (4.45%).
Certificates maturing on or
after 5/1/16 are callable on or
after 5/1/15 at 100%
Effective Interest
Cost: 4.940486%
Trustee/Registrar: First Citizens Bank & Trust
Company (DTC)
Credit
Enhancement to
be provided by: Insurance - AMBAC
Special Counsel: LeBeouf, Lamb, Greene &
McRea, L.L.P.
Underwriter’s
Counsel: Robinson, Bradshaw &
Hinson, P.A.
Municipality: County of Forsyth
Population: 317,643
Amount: $40,985,000
Purpose: Refunding of Certificates of
Participation Series 1998,
Series 2001 and Series 2003
resulting in net present
value savings of approx.
$998,000 or 2.43% of the
refunded debt.
Rating(s): Moodys: Aa1, S&P: AA+, Fitch:
AA+
Dated: May 5, 2005
Underwriter(s): Citigroup (Sr. Mgr.); Wachovia
Securities (Co-Mgr.)
Sold on: BPA — April 30, 2005
Closing — May 5, 2005
Terms: Public sale $5,000
denominations.
Interest Rate(s): Fixed — (yield) if different
Maturities: October 1:
05— 185M, 2.60%; (2.60%);
12— 680M, 3.50%; (3.55%);
13—3,520M, 5.00% (3.67%);
14—3,695M, 5.00%; (3.77%);
15—3,885M, 5.00% (3.87%);
16—4,085M, 5.00%; (3.95%);
17—4,295M, 5.00%; (4.02%);
18—4,515M, 5.00% (4.08%);
19—3,735M, 5.00%; (4.13%);
20—3,925M, 5.00%; (4.18%);
21—4,125M, 5.00%; (4.22%);
22—4,430M, 5.00% (4.26%).
Certificates maturing after
10/1/16 are callable on or
after 10/1/15 at 102%;
10/1/16 at 101 and 10/1/17
at 100.
Effective Interest
Cost: 4.216074%
Trustee/Registrar: The Bank of New York (DTC)
Special Counsel: Sidley Austin Brown & Wood
LLP
Underwriter’s
Counsel: Womble Carlyle Sandridge &
Rice, PLLC
(Continued on page 22)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 22
REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION
APPROVED ON APRIL 5, 2005 (Continued from page 21)
Unit: County of Catawba
Population: 146,548
Amount: $ 19,550,000
Purpose: Construction of addition to
the County’s justice center
for additional cells and
related facilities and
renovations converting a
high school into a middle
school and a middle school
into an elementary school.
Rating(s): Insured by MBIA; Moody’s:
Aaa, S&P: AAA; Underlying
ratings of Moody’s: Aa3
Dated: May 5, 2005
Underwriter(s): Legg Mason Wood Walker, Inc,
(Sr. Mgr.); BB&T Capital
Markets (Co-Mgr.)
Sold on: BPA — April 21, 2005
Closing — May 5, 2005
Terms: Public sale $5,000
denominations.
Interest Rate(s): Fixed — (yield) if different
Maturities: June 1:
06— 985M, 3.00%; (2.70%);
07— 985M, 4.00%; (2.86%);
08— 985M, 4.00%; (2.97%);
09— 985M, 4.00%; (3.10%);
10— 885M, 4.00%; (3.21%);
10— 100M, 3.50%; (3.21%);
11— 775M, 4.00%; (3.41%);
11— 200M, 3.625%; (3.41%);
12— 975M, 4.00%; (3.56%);
13— 975M, 5.00%; (3.65%);
14— 975M, 4.00%; (3.77%);
15— 975M, 4.00%; (3.87%);
16— 975M, 4.00%; (3.97%);
17— 975M, 4.00%; (4.02%).
$1,950,000 5.25% Term
Certificates due June 1, 2019
– Yield 4.03%; $1,950,000
5.25% Term Certificates due
June 1, 2021 – Yield 4.14%;
$3,900,000 5.00% Term
Certificates due June 1, 2025
– Yield 4.37%.. Mandatory
sinking fund redemptions of
term certificates June 1,
2018-2019, June 1, 2020-
2021, and June 1, 2022-2025
for the term certificates
maturing in 2019, 2021 and
2025, respectively.
Certificates maturing on and
after 6/1/16 are callable on or
after 6/1/15 at 100%.
Effective Interest
Cost: 4.330762%
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
(Continued on page 23)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 23
REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION
APPROVED ON APRIL 5, 2005 (Continued from page 22)
Municipality: Durham
Population: 209,420
Amount: $905,000 (Taxable)
$34,885,000 (Tax-Exempt)
Purpose: Significant
repair/betterment to several
City facilities, acquisition of
equipment, significant
renovations to a police
facility, significant repair of
a parking deck, construction
of two fire stations,
refunding of Certificates of
Participation, Series 1995
and 1997 for a net present
value savings of $335,000,
or 4.03% of the refunded
debt.
Rating(s): Moody’s: Aa2, S&P: AA+
Dated: May 1, 2005
Underwriter(s): BB&T Capital Markets (Sr.);
Jackson Securities (Co-Mgr.);
Wachovia Securities (Co-Mgr)
Sold on: BPA — April 28, 2005
Closing — May 12, 2005
Terms: Public sale $5,000
denominations and multiples.
Interest Rate(s): Fixed — (yield) if different
Maturities: June 1:
Taxable:
06—455M, 4.00%; (4.00%);
07—450M, 4.25%; (4.25%);
Tax-Exempt:
06—1,520M, 3.25% (2.86%);
06—1,250M, 4.00% (2.86%);
07—2,795M, 3.50%; (2.97%);
08—2,805M, 4.00% (3.10%);
09—2,830M, 5.00%; (3.22%);
10—2,845M, 5.00%; (3.30%);
11—2,580M, 5.00%; (3.45%);
12—2,610M, 5.00%; (3.58%);
13—2,530M, 5.00%; (3.69%);
14—2,570M, 4.00%; (3.79%);
15—2,585M, 4.25%; (3.89%);
16—1,175M, 4.25%; (3.98%);
17—1,200M, 5.25%; (4.04%);
19—710M, 5.64%; (5.64%).
$1,000,000 5.25% Term
Certificates due June 1, 2019
— Yield 4.10%;
$1,400,000 5.25% Term
Certificates due June 1, 2021
— Yield 4.19%;
$1,400,000 5.00% Term
Certificates due June 1, 2023
— Yield 4.36%;
$1,390,000 5.00% Term
Certificates due June 1, 2025
— Yield 4.45%.
Certificates maturing on and
after 6/1/16 are callable on or
after 6/1/15 at 100%.
Mandatory sinking fund
redemptions of term
certificates June 1, 2018-
2025.
Effective Interest
Cost: Taxable: 4.430413%
Tax-Exempt:4.085715%
Trustee/Registrar: Deutche Bank National Trust
Company (DTC)
Special Counsel: Parker, Poe. Adams &
Bernstein L.L.P.
Underwriter’s
Counsel: Robinson, Bradshaw &
Hinson, P.A.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2005 24
BOND BUYER’S INDEX
20 G.O. Bonds
5.03 4.98
4.78
4.61 4.61
4.45
4.63
4.47 4.37
4.57 4.56
4.38
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
Jun 3 Jul 5 Aug 5 Sept 9 Oct 8 Nov 4 Dec 8 Jan 6 Feb 4 Mar 10 Apr 11 May 5
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