Bond reporter

              NORTH CAROLINA
DEPARTMENT OF STATE TREASURER
Janet Cowell, Treasurer
CALENDAR OF SCHEDULED COMPETITIVE SALES*
February 2, 2011
STATE OF NORTH CAROLINA $ 500,000,000
Capital Improvement Limited Obligation Bonds
March 15, 2011
COUNTY OF WAKE $ 116,800,000
Public Improvement, G.O. Bonds
June 28, 2011
TOWN OF CARRBORO $ 2,590,000
Sidewalk, G.O. Bonds
____________
*Subject to change.-
BOND
REPORTER
VOLUME XVIII FEBRUARY 2011 No. 2
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
Janet Cowell, Treasurer
Electronically Published Monthly by
North Carolina
Department of State Treasurer
Albemarle Building
325 North Salisbury Street
Raleigh, North Carolina 27603-1385
Janet Cowell, State Treasurer
(919) 508-5176
T. Vance Holloman, Deputy Treasurer
(919) 807-2351
Sharon Edmundson, Director, Fiscal Management
(919) 807-2380
Tim Romocki, Director, Debt Management
(919) 807-2360
Dora D. Fazzini, Director, North Carolina
Capital Facilities Finance Agency
(919) 807-2378
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 XVIII No. 2
February 2011
Calendar of Scheduled Competitive
Sales 1
Schedule of Negotiated Sales 3
Notice of Redemption 4-7
State and Local Unit Debt
Outstanding Balances 8
PROPOSALS
Revenue Bonds 9
Revolving Loans 9
North Carolina Medical
Care Commission 10
Financing Agreements 11
REPORTS OF RECENT SALES
Limited Obligation Bonds 12
Revenue Bonds 13
General Obligation Bonds 14
OTHER INFORMATION
Bond Buyer’s Index 15
B
ON
D
REP
ORT
E
R
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 3
SCHEDULE OF NEGOTIATED SALES*
February 3, 2011
NORTH CAROLINA MEDICAL CARE COMMISSION $ 35,000,000
Healthcare Facilities Revenue Refunding Bonds, Series 2011A
Appalachian Regional Healthcare System
Lancaster Pollard & Co. (Senior Manager)
Davenport & Company LLC (Co. Manager)
February 9, 2011
NORTH CAROLINA MEDICAL CARE COMMISSION $ 265,000,000
Hospital Revenue Refunding Bonds, Series 2011A
Moses Cone Health System
Morgan Stanley (Sr. Mgr.)
B of A Merrill Lynch (Co. Mgr.); BB&T Capital Markets;
Edward Jones & Co., L.P.; J P Morgan Securities LLC;
Wells Fargo Securities
March 16, 2011
NORTH CAROLINA MEDICAL CARE COMMISSION $ 32,000,000
Retirement Facilities First Mortgage Revenue Bonds, Series 2011
Masonic and Eastern Star Home of North Carolina, Inc.
(d/b/a Whitestone a Masonic and Eastern Star Community)
Cain Brothers & Company LLC (Senior Manager)
Janney Montgomery Scott LLC (Co. Manager)
____________
*Subject to change.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 4
NOTICE OF REDEMPTION
Issuer: City of Fayetteville, North Carolina Public Works Commision, Revenue
Refunding Bonds, Series 2001
Amounts: $1,395,000, $1,460,000, $1,525,000, and $3,300,000
Dated: April 1, 2001
Redemption Date: March 1, 2011
Redemption Price: 101%
CUSIP Numbers: 312805EP5, 312805EQ3, 312805ER1, and 312805ET7
Present for payment at: The Bank of New York Mellon Trust Company, N.A., as Trustee
Issuer: The Alamance County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (CT-Nassau Corporation
Project), Series 1998
Amount: $35,000
Dated: December 1, 1998
Redemption Date: March 1, 2011
Redemption Price: 100%
CUSIP Number: 010737AJ3
Registered Bond: R18_1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: City of Charlotte, North Carolina, Variable Rate Certificates of Participation,
(Central Yard Project), Series 2005A
Amount: $660,000
Dated: April 6, 2005
Redemption Date: March 1, 2011
CUSIP Number: 161037QK5
Redemption Price: 100%
Registered Bond: FASBAL_1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: The Harnett County Industrial Facilities & Pollution Control Financing
Authority, Tax Exempt Adjustable Mode Industrial Development Revenue
Bonds, (Edwards Brothers, Inc. Project), Series 2007
Amount: $235,000
Dated: September 14, 2007
Redemption Date: March 1, 2011
CUSIP Number: 413331AB5
Redemption Price: 100%
Registered Bond: 1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
(Continued on page 5)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 5
NOTICE OF REDEMPTION (Continued on from page 4)
Issuer: North Carolina Medical Care Commission, Variable Rate Demand Health Care
Facilities, First Mortgage Revenue Bonds (DeerField Episcopal Retirement
Comm) 08B
Amount: $4,800,000
Dated: August 13, 2008
Redemption Date: March 1, 2011
CUSIP Number: 65821DAA9
Redemption Price: 100%
Registered Bond: 1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: City of Raleigh, North Carolina, Combined Enterprise System Revenue
Bonds, Series 2008B
Amount: $ 1,355,000
Dated: June 12, 2008
Redemption Date: March 1, 2011
CUSIP Number: 751100FX1
Redemption Price: 100%
Registered Bond: 1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: City of Raleigh, North Carolina, Combined Enterprise System Revenue
Bonds, Series 2008A
Amount: $ 2,035,000
Dated: June 12, 2008
Redemption Date: March 1, 2011
Redemption Price: 100%
CUSIP Number: 751100FW3
Registered Bond; 1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: The Vance County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (HHHunt Manufacturing
Facilities, LLC Project), Series 1998
Amount: $ 80,000
Dated: December 1, 1998
Redemption Date: March 1, 2011
Redemption Price: 100%
CUSIP Number: 921445AA0
Registered Bond: BOOK18_1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
(Continued on page 6)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 6
NOTICE OF REDEMPTION (Continued on from page 5)
Issuer: County of Guilford, North Carolina, Housing Revenue Bond (Sheraton Towers
Project), Taxable, Series 2007B
Amount: $ 185,006.63
Dated: March 28, 2007
Redemption Date: January 28, 2011
Redemption Price: 100%
CUSIP Number: N/A
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: County of Guilford, North Carolina Housing Revenue Bond (Sheraton Towers
Project) Taxable, Series 2007A
Amount: $ 2,322,000
Dated: March 28, 2007
Redemption Date: January 28, 2011
CUSIP Number: N/A
Redemption Price: 100%
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: The Gaston County Industrial Facilities & Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (Marlatex Corporation
Project), Series 2000
Amounts: $ 50,000
Dated: May 1, 2000
Redemption Date: March 1, 2011
Redemption Price: 100%
CUSIP Number: 367302BA3
Registered Bond: FASBAL_1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: City of Monroe, North Carolina, Combined Enterprise System Revenue
Bonds, Series 2008B
Amount: $ 470,000
Redemption Date: March 1, 2011
Redemption Price: 100%
CUSIP Number: N/A
Bond Number: _BOOK
Present for payment at: The Bank of New York Mellon Trust Company, N.A., as Trustee or Agent
(Continued on page 7)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 7
NOTICE OF REDEMPTION (Continued on from page 6)
Issuer: North Carolina Medical Care Commission, Variable Rate Demand Hospital
Revenue Bonds (Transylvania Regional Hospital), Series 2009
Amount: $ 425,000
Dated: March 9, 2009
Redemption Date: February 1, 2011
Redemption Price: 100%
CUSIP Number: 65820HB51
Registered Bond: FASBAL_1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul. MN 55107
Issuer: City of Kannapolis, North Carolina, Water and Sewer System Revenue Bonds,
Series 2002
Amount: $ 176,717.64
Dated: December 1, 2002
Redemption Date: February 1, 2011
Redemption Price: 100%
CUSIP Number: NC0058176
Registered Bond: BOOK18_1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: The Northampton County Industrial Facilities and Pollution Control
Financing Authority, Environmental Improvement Revenue Bonds, Series
2001A, (International Paper Company Project)
Amount: $ 2,100,000
Dated: February 1, 2001
Redemption Date: March 22, 2011
Redemption Price: 100%
CUSIP Number: 663518AA6
Present for payment at: The Bank of New York Mellon, 111 Sanders Creek Parkway, East Syracuse,
New York 13057
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 8
STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES
JANUARY 31, 2011
Amount Population Per Capita
Local Units’ Debt $ 28,786,665,097 — —
State of North Carolina $ 6,899,685,000 9,535,483 $ 723.58
U.S. Public Debt $14,131,051,056,011 310,843,553 $ 45,460.33
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 9
REVENUE BONDS
APPROVED ON FEBRUARY 8, 2011
Authority: Stanly Water and Sewer
Authority
Amount: $ 2,569,000
Purpose: Water
Term: RBAN: Interim Loan with
Stanly County; RB: 40 years
Interest Rate: Fixed
Final Maturity: RBAN: approximately one
year; RB: No later than the
year 2052.
Structure: USDA commitment to
purchase the bonds on
substantial completion of the
project.
Bond Counsel: Parker Poe Adams &
Bernstein LLP
Revenue BAN: Interim Loan from Stanly
County
Revenue Bond: USDA Rural Development
Registrar: Finance Office
Municipality: Town of Ahoskie
Amount: $ 1,873,000
Purpose: 1,873,000
Interest Rate: Fixed
Term: RBAN: 10 months; RB: 40
years
Structure: USDA commitment to
purchase the bonds on
substantial completion of the
project.
Final Maturity: Revenue BAN: December 14,
2011; Revenue Bond: Not
beyond December 31, 2052.
Bond Counsel: Hunton & Williams, LLP
Revenue BAN: Financial institution to be
approved by the Secretary
Revenue Bond: USDA Rural Development
Registrar: Finance Officer
District: Contentnea Metropolitan
Sewerage District
Amount: $ 1,693,436
Purpose: Sewer
Term: RBAN: 9 months, RB: 40
years
Interest Rate: Fixed
Final Maturity: RBAN: November 30, 2011,
RB: No later than December
31, 2051
Structure: USDA commitment to
purchase the bonds on
substantial completion of the
project.
Bond Counsel: Sanford Holshouser
Purchasers: RBAN: Southern Bank, RB:
USDA Rural Development
Registrar: District Manager 􀂒􉈀􀂒􉈀􀂒􉈀􀂒􉈠
REVOLVING LOANS
APPROVED ON FEBRUARY 8, 2011
Municipality: City of Thomasville
Amount: $ 542,566
Purpose: Construction of a
wastewater collection
system consisting of 2,700
feet of sewer line, and
improvements to Pilot and
Northside pump station.
Term: 20 years
Interest Rate: Not to exceed 4%.
Loan from: State of North Carolina
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 10
NORTH CAROLINA MEDICAL CARE COMMISSION
APPROVED ON FEBRUARY 8, 2011
Issuer: Masonic and Eastern Star
Home of North Carolina,
Incorporated (d/b/a
Whitestone: A Masonic and
Eastern Star Community)
Amount: $32,000,000
Purpose: Retirement Facilities First
Mortgage Revenue Bonds,
Series 2011
Locations: Greensboro (Guilford County)
Term: Series A: approximately 30
and one half years; Series B:
up to seven years.
Interest Rates: Series A & B: Fixed (Serial,
Term)
Structure: Unrated public offering with
fixed rate bonds (Series A &
B) in $5,000 denominations,
which are scheduled for sale
March 9, 2011 to not conflict
with other healthcare revenue
bonds.
Final Maturities: Not to exceed Series A:
September 30, 2041; Series B:
March 31, 2018.
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
Underwriters: Series A & B: Cain Brothers
& Co., LLC (Sr. Mgr.) (co.-
Mgr.) Janney Montgomery
Scott LLC
Underwriters’
Counsel: Parker Poe Adams &
Bernstein LLP
Trustee/Registrar/
Paying Agent: The Bank of New York Mellon
Trust Company, NA (DTC)
Borrower Counsel: Smith & Moore Leatherwood
LLP
Feasibility: Dixon Hughes PLLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 11
FINANCING AGREEMENTS
APPROVED ON FEBRUARY 8, 2011
Municipality: Town of Cramerton
Population: 3,472
Amount: $ 1,440,000
Purpose: City Hall Police Department
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Interest Rate: 2.40%
Term: 14 months
Payment: Monthly
Bank: First National Bank of Shelby
Municipality: City of Newton
Population: 13,819
Amount: $ 250,000
Purpose: Streets/Sidewalks
Interest Rate: 2.65%
Authority: G. S. 160A-20 Installment
Contract – Private Placement
Term: 7 years
Payment: Annual
Bank: BB&T
County: Pamlico
Population: 12,842
Amount: $ 4,000,000
Purpose: Water
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Interest Rate: 1.88%
Term: 12 months
Payment: Quarterly
Bank: Bank of America
Municipality: City of Asheville
Population: 79,973
Amount: $ 14,100,000
Purpose: Installment Financing
Contract
Authority: G.S. 160A-20 Installment
Contract – Private Placement
70% Tax-Exempt and 30%
Taxable (Private Placement
with Bank of America)
Interest Cost: Variable on Amounts Drawn
of (Tax-Exempt) 62.5% of 30
Day LIBOR plus 79 Basis
Points (Cap 15%) and
(Taxable) 30 Day LIBOR plus
75 Basis Points (Cap 18%) an
unused fee of 25 Basis Points
will be charged for amounts
not yet drawn of the
$14,100,000.
Final Maturity: Not beyond 24 months from
closing (expected fixed rate
refunding in 18 to 24
months.)
Special Counsel: Parker Poe Adams &
Bernstein
Financial Advisor: DEC Associates, Inc.
Placement Bank: Bank of America, N.A.
Bank Counsel: Hunton & Williams
County: Chatham
Population: 64,772
Amount: $ 25,000,000
Purpose: Courthouse (Judicial
Center)
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Interest Rate: The rate is variable and will
be periodically reset to equal
87% of (LIBOR plus .40%)
Term: The term is three years with
construction draws up to the
committed amount. A
completion of the project the
construction period loan will
be replaced with permanent
financing provided by the
USDA. Informationally, the
permanent financing has
been committed for a period
of 40 years at rate of 4%.
Lender: RBC Bank
County: Edgecombe
Population: 51,327
Amount: $ 8,000,000
Purpose: County Buildings
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 3.591%
Term: 14.5 years
Payment: Semiannual
Bank: RBC Bank
Municipality: Village of Marvin
Population: 4,236
Amount: $ 750,000
Purpose: Land
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 2.71%
Term: 7 years
Payment: Monthly
Bank: Bank of America
County: Washington
Population: 13,004
Amount: $ 500,000
Purpose: Building Economic
Development
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 4.41% Taxable
Term: 10 years
Payment: Annual
Bank: RBC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 12
REPORT OF RECENT SALE OF LIMITED OBLIGATION BONDS
APPROVED ON DECEMBER 7, 2010
Unit: County of Cumberland
Population: 321,071
Amount: $14,805,000
Purpose: Construction of a new
middle school in the
western portion of the
County.
Rating(s): Moody’s: Aa2, S&P: AA
Dated: January 26, 2011
Underwriter(s): Stephens Inc. (Sr. Mgr.); Well
Fargo Securities (Co-Mgr.);
Jackson Securities (Co-Mgr.)
Sold on: BPA — January 13, 2011
Closing — January 26, 2011
Terms: Public sale $5,000
denominations. $14,805,000
Taxable – Qualified School
Construction Bonds based on
an approximately 100%
Federal rate subsidy. Single
final payment due November
1, 2025. Mandatory
irrevocable sinking fund
contributions to invested fund
such that annual earnings
plus contributions equal
straight-line redemptions of
term certificate.
Maturity: 2025
Effective Interest
Cost: 1.4259460%
Trustee/Registrar: Regions Bank
Bond Counsel: Hunton & Williams LLP
Underwriter’s
Counsel: Womble Carlyle Sandridge &
Rice, PLLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 13
REPORT OF RECENT SALE OF REVENUE BONDS
Approved on January 4, 2011
Municipality: City of Raleigh (Combined
Enterprise System Revenue
Bonds)
Amount: $108,340,000
Purpose: Funding and partially
funding next 18-24 months
of cash needs for City’s
Water and Sewer CIP.
Rating(s): Moody’s: Aa1; S&P: AAA;
Fitch: AAA
Dated: February 10, 2011
Underwriter(s): Citi Global Markets, Inc. (Sr.);
Stephens, Inc.; Robert W.
Baird & Co.
Sold on: BPA – January 27, 2011
Closing – February 10, 2011
Terms: Public Offering – $5,000
denominations.
Interest Rate(s): Fixed
Maturities: March 1:
TIC: 4.715%
EIC: 4.7409%
Last Maturity: March 1, 2040. Maturities
callable March 1, 2021 at par.
Trustee/Registrar: U.S. Bank National
Association (DTC)
Feasibility
Consultant: Raftelis Financial Consultants,
Inc.
Financial Advisor: DEC Associates, Inc.
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Underwriters’
Counsel: Parker Poe Adams &
Bernstein, LLP
Approved on January 11, 2011
Municipality: Town of Oak Island
(Enterprise System Revenue
Bonds)
Amount: $ 10,670,000
Purpose: Completion Indebtedness –
Collection System
Rating(s): Moody’s: Aa3/A2; S&P:
AA+/A- (Insured/Underlying);
Dated: February 3, 2011
Underwriter: BB&T Capital Markets
Sold on: BPA – January 21, 2011
Closing – February 3, 2011
Terms: Public Offering - $5,000
denominations.
Interest Rate(s): Fixed –
Maturities: June 1:
TIC: 5.528%
EIC: 5.698%
Last Maturity: June 1, 2036. Maturities
callable June 1, 2020 at par.
Trustee/Registrar/
Escrow Agent: U.S. Bank National
Association (DTC)
Insurance: Assured Guaranty Corp.
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
Underwriters’
Counsel: Parker Poe Adams & Bernstein
Municipality: Dare County
Amount: $24,200,000
Purpose: Construction and
acquisition to improvements
to the Skyco Water
Treatment Plant, an
elevated water storage tank,
a ground water storage tank,
and approximately 56 miles
of transmission/distribution
lines, all on Roanoke Island,
as part of the Dare County
Utilities System.
Rating(s): S&P: AA
Dated: February 23, 2011
Underwriter(s): Southwest Securities, Inc.
Sold on: BPA — January 27, 2011
Closing — February 23, 2011
Terms: Public sale $5,000
denominations & multiples.
Final Maturity: February 1, 2041
Effective Interest
Cost: 5.007430%
Trustee/Registrar: Bank of New York Mellon
Trust Company, N.A. (DTC)
Credit
Enhancement to
be provided by: None.
Bond Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter’s
Counsel: McGuireWoods LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 14
REPORT OF RECENT SALE OF GENERAL OBLIGATION BONDS
County: Lincoln
Amount: $ 17,405,000
Purpose: General Obligation
Refunding Bonds, Series
2011A
Dated: Date of Delivery
Sold on: January 25, 2011
True Interest Rate: 2.9253%
Rates: 2.00s, 55M, 2012;
3.00s, 1,760M, 2013/2014;
4.00s, 2,960M, 2015/2016;
3.00s, 2,215M, 2017;
5.00s, 2,980M, 2018;
4.00s, 6,450M, 2019/2020;
3.50s, 985M, 2021. The Bonds
are not subject to redemption
prior to maturity.
Average Life: 7.00 years
Winning Bidder: Wells Fargo Bank, National
Association
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
County: Lincoln
Amount: $ 9,600,000
Purpose: General Obligation School
Bonds, Series 2011B
Dated: Date of Delivery
Sold on: January 25, 2011
True Interest Rate: 4.1278%
Rates: 3.00s, 650M, 2012/2013;
2.00s, 325M, 2014;
3.00s, 650M, 2015/2016;
4.00s, 2,000M, 2017/2021;
3.75s, 400M, 2022;
4.00s, 1,300M, 2023/2024;
4.25s, 900M, 2025;
4.375s, 900M, 2026;
4.50s, 900M, 2027;
4.625s, 900M, 2028;
4.75s, 675M, 2029. The Bonds
maturing prior to June 1,
2021 will not be subject to
redemption prior to maturity.
The Bonds maturing on June
1, 2021 and thereafter will be
redeemable, at the option of
the County, from any moneys
that may be made available for
such purpose, either in whole
or in part on any date not
earlier than June 1, 2020, at a
redemption price equal to
100% of the principal amount
of the Bonds to be redeemed,
plus interest accrued to the
date fixed for redemption.
Average Life: 11.72 years
Winning Bidder: UBS Financial Services Inc.
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
Issuer: State of North Carolina
Amount: $ 500,000,000
Purpose: Capital Improvement
Limited Obligation Bonds,
Series 2011A
Dated: Date of Delivery
Sold on: February 2, 2011
True Interest Cost: 4.2349%
Rates: 3.00s, 12,295M, 2012;
5.00s, 258,120M, 2013/2024;
4.00s, 28,165M, 2025;
5.00s, 60,625M, 2026/2027;
4.50s, 32,605M, 2028;
5.00s, 34,235M, 2029;
4.75s, 36,030M, 2030;
5.25s, 37,925M, 2031;. The
Series 2011A bonds stated to
mature on May 1, 2021, and
thereafter will be subject to
redemption prior to their
stated maturity, at the option
of the State, from any moneys
that may be made available for
such purpose, either in whole
or in part on any date not
earlier than May 1, 2020, at a
redemption price equal to
100% of the principal amount
of the Series 2011A Bonds to
be redeemed together with
interest accrued thereon to the
date fixed for redemption.
Average Life: 12.24 years
Winning Bidder: Wells Fargo Bank, National
Association
Co-Bond Counsels: Hunton & Williams LLP and
The Charleston Group
Financial Advisor: First Southwest
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2011 15
BOND BUYER’S INDEX
20 G.O. Bonds
4.36 4.34
4.45 4.37
4.28
4.38
4.21
3.86 3.84
4.02
4.65
5.08
3.80
4.00
4.20
4.40
4.60
4.80
5.00
5.20
5.40
5.60
Feb 4 Mar 4 Apr 8 May 6 Jun 3 Jul 8 Aug 5 Sept 2 Oct 7 Nov 4 Dec 2 Jan 6
DAY
Percent Rate
2010 2011
JANET COWELL
NORTH CAROLINA STATE TREASURER
325 NORTH SALISBURY STREET
RALEIGH, NORTH CAROLINA 27603-1385
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