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