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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 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 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 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
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Title | Bond reporter |
Date | 2005-05 |
Description | Volume 12, Number 5, (May 2005) |
Digital Characteristics-A | 205 KB; 24 p. |
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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 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 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 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 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 |
OCLC number | 23123426 |