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NORTH CAROLINA DEPARTMENT OF STATE TREASURER Janet Cowell, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES* August 10, 2010 COUNTY OF HALIFAX $ 1,916,000 Water, G.O. BAN’s August 17, 2010 STATE OF NORTH CAROLINA $489,345,000 Refunding, G.O. Bonds August 24, 2010 COUNTY OF PENDER $ 5,050,000 Refunding, G.O. Bonds September 21, 2010 TOWN OF CHAPEL HILL $ 20,410,000 Public Improvement, G.O. Bonds October 12, 2010 TOWN OF CARRBORO $ 2,590,000 Street & Sidewalk, G.O. BAN’s October 19, 2010 COUNTY OF FRANKLIN $ 20,000,000 School, G.O. Bonds ____________ *Subject to change.- BOND REPORTER VOLUME XVII AUGUST 2010 No. 8 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 XVII No. 8 August 2010 Calendar of Scheduled Competitive Sales 1 Schedule of Negotiated Sales 3 Notice of Redemption 4-5 State and Local Unit Debt Outstanding Balances 6 PROPOSALS General Obligation Bond 7 Revenue Bonds 8 North Carolina Capital Facilities Finance Agency 9 Industrial Revenue Bonds 10 Financing Agreements 11-12 REPORTS OF RECENT SALES General Obligation Bonds 13 Negotiated Bond 14 Limited Obligation Bonds 15 OTHER INFORMATION Bond Buyer’s Index 16 B ON D REP ORT E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 3 SCHEDULE OF NEGOTIATED SALES* August 4, 2010 RALEIGH-DURHAM AIRPORT AUTHORITY $ 225,000,000 Airport Revenue Refunding Bonds Barclays Capital (Sr.); Banc of America Merrill Lynch; Citi; Morgan Keegan & Co., Piper Jaffray & Co., Siebert Brandford Shank & Co., LLC, SunTrust, Wells Fargo Securities August 11, 2010 TOWN OF HUNTERSVILLE $ 7,800,000 General Obligation Bonds Robert W. Baird & Co. COUNTY OF GRANVILLE $ 17,000,000 Limited Obligation Bonds Robert W. Baird & Co. August 12, 2010 CITY OF RALEIGH $ 50,000,000 Limited Obligation Bonds Wells Fargo Securities August 18, 2010 COUNTY OF FORSYTH $ 202,125,000 General Obligation Bonds Banc of America Merrill Lynch August 19, 2010 NORTH CAROLINA MEDICAL CARE COMMISSION $ 110,000,000 CaroMont Health, Hospital Revenue Bonds, Series 2008 Banc of America Merrill Lynch (Sr. Mgr.) BB&T Capital Markets (Co-Mgr.) August 25, 2010 CITY OF GASTONIA $ 29,495,000 General Obligation Bonds Banc of America Merrill Lynch September 1, 2010 COUNTY OF CABARRUS $ 19,000,000 Limited Obligation Bonds Southwest Securities September 15, 2010 COUNTY OF MOORE $ 50,000,000 Limited Obligation Bonds Wells Fargo Securities (Sr. Mgr.) BB&T Capital Markets (Co-Mgr.) September 16, 2010 CITY OF GREENSBORO $ 7,000,000 Limited Obligation Bonds Wells Fargo Securities ____________ *Subject to change. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 4 NOTICE OF REDEMPTION Issuer: City of Kannapolis, North Carolina, Water and Sewer System Revenue Bonds, Series 2002 Amount: $173,346.06 Redemption Date: August 1, 2010 Dated: December 1, 2002 Redemption Price: 100% CUSIP Numbers: NC0058176 Registered Bond: BOOK16_1 Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 Issuer: North Carolina Capital Facilities Finance Agency, Educational Facilities Revenue Bonds, Series 2006, (The Downtown Middle School) Amount: $150,000 Redemption Date: August 2, 2010 Redemption Price: 100% CUSIP Numbers: 65818PEK1 Bond Number: FASBAL_1 Present for payment at: Regions Bank, 250 Riverchase Parkway East, 5th Floor, Hoover, Alabama 35244 Issuer: North Carolina Capital Facilities Finance Agency, Taxable Variable Rate Demand Revenue Bonds, (Wolfpack Towers Project), Series 2004B Amount: $1,325,000 Dated: November 18, 2004 Redemption Date: August 2, 2010 CUSIP Number: 65819GCB2 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: Cleveland County Industrial Facilities and Pollution Control Financing Authority Industrial Revenue Bonds, (Blachford Rubber Acquisition Corporation Project), Series 2003 Amount: $2,820,000 Dated: July 1, 2003 Redemption Date: July 31, 2010 CUSIP Number: 186039AV5 Redemption Price: 100% Registered Bond: R_1 Present for payment at: The Bank of New York Mellon Trust Company, N.A. (Continued on page 5) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 5 NOTICE OF REDEMPTION (Continued on from page 4) Issuer: North Carolina Capital Facilities Finance Agency, Variable Rate Educational Facilities Revenue Bond, (Charlotte Country Day School), Series 2008 Amount: $305,000 Redemption Date: August 1, 2010 CUSIP Number: 65818PGN3 Redemption Price: 100% Registered Bond: _BOOK Present for payment at: The Bank of New York Mellon Trust Company, N.A. Issuer: $34,700,000 City of Charlotte, North Carolina, Charlotte/Douglas International Airport, Special Facility Revenue Bonds, Series 2000, (US Airways, Inc. Project) Amount: $5,790,000 Dated: July 24, 2000 Redemption Date: August 24, 2010 CUSIP Number: 161044BF8 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: North Carolina Medical Care Commission, Hospital Revenue Bonds, (Halifax Regional Medical Center), Series 1998 Amount: $775,000 Dated: September 1, 1998 Redemption Date: August 15, 2010 CUSIP Number: 65820HMR1 Redemption Price: 100% Registered Bond: BOOK1_11 Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 6 STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES JULY 31, 2010 Amount Population Per Capita Local Units’ Debt $ 27,967,052,031 — — State of North Carolina $ 6,939,010,000 9,386,573 $ 739.25 U.S. Public Debt $13,237,726,976,890 309,981,726 $ 42,704.86 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 7 GENERAL OBLIGATION BOND PROPOSALS APPROVED ON AUGUST 3, 2010 County: Pender Population: 51,853 Amount: $ 6,000,000 Purpose: Refunding Financial Advisor: FirstSouthwest Company Escrow Agent: Branch Banking & Trust Co. Verification Agent: Grant Thornton LLP Bond Counsel: Sanford Holshouser LLP County: Forsyth Population: 343,704 Amount: $ 7,925,000 Purpose: School Amount: $ 1,981,250 Purpose: Community College Amount: $ 3,962,500 Purpose: Parks & Recreation Amount: $ 356,250 Purpose: Public Facilities Sale: Negotiated Underwriters: Bank of America Merrill Lynch and Stephens Inc. Underwriters’ Counsel: Robinson Bradshaw & Hinson, P.A. Financial Advisor: DEC Associates, Inc. Bond Counsel: Womble Carlyle Sandridge & Rice PLLC Municipality: City of Gastonia Population: 74,518 Amount: $ 2,130,000 Purpose: Parks and Recreation Sale: Negotiated Underwriter: Bank of America Merrill Lynch Underwriters’ Counsel: Parker Poe Adams & Bernstein, LLP Financial Advisor: DEC Associates, Inc. Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC County: Forsyth Population: 343,704 Amount: $82,000,000 Purpose: Refunding Sale: Negotiated Underwriters: Stephens Inc. and Bank of America Merrill Lynch Underwriter’s Counsel: Robinson Bradshaw & Hinson P.A. Escrow Agent: Regions Bank Financial Advisor: DEC & Associates, Inc. Verification Agent: Barthe Wahrman Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 8 REVENUE BONDS APPROVED ON AUGUST 3, 2010 District: Edgecombe County Water & Sewer District #5 Amount: $ 638,000 Purpose: Wastewater Term: RBAN: 15 months; RB: 40 years Interest Rate: Fixed Final Maturity: RBAN: December 14, 2011; RB: No later than December 31, 2051 Structure: RBAN: Interest due at maturity; RB: Approximately level debt service. Bond Counsel: Parker Poe Adams & Bernstein LLP Revenue BAN: Financial institution to be approved by the Secretary Revenue Bond: USDA Rural Development Registrar: Finance Officer Issuer: North Carolina Eastern Municipal Power Agency Amount: $225,000,000 Purpose: Power System Revenue Fixed Rate Refunding Bonds Interest Rate: Fixed; Taxable and Tax-exempt Structure: Pricing of debt will be scheduled so as to not conflict with any other revenue or NC bonds. Sale currently scheduled for September 9, 2010. The long-term ratings of any Insured Bonds will be at least AA. The underlying debt is currently rated: S&P: A- (Outlook – Stable); Moody’s: Baa1 (Outlook – Stable); Fitch: BBB+ (Outlook – Positive) Term: Approximately 15 years (no extension of maturity) Final Maturity: Not beyond January 1, 2026. Bond Counsel: Hawkins Delafield & Wood LLP Underwriters: Citi, Bank of America/Merrill Lynch, Wells Fargo, Morgan Stanley & Co., Inc., Barclay’s Capital, Inc., Morgan Keegan, Edward Jones Underwriter’s Counsel: Sidley Austin LLP General Counsel: Poyner & Spruill, L.L.P. Registrar/Trustee: Bank of NY Mellon Trust Co. (DTC) Insurance Provider: To be determined, if cost beneficial Issuer: Raleigh-Durham Airport Authority Amount: $146,545,000 2010B (Refunding 2001A) $260,000,000 2010A (Refunding 2008 A & B) Purpose: Airport Revenue Refunding Bonds 2010A – Synthetic Fixed to Fixed & Related Swap Terminations – Risk Reduction; 2010B – Refunding for savings Interest Rate: Fixed Term: Approximately 26 years. (2010A) Interest Rate: Fixed Term: Approximately 21 years. (2010B) Final Maturity: Not beyond 2031. Structure: Public Sale. Sale is scheduled for August 5th, so as not to conflict with any other revenue bonds (market permitting). Bonds are currently rated: Moody’s: Aa3; Fitch: AA-. The all-in cost of refunding all the bonds to a fixed rate has varied greatly due to the volatility of the market place. Thus the unit desires to position itself to take advantage of possible market opportunities. One or more sales may be done if remaining bonds can later be refunded under the dissavings target. Refunding (1) Current (2008) and (2) Advanced (2001) may not be done at the same time or at all depending on needs for terminating the swap on the synthetic fixed bonds to be refunded and market conditions. Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriters: (Sr) Barclays Capital; (Co) Banc of Amercia Merrill Lynch, Citi, Morgan Keegan & Company, Piper Jaffray & Co., Siebert Brandford Shank & Co., LLC, SunTrust (Robinson Humphrey) and Wells Fargo Securities Underwriters Counsel: Parker Poe Adams & Bernstein LLP Trustee/Registrar: The Bank of New York Mellon Trust Company, N.A. (DTC) Financial/Swap Advisor: Jefferies & Company, Inc. Feasibility Consultant: Jacobs Consultancy Escrow Agent: The Bank of New York Mellon Trust Company, N.A. Verification Agent: The Arbitrage Group Max NPV Cost: 2010A – Refunding & Swap Terminations 3% Min NPV Savings: 2010B – 3% NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 9 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY APPROVED ON AUGUST 3, 2010 Issuer: Cape Fear Center For Inquiry Amount: $ 4,300,000 Purpose: Educational Facilities Revenue Bonds, Series 2010 Location: Wilmington (New Hanover County) Interest Rate: Variable rate adjusted based on 68% of one month LIBOR + 1.625%, with an interest rate floor of 2.75%. Term: Approximately 21 years. Final Maturity: Not to extend beyond September 30, 2031. Structure: Private placement as a bank qualified loan with Branch Banking and Trust Company. The bond issue is currently anticipated to close on August 24, 2010. Transfer to Qualified Institutional Buyers (QIBs) is permitted. Borrower’s Counsel: King Law Offices Bond Counsel: Hunton & Williams LLP Purchaser: Branch Banking and Trust Company Bank’s Counsel: Moore & Van Allen PLLC Swap Advisor: Winters & Company Issuer: Greensboro Independent School Corp. (d/b/a Greensboro Day School) Amount: $ 6,100,000 Purpose: Educational Facilities Revenue Bonds, Series 2010 Location: Greensboro (Guilford County) Interest Rate: Variable rate, based on 68% of one month LIBOR + 1.30%, payable monthly. Structure: Private placement as a bank qualified loan with Branch Banking and Trust Company. The financing is expected to close on August 26, 2010. Transfer to Qualified Institutional Investors (QIBs) is permitted. Final Maturity: Not to extend beyond December 31, 2030. Bond Counsel: Hunton & Williams LLP Bank: Branch Banking and Trust Company Bank Counsel: Moore & Van Allen PLLC Borrower’s Counsel: Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P. Swap Advisor: To be determined. Issuer: Union Academy (Charter School) Amount: $ 6,400,000 Purpose: Educational Facilities Revenue Bonds, Series 2010 Location: Monroe (Union County) Term: Approximately 19 and one half years. Interest Rate: Variable rate, based on 68% of one month LIBOR + 1.43%, payable monthly. Final Maturity: Not to extend beyond December 31, 2029 Bond Counsel: Hunton & Williams LLP Bank: Branch Banking and Trust Company Bank Counsel: Moore & Van Allen PLLC Borrower Counsel: Parker Poe Adams & Bernstein LLP Swap Advisor: Derivatives Advisory Group NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 10 INDUSTRIAL REVENUE BONDS APPROVED ON AUGUST 3, 2010 Issuer: Blachford Rubber Acquisition Corporation, Cleveland County Amount: $ 2,820,000 Purpose: Refinancing 2003 Authority loan in the original amount of $5,000,000 used to acquire and improve a 100,000 square foot building for the manufacture of synthetic rubber and rubber-related parts and components for heavy truck floor system. Location: Kings Mountain Interest Rate: 78% of the one-month LIBOR plus 300 basis points Monthly Principal and Interest Final Maturity: July 1, 2023 Structure: Private Sale to Wheaton Bank & Trust Company for its own portfolio. Registration and transfer is limited to bank, insurance company or similar financial institution without LGC approval. Bond Counsel: Whyte Hirschboeck Dudek S.C. Purchaser: Wheaton Bank and Trust Company Bank Counsel: Whyte Hirschboeck Dudek S.C. Borrower’s Counsel: Womble Carlyle Sandridge & Rice PLLC Trustee/Registrar: Wheaton Bank & Trust Company NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 11 FINANCING AGREEMENTS APPROVED ON AUGUST 3, 2010 County: Beaufort Population: 46,569 Amount: $ 4,800,000 Purpose: Hospital Authority: G.S. 160A-20 Installment Contract – Private Placement Interest Rate: 4.65% Term: 15 years Payment: Annual Bank: First Citizens Bank & Trust Company County: Catawba Population: 157,073 Amount: $ 30,200,000 Purpose: Schools & Community College Interest Rate: 5.37% (taxable); Not to exceed 4.90% (BAB) or 3.21% (Tax-exempt) Authority: G.S. 160A-20 Installment Purchase – Private Placement Qualified School Construction Bond & Build America Bond Term: 17 years and Not to exceed 15 years Payment: Semiannual Bank: BB&T County: Cleveland Population: 98,250 Amount: $ 12,652,000 Purpose: Community College Amount: $ 5,348,000 Purpose: Schools Authority: G.S. 160A-20 Installment Purchase – Private Placement (TAXABLE with Federal subsidy-Recovery Zone Economic Development Bonds (“RZEDBs), and as available, Qualified School Construction Bonds (“QSCBs”). If a QSCB allocation is unavailable or inadequate, Build America Bonds (“BABs”) or a tax-exempt borrowing will complete the financing.) Interest Rate: (Taxable RZEDB or BAB Rate) 4.90%. If QSCB’s are available, they will have a maximum effective rate of 2.00% and if a tax-exempt rate is used it will not exceed 3.21%. Term: 15 years Payment: Annual Bank: Branch Banking & Trust Company Municipality: City of Fayetteville Population: 207,445 Amount: $ 5,950,000 Purpose: Parking Deck Authority: G.S. 160A-20 Installment Contract – Private Placement (TAXABLE with Federal subsidy – Recovery Zone Economic Development Bonds) Interest Rate: 5.10% (Taxable) Term: 15 years Payment: Annual Bank: Branch Banking & Trust Company (Continued on page 12) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 12 FINANCING AGREEMENTS APPROVED ON AUGUST 3, 2010 (Continued from page 11) County: Granville Population: 56,250 Amount: $ 16,000,000 Purpose: Schools Authority: G.S. 160A-20 Installment Contract – Public Offering Limited Obligation Bonds (TAXABLE with Federal subsidy-Recovery Zone Economic Development Bonds, Qualified School Construction Bonds) Interest Rate: Series A: 3.50% (after subsidy); Series B: The County will receive a subsidy from the U.S. Treasury that is the lesser of the rate as calculated using the Treasury methodology or the Bank’s interest rate. The resulting effective rate will be substantially less than otherwise available in the conventional market. Final Maturity: Not beyond (Both Series) 2030. Special Counsel: Sanford Holshouser LLP Underwriters: Robert W. Baird & Co. Underwriter’s Counsel: Parker Poe Adams & Bernstein LLP Trustee: U.S. Bank, National Association (DTC) Insurer (if available): Assured Guaranty Municipality: City of Lumberton Population: 22,619 Amount: $ 2,000,000 Purpose: Streets Authority: G.S. 160A-20 Installment Purchase – Private Placement Interest Rate: 3.66% Term: 10 years Payment: Annual Bank: BB&T Municipality: City of Raleigh Population: 400,000 Amount: $ 50,000,000 Purpose: Municipal Buildings Authority: G.S. 160A-20 Installment Purchase – Public Offering Limited Obligation Bonds TAXABLE with Federal subsidy – Recovery Zone Economic Development Bonds $15,000,000 Taxable with Federal subsidy – Build America Bonds $17,000,000 TAX-EXEMPT $18,000,000. Effective Interest Cost: Series A: Recovery Zone Redevelopment Bonds (45% Federal Coupon Subsidy): 4.50%; Series A: Build America Bonds: 4.50%; Series B: Tax-exempt: 4.50% Final Maturity: Not beyond 2035. Special Counsel: Womble Carlyle Sandridge & Rice PLLC Underwriters: Wells Fargo Securities Underwriter’s Counsel: Parker Poe Adams & Bernstein Trustee: U.S. Bank, National Association (DTC) Financial Advisor: DEC Associates County: Carteret Population: 64,107 Amount: $ 5,653,861 Purpose: School Authority: G.S. 160A-20 Installment Purchase – Private Placement (TAXABLE with Federal subsidy) Interest Rate: (Taxable) 5.34% Effective Interest Rate: The County will receive a subsidy from the U.S. Treasury that is the lesser of the rate as calculated using the treasury methodology or the Bank’s interest rate. The resulting effective rate will be substantially less than otherwise available in the conventional market. Term: 15 years Payment: Annual Lender: BB&T NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 13 REPORT OF RECENT SALE OF GENERAL OBLIGATION BONDS County: Wake Amount: $ 17,055,000 Purpose: General Obligation Public Improvement Bonds, Series 2010F (Taxable-Interest) Dated: Date of Delivery Sold on: July 27, 2010 Interest Rate: 4.5889% Rates: 4.15s, 9,475M, 2021/2025; 4.75s, 1,895M, 2026; 4.95s, 1,895M, 2027; 5.00s, 1,895M, 2028; 5.40s, 1,895M, 2029. The Bonds will be issuable as fully registered bonds in a book-entry system maintained by The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchases and transfers of the Bonds may be made only in authorized denominations of $5,000 and in accordance with the practices and procedures of DTC. Average Life: 14.98 years Winning Bidder: Morgan Keegan & Company, Inc. Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC County: Wake Amount: $ 18,945,000 Purpose: General Obligation Public Improvement Bonds, Series 2010E (Tax-Exempt) Dated: Date of Delivery Sold on: July 27, 2010 Interest Rate: 1.8157% Rates: 2.50s, 1,890M, 2011; 3.00s, 1,895M, 2012; 4.00s, 15,160M, 2013/2020. The Bonds will be issuable as fully registered bonds in a book-entry system maintained by The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchases and transfers of the Bonds may be made only in authorized denominations of $5,000 an in accordance with the practices and procedures of DTC. Average Life: 5.49 years Winning Bidder: Banc of America Merrill Lynch Bond Counsel: Womble Carlyle Sandridge & Rice PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 14 REPORT OF RECENT SALE OF NEGOTIATED BOND SALES County: Union Amount: $ 55,010,000 Purpose: General Obligation Refunding Bonds, Series 2010A Dated: July 8, 2010 Underwriters: Wells Fargo Securities; BB&T Capital Markets Sold on: June 9, 2010 TIC: 2.6391% NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 15 REPORT OF RECENT SALE OF LIMITED OBLIGATION BONDS APPROVED ON JULY 6, 2010 Unit: City of Durham Population: 225,404 Amount: $57,030,000 Purpose: Construction, acquisition and improvements to several City facilities and items of equipment. Advance refunding of Series 2001 Certificates of Participation and current refunding 1998 Certificates of Participation and of a privately placed installment purchase contract. The refundings realized a Net Present Value savings of $1,951,070 or 7.37% of the refunded debt. Rating(s): Moody’s: Aa1, S&P: AA+, Fitch: AA+ Dated: August 3, 2010 Underwriter(s): Wells Fargo Bank, N.A., (Sr.); Robert W. Baird & Co., (Co- Mgr.) Sold on: BPA — July 22, 2010 Closing — August 3, 2010 Terms: Public sale $5,000 denominations. Series A: $39,145,000 Tax Exempt - Financing all eligible projects and refunding proceeds. Interest Rate(s): Fixed — (yield) if different Maturities: October 1: 11—5,440M; 4.00%; (.52%); 12—5,870M; 5.00%; (.70%); 13—4,970M; 4.00%; (.99%); 14—4,965M; 4.00%; (1.25%); 15—2,605M; 4.00%; (1.74%); 16—2,595M; 4.00%; (2.09%); 17—2,590M; 4.00%; (2.33%); 18—2,575M; 4.00%; (2.55%); 19—1,350M; 4.00%; (2.74%); 20—1,350M; 5.00%; (2.89%); 21— 700M; 3.75%; (3.14%); 22— 695M; 4.00%; (3.37%); 23— 690M; 4.00%; (3.59%); 24— 690M; 4.00%; 3.71%); 25— 690M; 4.00%; (3.82%); 26— 685M; 4.00%; 3.92%); 27— 685M, 4.00%; (4.00%). Effective Interest Cost: 2.562334% Series B: $10,640,000 Taxable - Financing all eligible projects except refunding – Recovery Zone Economic Development Bonds based on a 45% Federal rate subsidy. Interest Rate(s): Fixed — (yield) if different Maturities: October 1: 15—1,075M;2.823%;(2.823%); 16—1,075M;3.253%;(3.253%); 17���1,075M,3.603%;(3.603%). $7,415,000 5.702% Term Certificates due October 1, 2030 — Yield 5.702%. Mandatory sinking fund redemptions of term certificates October 1, 2024- 2030. Effective Interest Cost (after subsidy): 3.028224% Series B: $7,245,000 Taxable - Financing all eligible projects except refunding – Build America Bonds based on a 35% Federal rate subsidy. Interest Rate(s): Fixed — (yield) if different Maturities: October 1: 19—1,225M, 4.08%; (4.08%); 20—1,225M, 4.28%; (4.28%); 21—1,225M, 4.53%; (4.53%); 22—1,225M, 4.63%; (4.63%); 23—1,225M, 4.88%; (4.88%); 24—1,225M, 4.98%; (4.98%). Effective Interest Cost (after subsidy): 3.097326% Prepayment/Call: Certificates maturing after October 1, 2020 may be prepaid on of after October 1, 2020 at 100. Trustee/Registrar: The Bank of New York Mellon Trust Company, N.A. Special Counsel: Parker Poe Adams & Bernstein LLP Underwriter’s Counsel: Robinson, Bradshaw & Hinson, P.A. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 16 BOND BUYER’S INDEX 20 G.O. Bonds 4.65 4.37 4.06 4.41 4.24 4.31 4.36 4.34 4.45 4.37 4.28 4.38 3.80 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 Aug 6 Sept 3 Oct 8 Nov 5 Dec 3 Jan 7 Feb 4 Mar 4 Apr 8 May 6 Jun 3 Jul 8 DAY Percent Rate 2009 2010 JANET COWELL NORTH CAROLINA STATE TREASURER 325 NORTH SALISBURY STREET RALEIGH, NORTH CAROLINA 27603-1385 The Bond Reporter is now available for download from the World Wide Web: http://www.treasurer.state.nc.us Bulk Rate U.S. Postage Paid Raleigh, N.C. Permit 1998
Object Description
Description
Title | Bond reporter |
Date | 2010-08 |
Description | Volume 17, Number 8 (August 2010) |
Digital Characteristics-A | 162 KB; 16 p. |
Digital Format | application/pdf |
Full Text | NORTH CAROLINA DEPARTMENT OF STATE TREASURER Janet Cowell, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES* August 10, 2010 COUNTY OF HALIFAX $ 1,916,000 Water, G.O. BAN’s August 17, 2010 STATE OF NORTH CAROLINA $489,345,000 Refunding, G.O. Bonds August 24, 2010 COUNTY OF PENDER $ 5,050,000 Refunding, G.O. Bonds September 21, 2010 TOWN OF CHAPEL HILL $ 20,410,000 Public Improvement, G.O. Bonds October 12, 2010 TOWN OF CARRBORO $ 2,590,000 Street & Sidewalk, G.O. BAN’s October 19, 2010 COUNTY OF FRANKLIN $ 20,000,000 School, G.O. Bonds ____________ *Subject to change.- BOND REPORTER VOLUME XVII AUGUST 2010 No. 8 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 XVII No. 8 August 2010 Calendar of Scheduled Competitive Sales 1 Schedule of Negotiated Sales 3 Notice of Redemption 4-5 State and Local Unit Debt Outstanding Balances 6 PROPOSALS General Obligation Bond 7 Revenue Bonds 8 North Carolina Capital Facilities Finance Agency 9 Industrial Revenue Bonds 10 Financing Agreements 11-12 REPORTS OF RECENT SALES General Obligation Bonds 13 Negotiated Bond 14 Limited Obligation Bonds 15 OTHER INFORMATION Bond Buyer’s Index 16 B ON D REP ORT E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 3 SCHEDULE OF NEGOTIATED SALES* August 4, 2010 RALEIGH-DURHAM AIRPORT AUTHORITY $ 225,000,000 Airport Revenue Refunding Bonds Barclays Capital (Sr.); Banc of America Merrill Lynch; Citi; Morgan Keegan & Co., Piper Jaffray & Co., Siebert Brandford Shank & Co., LLC, SunTrust, Wells Fargo Securities August 11, 2010 TOWN OF HUNTERSVILLE $ 7,800,000 General Obligation Bonds Robert W. Baird & Co. COUNTY OF GRANVILLE $ 17,000,000 Limited Obligation Bonds Robert W. Baird & Co. August 12, 2010 CITY OF RALEIGH $ 50,000,000 Limited Obligation Bonds Wells Fargo Securities August 18, 2010 COUNTY OF FORSYTH $ 202,125,000 General Obligation Bonds Banc of America Merrill Lynch August 19, 2010 NORTH CAROLINA MEDICAL CARE COMMISSION $ 110,000,000 CaroMont Health, Hospital Revenue Bonds, Series 2008 Banc of America Merrill Lynch (Sr. Mgr.) BB&T Capital Markets (Co-Mgr.) August 25, 2010 CITY OF GASTONIA $ 29,495,000 General Obligation Bonds Banc of America Merrill Lynch September 1, 2010 COUNTY OF CABARRUS $ 19,000,000 Limited Obligation Bonds Southwest Securities September 15, 2010 COUNTY OF MOORE $ 50,000,000 Limited Obligation Bonds Wells Fargo Securities (Sr. Mgr.) BB&T Capital Markets (Co-Mgr.) September 16, 2010 CITY OF GREENSBORO $ 7,000,000 Limited Obligation Bonds Wells Fargo Securities ____________ *Subject to change. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 4 NOTICE OF REDEMPTION Issuer: City of Kannapolis, North Carolina, Water and Sewer System Revenue Bonds, Series 2002 Amount: $173,346.06 Redemption Date: August 1, 2010 Dated: December 1, 2002 Redemption Price: 100% CUSIP Numbers: NC0058176 Registered Bond: BOOK16_1 Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 Issuer: North Carolina Capital Facilities Finance Agency, Educational Facilities Revenue Bonds, Series 2006, (The Downtown Middle School) Amount: $150,000 Redemption Date: August 2, 2010 Redemption Price: 100% CUSIP Numbers: 65818PEK1 Bond Number: FASBAL_1 Present for payment at: Regions Bank, 250 Riverchase Parkway East, 5th Floor, Hoover, Alabama 35244 Issuer: North Carolina Capital Facilities Finance Agency, Taxable Variable Rate Demand Revenue Bonds, (Wolfpack Towers Project), Series 2004B Amount: $1,325,000 Dated: November 18, 2004 Redemption Date: August 2, 2010 CUSIP Number: 65819GCB2 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: Cleveland County Industrial Facilities and Pollution Control Financing Authority Industrial Revenue Bonds, (Blachford Rubber Acquisition Corporation Project), Series 2003 Amount: $2,820,000 Dated: July 1, 2003 Redemption Date: July 31, 2010 CUSIP Number: 186039AV5 Redemption Price: 100% Registered Bond: R_1 Present for payment at: The Bank of New York Mellon Trust Company, N.A. (Continued on page 5) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 5 NOTICE OF REDEMPTION (Continued on from page 4) Issuer: North Carolina Capital Facilities Finance Agency, Variable Rate Educational Facilities Revenue Bond, (Charlotte Country Day School), Series 2008 Amount: $305,000 Redemption Date: August 1, 2010 CUSIP Number: 65818PGN3 Redemption Price: 100% Registered Bond: _BOOK Present for payment at: The Bank of New York Mellon Trust Company, N.A. Issuer: $34,700,000 City of Charlotte, North Carolina, Charlotte/Douglas International Airport, Special Facility Revenue Bonds, Series 2000, (US Airways, Inc. Project) Amount: $5,790,000 Dated: July 24, 2000 Redemption Date: August 24, 2010 CUSIP Number: 161044BF8 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: North Carolina Medical Care Commission, Hospital Revenue Bonds, (Halifax Regional Medical Center), Series 1998 Amount: $775,000 Dated: September 1, 1998 Redemption Date: August 15, 2010 CUSIP Number: 65820HMR1 Redemption Price: 100% Registered Bond: BOOK1_11 Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 6 STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES JULY 31, 2010 Amount Population Per Capita Local Units’ Debt $ 27,967,052,031 — — State of North Carolina $ 6,939,010,000 9,386,573 $ 739.25 U.S. Public Debt $13,237,726,976,890 309,981,726 $ 42,704.86 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 7 GENERAL OBLIGATION BOND PROPOSALS APPROVED ON AUGUST 3, 2010 County: Pender Population: 51,853 Amount: $ 6,000,000 Purpose: Refunding Financial Advisor: FirstSouthwest Company Escrow Agent: Branch Banking & Trust Co. Verification Agent: Grant Thornton LLP Bond Counsel: Sanford Holshouser LLP County: Forsyth Population: 343,704 Amount: $ 7,925,000 Purpose: School Amount: $ 1,981,250 Purpose: Community College Amount: $ 3,962,500 Purpose: Parks & Recreation Amount: $ 356,250 Purpose: Public Facilities Sale: Negotiated Underwriters: Bank of America Merrill Lynch and Stephens Inc. Underwriters’ Counsel: Robinson Bradshaw & Hinson, P.A. Financial Advisor: DEC Associates, Inc. Bond Counsel: Womble Carlyle Sandridge & Rice PLLC Municipality: City of Gastonia Population: 74,518 Amount: $ 2,130,000 Purpose: Parks and Recreation Sale: Negotiated Underwriter: Bank of America Merrill Lynch Underwriters’ Counsel: Parker Poe Adams & Bernstein, LLP Financial Advisor: DEC Associates, Inc. Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC County: Forsyth Population: 343,704 Amount: $82,000,000 Purpose: Refunding Sale: Negotiated Underwriters: Stephens Inc. and Bank of America Merrill Lynch Underwriter’s Counsel: Robinson Bradshaw & Hinson P.A. Escrow Agent: Regions Bank Financial Advisor: DEC & Associates, Inc. Verification Agent: Barthe Wahrman Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 8 REVENUE BONDS APPROVED ON AUGUST 3, 2010 District: Edgecombe County Water & Sewer District #5 Amount: $ 638,000 Purpose: Wastewater Term: RBAN: 15 months; RB: 40 years Interest Rate: Fixed Final Maturity: RBAN: December 14, 2011; RB: No later than December 31, 2051 Structure: RBAN: Interest due at maturity; RB: Approximately level debt service. Bond Counsel: Parker Poe Adams & Bernstein LLP Revenue BAN: Financial institution to be approved by the Secretary Revenue Bond: USDA Rural Development Registrar: Finance Officer Issuer: North Carolina Eastern Municipal Power Agency Amount: $225,000,000 Purpose: Power System Revenue Fixed Rate Refunding Bonds Interest Rate: Fixed; Taxable and Tax-exempt Structure: Pricing of debt will be scheduled so as to not conflict with any other revenue or NC bonds. Sale currently scheduled for September 9, 2010. The long-term ratings of any Insured Bonds will be at least AA. The underlying debt is currently rated: S&P: A- (Outlook – Stable); Moody’s: Baa1 (Outlook – Stable); Fitch: BBB+ (Outlook – Positive) Term: Approximately 15 years (no extension of maturity) Final Maturity: Not beyond January 1, 2026. Bond Counsel: Hawkins Delafield & Wood LLP Underwriters: Citi, Bank of America/Merrill Lynch, Wells Fargo, Morgan Stanley & Co., Inc., Barclay’s Capital, Inc., Morgan Keegan, Edward Jones Underwriter’s Counsel: Sidley Austin LLP General Counsel: Poyner & Spruill, L.L.P. Registrar/Trustee: Bank of NY Mellon Trust Co. (DTC) Insurance Provider: To be determined, if cost beneficial Issuer: Raleigh-Durham Airport Authority Amount: $146,545,000 2010B (Refunding 2001A) $260,000,000 2010A (Refunding 2008 A & B) Purpose: Airport Revenue Refunding Bonds 2010A – Synthetic Fixed to Fixed & Related Swap Terminations – Risk Reduction; 2010B – Refunding for savings Interest Rate: Fixed Term: Approximately 26 years. (2010A) Interest Rate: Fixed Term: Approximately 21 years. (2010B) Final Maturity: Not beyond 2031. Structure: Public Sale. Sale is scheduled for August 5th, so as not to conflict with any other revenue bonds (market permitting). Bonds are currently rated: Moody’s: Aa3; Fitch: AA-. The all-in cost of refunding all the bonds to a fixed rate has varied greatly due to the volatility of the market place. Thus the unit desires to position itself to take advantage of possible market opportunities. One or more sales may be done if remaining bonds can later be refunded under the dissavings target. Refunding (1) Current (2008) and (2) Advanced (2001) may not be done at the same time or at all depending on needs for terminating the swap on the synthetic fixed bonds to be refunded and market conditions. Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriters: (Sr) Barclays Capital; (Co) Banc of Amercia Merrill Lynch, Citi, Morgan Keegan & Company, Piper Jaffray & Co., Siebert Brandford Shank & Co., LLC, SunTrust (Robinson Humphrey) and Wells Fargo Securities Underwriters Counsel: Parker Poe Adams & Bernstein LLP Trustee/Registrar: The Bank of New York Mellon Trust Company, N.A. (DTC) Financial/Swap Advisor: Jefferies & Company, Inc. Feasibility Consultant: Jacobs Consultancy Escrow Agent: The Bank of New York Mellon Trust Company, N.A. Verification Agent: The Arbitrage Group Max NPV Cost: 2010A – Refunding & Swap Terminations 3% Min NPV Savings: 2010B – 3% NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 9 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY APPROVED ON AUGUST 3, 2010 Issuer: Cape Fear Center For Inquiry Amount: $ 4,300,000 Purpose: Educational Facilities Revenue Bonds, Series 2010 Location: Wilmington (New Hanover County) Interest Rate: Variable rate adjusted based on 68% of one month LIBOR + 1.625%, with an interest rate floor of 2.75%. Term: Approximately 21 years. Final Maturity: Not to extend beyond September 30, 2031. Structure: Private placement as a bank qualified loan with Branch Banking and Trust Company. The bond issue is currently anticipated to close on August 24, 2010. Transfer to Qualified Institutional Buyers (QIBs) is permitted. Borrower’s Counsel: King Law Offices Bond Counsel: Hunton & Williams LLP Purchaser: Branch Banking and Trust Company Bank’s Counsel: Moore & Van Allen PLLC Swap Advisor: Winters & Company Issuer: Greensboro Independent School Corp. (d/b/a Greensboro Day School) Amount: $ 6,100,000 Purpose: Educational Facilities Revenue Bonds, Series 2010 Location: Greensboro (Guilford County) Interest Rate: Variable rate, based on 68% of one month LIBOR + 1.30%, payable monthly. Structure: Private placement as a bank qualified loan with Branch Banking and Trust Company. The financing is expected to close on August 26, 2010. Transfer to Qualified Institutional Investors (QIBs) is permitted. Final Maturity: Not to extend beyond December 31, 2030. Bond Counsel: Hunton & Williams LLP Bank: Branch Banking and Trust Company Bank Counsel: Moore & Van Allen PLLC Borrower’s Counsel: Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P. Swap Advisor: To be determined. Issuer: Union Academy (Charter School) Amount: $ 6,400,000 Purpose: Educational Facilities Revenue Bonds, Series 2010 Location: Monroe (Union County) Term: Approximately 19 and one half years. Interest Rate: Variable rate, based on 68% of one month LIBOR + 1.43%, payable monthly. Final Maturity: Not to extend beyond December 31, 2029 Bond Counsel: Hunton & Williams LLP Bank: Branch Banking and Trust Company Bank Counsel: Moore & Van Allen PLLC Borrower Counsel: Parker Poe Adams & Bernstein LLP Swap Advisor: Derivatives Advisory Group NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 10 INDUSTRIAL REVENUE BONDS APPROVED ON AUGUST 3, 2010 Issuer: Blachford Rubber Acquisition Corporation, Cleveland County Amount: $ 2,820,000 Purpose: Refinancing 2003 Authority loan in the original amount of $5,000,000 used to acquire and improve a 100,000 square foot building for the manufacture of synthetic rubber and rubber-related parts and components for heavy truck floor system. Location: Kings Mountain Interest Rate: 78% of the one-month LIBOR plus 300 basis points Monthly Principal and Interest Final Maturity: July 1, 2023 Structure: Private Sale to Wheaton Bank & Trust Company for its own portfolio. Registration and transfer is limited to bank, insurance company or similar financial institution without LGC approval. Bond Counsel: Whyte Hirschboeck Dudek S.C. Purchaser: Wheaton Bank and Trust Company Bank Counsel: Whyte Hirschboeck Dudek S.C. Borrower’s Counsel: Womble Carlyle Sandridge & Rice PLLC Trustee/Registrar: Wheaton Bank & Trust Company NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 11 FINANCING AGREEMENTS APPROVED ON AUGUST 3, 2010 County: Beaufort Population: 46,569 Amount: $ 4,800,000 Purpose: Hospital Authority: G.S. 160A-20 Installment Contract – Private Placement Interest Rate: 4.65% Term: 15 years Payment: Annual Bank: First Citizens Bank & Trust Company County: Catawba Population: 157,073 Amount: $ 30,200,000 Purpose: Schools & Community College Interest Rate: 5.37% (taxable); Not to exceed 4.90% (BAB) or 3.21% (Tax-exempt) Authority: G.S. 160A-20 Installment Purchase – Private Placement Qualified School Construction Bond & Build America Bond Term: 17 years and Not to exceed 15 years Payment: Semiannual Bank: BB&T County: Cleveland Population: 98,250 Amount: $ 12,652,000 Purpose: Community College Amount: $ 5,348,000 Purpose: Schools Authority: G.S. 160A-20 Installment Purchase – Private Placement (TAXABLE with Federal subsidy-Recovery Zone Economic Development Bonds (“RZEDBs), and as available, Qualified School Construction Bonds (“QSCBs”). If a QSCB allocation is unavailable or inadequate, Build America Bonds (“BABs”) or a tax-exempt borrowing will complete the financing.) Interest Rate: (Taxable RZEDB or BAB Rate) 4.90%. If QSCB’s are available, they will have a maximum effective rate of 2.00% and if a tax-exempt rate is used it will not exceed 3.21%. Term: 15 years Payment: Annual Bank: Branch Banking & Trust Company Municipality: City of Fayetteville Population: 207,445 Amount: $ 5,950,000 Purpose: Parking Deck Authority: G.S. 160A-20 Installment Contract – Private Placement (TAXABLE with Federal subsidy – Recovery Zone Economic Development Bonds) Interest Rate: 5.10% (Taxable) Term: 15 years Payment: Annual Bank: Branch Banking & Trust Company (Continued on page 12) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 12 FINANCING AGREEMENTS APPROVED ON AUGUST 3, 2010 (Continued from page 11) County: Granville Population: 56,250 Amount: $ 16,000,000 Purpose: Schools Authority: G.S. 160A-20 Installment Contract – Public Offering Limited Obligation Bonds (TAXABLE with Federal subsidy-Recovery Zone Economic Development Bonds, Qualified School Construction Bonds) Interest Rate: Series A: 3.50% (after subsidy); Series B: The County will receive a subsidy from the U.S. Treasury that is the lesser of the rate as calculated using the Treasury methodology or the Bank’s interest rate. The resulting effective rate will be substantially less than otherwise available in the conventional market. Final Maturity: Not beyond (Both Series) 2030. Special Counsel: Sanford Holshouser LLP Underwriters: Robert W. Baird & Co. Underwriter’s Counsel: Parker Poe Adams & Bernstein LLP Trustee: U.S. Bank, National Association (DTC) Insurer (if available): Assured Guaranty Municipality: City of Lumberton Population: 22,619 Amount: $ 2,000,000 Purpose: Streets Authority: G.S. 160A-20 Installment Purchase – Private Placement Interest Rate: 3.66% Term: 10 years Payment: Annual Bank: BB&T Municipality: City of Raleigh Population: 400,000 Amount: $ 50,000,000 Purpose: Municipal Buildings Authority: G.S. 160A-20 Installment Purchase – Public Offering Limited Obligation Bonds TAXABLE with Federal subsidy – Recovery Zone Economic Development Bonds $15,000,000 Taxable with Federal subsidy – Build America Bonds $17,000,000 TAX-EXEMPT $18,000,000. Effective Interest Cost: Series A: Recovery Zone Redevelopment Bonds (45% Federal Coupon Subsidy): 4.50%; Series A: Build America Bonds: 4.50%; Series B: Tax-exempt: 4.50% Final Maturity: Not beyond 2035. Special Counsel: Womble Carlyle Sandridge & Rice PLLC Underwriters: Wells Fargo Securities Underwriter’s Counsel: Parker Poe Adams & Bernstein Trustee: U.S. Bank, National Association (DTC) Financial Advisor: DEC Associates County: Carteret Population: 64,107 Amount: $ 5,653,861 Purpose: School Authority: G.S. 160A-20 Installment Purchase – Private Placement (TAXABLE with Federal subsidy) Interest Rate: (Taxable) 5.34% Effective Interest Rate: The County will receive a subsidy from the U.S. Treasury that is the lesser of the rate as calculated using the treasury methodology or the Bank’s interest rate. The resulting effective rate will be substantially less than otherwise available in the conventional market. Term: 15 years Payment: Annual Lender: BB&T NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 13 REPORT OF RECENT SALE OF GENERAL OBLIGATION BONDS County: Wake Amount: $ 17,055,000 Purpose: General Obligation Public Improvement Bonds, Series 2010F (Taxable-Interest) Dated: Date of Delivery Sold on: July 27, 2010 Interest Rate: 4.5889% Rates: 4.15s, 9,475M, 2021/2025; 4.75s, 1,895M, 2026; 4.95s, 1,895M, 2027; 5.00s, 1,895M, 2028; 5.40s, 1,895M, 2029. The Bonds will be issuable as fully registered bonds in a book-entry system maintained by The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchases and transfers of the Bonds may be made only in authorized denominations of $5,000 and in accordance with the practices and procedures of DTC. Average Life: 14.98 years Winning Bidder: Morgan Keegan & Company, Inc. Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC County: Wake Amount: $ 18,945,000 Purpose: General Obligation Public Improvement Bonds, Series 2010E (Tax-Exempt) Dated: Date of Delivery Sold on: July 27, 2010 Interest Rate: 1.8157% Rates: 2.50s, 1,890M, 2011; 3.00s, 1,895M, 2012; 4.00s, 15,160M, 2013/2020. The Bonds will be issuable as fully registered bonds in a book-entry system maintained by The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchases and transfers of the Bonds may be made only in authorized denominations of $5,000 an in accordance with the practices and procedures of DTC. Average Life: 5.49 years Winning Bidder: Banc of America Merrill Lynch Bond Counsel: Womble Carlyle Sandridge & Rice PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 14 REPORT OF RECENT SALE OF NEGOTIATED BOND SALES County: Union Amount: $ 55,010,000 Purpose: General Obligation Refunding Bonds, Series 2010A Dated: July 8, 2010 Underwriters: Wells Fargo Securities; BB&T Capital Markets Sold on: June 9, 2010 TIC: 2.6391% NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 15 REPORT OF RECENT SALE OF LIMITED OBLIGATION BONDS APPROVED ON JULY 6, 2010 Unit: City of Durham Population: 225,404 Amount: $57,030,000 Purpose: Construction, acquisition and improvements to several City facilities and items of equipment. Advance refunding of Series 2001 Certificates of Participation and current refunding 1998 Certificates of Participation and of a privately placed installment purchase contract. The refundings realized a Net Present Value savings of $1,951,070 or 7.37% of the refunded debt. Rating(s): Moody’s: Aa1, S&P: AA+, Fitch: AA+ Dated: August 3, 2010 Underwriter(s): Wells Fargo Bank, N.A., (Sr.); Robert W. Baird & Co., (Co- Mgr.) Sold on: BPA — July 22, 2010 Closing — August 3, 2010 Terms: Public sale $5,000 denominations. Series A: $39,145,000 Tax Exempt - Financing all eligible projects and refunding proceeds. Interest Rate(s): Fixed — (yield) if different Maturities: October 1: 11—5,440M; 4.00%; (.52%); 12—5,870M; 5.00%; (.70%); 13—4,970M; 4.00%; (.99%); 14—4,965M; 4.00%; (1.25%); 15—2,605M; 4.00%; (1.74%); 16—2,595M; 4.00%; (2.09%); 17—2,590M; 4.00%; (2.33%); 18—2,575M; 4.00%; (2.55%); 19—1,350M; 4.00%; (2.74%); 20—1,350M; 5.00%; (2.89%); 21— 700M; 3.75%; (3.14%); 22— 695M; 4.00%; (3.37%); 23— 690M; 4.00%; (3.59%); 24— 690M; 4.00%; 3.71%); 25— 690M; 4.00%; (3.82%); 26— 685M; 4.00%; 3.92%); 27— 685M, 4.00%; (4.00%). Effective Interest Cost: 2.562334% Series B: $10,640,000 Taxable - Financing all eligible projects except refunding – Recovery Zone Economic Development Bonds based on a 45% Federal rate subsidy. Interest Rate(s): Fixed — (yield) if different Maturities: October 1: 15—1,075M;2.823%;(2.823%); 16—1,075M;3.253%;(3.253%); 17���1,075M,3.603%;(3.603%). $7,415,000 5.702% Term Certificates due October 1, 2030 — Yield 5.702%. Mandatory sinking fund redemptions of term certificates October 1, 2024- 2030. Effective Interest Cost (after subsidy): 3.028224% Series B: $7,245,000 Taxable - Financing all eligible projects except refunding – Build America Bonds based on a 35% Federal rate subsidy. Interest Rate(s): Fixed — (yield) if different Maturities: October 1: 19—1,225M, 4.08%; (4.08%); 20—1,225M, 4.28%; (4.28%); 21—1,225M, 4.53%; (4.53%); 22—1,225M, 4.63%; (4.63%); 23—1,225M, 4.88%; (4.88%); 24—1,225M, 4.98%; (4.98%). Effective Interest Cost (after subsidy): 3.097326% Prepayment/Call: Certificates maturing after October 1, 2020 may be prepaid on of after October 1, 2020 at 100. Trustee/Registrar: The Bank of New York Mellon Trust Company, N.A. Special Counsel: Parker Poe Adams & Bernstein LLP Underwriter’s Counsel: Robinson, Bradshaw & Hinson, P.A. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER August 2010 16 BOND BUYER’S INDEX 20 G.O. Bonds 4.65 4.37 4.06 4.41 4.24 4.31 4.36 4.34 4.45 4.37 4.28 4.38 3.80 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 Aug 6 Sept 3 Oct 8 Nov 5 Dec 3 Jan 7 Feb 4 Mar 4 Apr 8 May 6 Jun 3 Jul 8 DAY Percent Rate 2009 2010 JANET COWELL 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 |