Bond reporter

              NORTH CAROLINA
DEPARTMENT OF STATE TREASURER
Janet Cowell, Treasurer
CALENDAR OF SCHEDULED COMPETITIVE SALES*
November 2, 2010
TOWN OF AHOSKIE $ 10,800,000
Sanitary Sewer, G.O. BAN’s
December 14, 2010
COUNTY OF WILSON $ 10,000,000
Refunding, G.O. Bonds
January 25, 2011
COUNTY OF LINCOLN $ 30,200,000
School & Refunding, G.O. Bonds
February 2, 2011
STATE OF NORTH CAROLINA $ 500,000,000
Limited Obligation Bonds
____________
*Subject to change.-
BOND
REPORTER
VOLUME XVII NOVEMBER 2010 No. 11
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
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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.
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TABLE OF CONTENTS
VOLUME XVII No. 11
November 2010
Calendar of Scheduled Competitive
Sales 1
Schedule of Negotiated Sales 3
Notice of Redemption 4-5
Results of Bond Referenda 5
State and Local Unit Debt
Outstanding Balances 6
PROPOSALS
Revenue Bonds 7-8
North Carolina Capital Facilities
Finance Agency 9
Industrial Revenue Bonds 10-11
North Carolina Medical Care
Commission 12
Financing Agreements 13-14
REPORTS OF RECENT SALES
Anticipation Notes 15
General Obligation Bonds 15
Negotiated Bond 16
Limited Obligation Bonds 17
Revenue 18
OTHER INFORMATION
Bond Buyer’s Index 19
B
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NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 3
SCHEDULE OF NEGOTIATED SALES*
October 28, 2010
CITY OF SALISBURY $ 17,300,000
Combined Enterprise System Revenue Refunding Bonds, Series 2010
Robert W. Baird & Co., Inc.
November 3, 2010
COUNTY OF PITT $ 28,000,000
Limited Obligation Bonds, Series 2010A
Citigroup Global Markets, Inc. (Sr. Mgr.); BB&T Capital Markets (Co. Mgr.)
November 10, 2010
COUNTY OF RUTHERFORD $ 26,000,000
Limited Obligation Bonds, Series 2010
Stephens, Inc. (Sr. Mgr.); Robert W. Baird & Co. (Co. Mgr.)
November 17, 2010
COUNTY OF BUNCOMBE $ 60,000,000
Limited Obligation Bonds, Series 2010A, and
Taxable Series 2010B (Build America Bonds)
Robert W. Baird Co., Inc. (Sr. Mgr.);
RBC Capital Markets (Co-Mgr.)
November 18, 2010
COUNTY OF NEW HANOVER $ 100,000,000
Hospital Revenue Refunding Bonds
RBC Capital markets, LLC (Sr. Mgr.);
Bank of America Merrill Lynch (Co-Mgr.)
December 2, 2010
COUNTY OF BUNCOMBE $ 3,800,000
Limited Obligation Bonds (Qualified Zone Academy Bonds)
Robert W. Baird & Co., Inc.
December 8, 2010
CITY OF SANFORD $ 58,350,000
Enterprise Systems Revenue Bonds
Wells Fargo Securities (Sr.); BB&T Capital Markets;
Morgan Keegan & Company, Inc.
____________
*Subject to change.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 4
NOTICE OF REDEMPTION
Issuer: North Carolina Medical Care Commission, Variable Rate Demand Health Care
Facilities First Mortgate Revenue Bonds, (Deerfield Episcopal Retirement
Comm.), Series 08B
Amount: $14,000,000
Dated: August 13, 2008
Redemption Date: November 1, 2010
Redemption Price: 100%
CUSIP Numbers: 65821DAA9
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: North Carolina Capital Facilities Finance Authority, Variable Rate
Educational Facilities Revenue Bonds, (Pfeiffer University), Series 2006
Amount: $795,000
Dated: September 21, 2006
Redemption Date: November 1, 2010
Redemption Price: 100%
CUSIP Numbers: 65818PEN5
Bond Number: 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: North Carolina Capital Facilities Finance Agency, Industrial Development
Revenue Bonds, Series 2006 A-2, (Safety Test & Equipment Company Project)
Amount: $85,000
Dated: December 13, 2006
Redemption Date: November 1, 2010
CUSIP Number: 65819NAB9
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 Johnston County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (Hamlin Sheet Metal
Company, Inc. Project), Series 1997
Amount: $200,000
Dated: November 13, 1997
Redemption Date: November 1, 2010
CUSIP Number: 479349AF9
Redemption Price: 100%
Registered Bond: R_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
November 2010 5
NOTICE OF REDEMPTION (Continued on from page 4)
Issuer: The Guilford County Industrial Facilities and Pollution Control Financing
Authority, Recreational Facilities Revenue Bonds, (YMCA of Greensboro
Project), 2002
Amount: $12,485,000
Dated: February 14, 2002
Redemption Date: November 18, 2010
CUSIP Number: 401789CE0
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
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RESULTS OF BOND REFERENDA
District/
Town/County
Election Date Amount Purpose For Against Result
City of Charlotte November 2, 2010 $156,600,000
15,000,000
32,000,000
$203,600,000
Streets
Housing
Neighborhood
Improvement
108,730
96,570
106,208
61,485
72,936
63,772
PASSED
PASSED
PASSED
City of Durham November 2, 2010 $20,000,000 Streets 34,716 26,290 PASSED
County of Forsyth November 2, 2010 $40,000,000 Library 50,377 37,718 PASSED
County of Rowan November 2, 2010 $12,000,000 Community College 18,119 14,514 PASSED
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 6
STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES
OCTOBER 31, 2010
Amount Population Per Capita
Local Units’ Debt $ 28,487,912,949 — —
State of North Carolina $ 6,899,685,000 9,386,573 $ 735.06
U.S. Public Debt $13,668,825,497,341 310,834,342 $ 43,974.63
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 7
REVENUE BONDS
APPROVED ON NOVEMBER 2, 2010
Municipality: Town of Oakboro
Amount: $ 1,000,000
Purpose: Wastewater
Term: RBAN: 14 months;
RB: 40 years
Interest Rate: Fixed
Final Maturity: RBAN: No later than January
11, 2012
RB: No later than December
31, 2052
Structure: USDA commitment to
purchase the bonds on
substantial completion of the
project.
Bond Counsel: McGuireWoods, LLP
Purchaser Revenue
BAN: Financial institution to be
approved by the Secretary
Revenue Bond: USDA Rural Development
Registrar: Finance Officer
Municipality: Town of Sharpsburg
Amount: $ 412,000
Purpose: Wastewater
Interest Rate: Fixed
Structure: USDA commitment to
purchase the bonds on
substantial completion of the
project
Term: RBAN: 16 months
RB: 40 years
Final Maturity: RBAN: May 9, 2012
RB: Not beyond December
31, 2052.
Structure: USDA commitment to
purchase the bonds on
substantial completion of the
project.
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Revenue BAN: Financial institution to be
approved by the Secretary.
Revenue Bond: USDA Rural Development.
Registrar: Finance Officer
Municipality: City of Greenville
Amount: $ 11,100,000
Purpose: Greenville Utilities
Commission (Combined
Enterprise System Revenue
Refunding Bonds)
NPV Savings: $1,062,210 or 10.2% (about
$105,000 gross savings
annually)
Term: Approximately 10 years
Interest Rate: Fixed (2.51%) Non-callable
Structure: Private sale to Wells Fargo
Bank, National Association for
its own portfolio. Registration
and transfer is limited to
banks, insurance companies
and similar financial
institutions unless bond is
investment grade rated.
Single bond with required
principal installments. Bank-qualified.
Prior revenue bonds
rated by Moody’s; and S&P:
A1 and A+. Due to bank
purchase this issue will not
be initially rated.
Bond Counsel: Sidley Austin LLP
Purchaser: Wells Fargo Bank, National
Association
Purchaser’s
Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Trustee/Registrar/
Escrow Agent: The Bank of New York Mellon
Trust Company, N.A.
Verification Agent: The Arbitrage Group, Inc.
Financial Advisor: First Southwest Company
County: New Hanover
Amount: $100,000,000
Purpose: (Hospital Revenue
Refunding Bonds) New
Hanover Regional Medical
Center
Term: Approximately 18 years.
Interest Rate: Fixed
Structure: Public Sale. Sale is scheduled
for the week of November 15th
so as not to conflict with any
other revenue bonds. Issue
expected to be rated Moody’s:
A1; S&P: A+
Final Maturity: Not beyond 2028
Bond Counsel: Dewey LeBoeuf LLP
Underwriters: RBC Capital markets, LLC
and BofA Merrill Lynch
Underwriter’s
Counsel: Womble Carlyle Sandridge &
Rice PLLC
Registrar/Trustee: U.S. Bank, National
Association (DTC)
(Continued on page 8)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 8
REVENUE BONDS APPROVED ON NOVEMBER 2, 2010 (Continued from page 7)
Authority: North Carolina Turnpike
Authority
Amount: $498,000,000
Purpose: Monroe Connector System
Turnpike Revenue Bonds;
Appropriation-supported
Revenue Bonds
Total Interest Cost
(Not to exceed): Appropriation-Supported –
Build America Bonds 5.04%
(net); Appropriation-
Supported – Tax Exempt
Current Interest Bonds:
6.0%; Senior Lien Toll Tax
Exempt Revenue Bonds:
7.25% (net); Subordinate Lien
Toll Revenue Bonds: 8.50%
(net).
Term: Not to exceed 40 years.
Final Maturity: Not to exceed: Appropriation-
Supported Revenue Bonds:
January 31, 2041; Senior
Lien Toll Tax Exempt Revenue
Bonds: January 31, 2051;
Subordinate Lien Toll
Revenue Bonds: January 31,
2051.
Structure: Appropriation-supported
Bonds and Senior Toll Tax
Exempt Revenue Bonds will
be rated, public offering, in
$5,000 denominations or any
whole multiple thereof. The
Subordinate Toll Revenue
Bonds will be limited in
denominations to $500,000 or
additional multiples thereafter
and will be restricted to
Qualified Institutional Buyers
(QIBs) as purchasers, as long
as bonds are below
investment grade rating.
Pricing of the appropriation-supported
Series Bonds, as
well as the Senior Toll Tax
Exempt Revenue Bonds and
the Subordinate Toll Revenue
Bonds is scheduled for
December 9, 2010, so as to
not conflict with any other
North Carolina revenue
bonds. The long-term ratings
of the appropriation-supported
Series Bonds are
expected to be rated at least:
S&P: AA and Moody’s: Aa2.
The long-term ratings of the
Senior Toll Tax Exempt
Revenue Bonds are expected
to be at least investment
grade BBB- by both Moody’s
and S&P. The long-term
ratings of the Subordinate
Toll Revenue Bonds will be
less than investment grade.
Bond Counsel: Hunton & Williams LLP
Underwriters: Bank of America Merrill
Lynch, (Senior Manager)
Co-Managers: Citigroup Global Markets,
Inc.; J. P. Morgan Securities,
Inc.; Wachovia Securities;
RBC Capital markets; BB&T
Capital Markets; Southwest
Securities, Inc.; Loop Capital
Markets, LLC; Siebert
Brandford shank & Co., LLC
Underwriters’
Counsel: Bode, Call & Stroup, L.L.P.
Trustee/Registrar/
Paying Agent: Wells Fargo Bank N.A. (DTC)
Borrower’s
Counsels: Ebony Pittman, Esquire with
NC Attorney General’s Office
(NC Turnpike authority
Counsel) Katherine White,
Esquire with NC Attorney
General’s Office (NCDOT
Counsel)
Financial Advisor: Public Financial Management,
Inc.
Traffic Consultant: Wilbur Smith Associates
General
Engineering
Consultant: HNTB Corporation
Insurance Provider: Assured Guaranty Corp. (if
market conditions warrant)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 9
NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY
APPROVED ON NOVEMBER 2, 2010
Issuer: Republic Services, Inc.
Amount: $86,000,000
Purpose: Solid Waste Disposal
Revenue Refunding Bonds,
Series 2010
Interest Rate: Variable (Initially three month
Term Interest Rate mode)
Term: Bullet Maturity. Not to exceed
24 years.
Final Maturity: Not to exceed December 31,
2034.
Structure: The company will utilize the
Wells Fargo Bank multi-mode
program and will initially go
out in the three month Term
Interest Rate mode, based
solely on the Company’s
investment grade rating.
Pricing is currently scheduled
for the week of November 29,
2010, so as to not conflict
with any other revenue bonds
sales. The bonds will be rated
by Standard & Poor’s as
BBB/A-2.
Bond Counsel: Hunton & Williams LLP
Company Counsel: Squire, Sanders & Dempsey,
L.L.P.
Underwriter/
Remarketing
Agent: Wells Fargo Bank, National
Association.
Underwriter’s/
Remarketing
Agent’s Counsel: Chapman and Cutler LLP
Trustee/Registrar/
Paying Agent: US Bank, National
Association
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 10
INDUSTRIAL REVENUE BONDS
APPROVED ON NOVEMBER 2, 2010
Issuer: The YMCA of Greensboro,
Inc.
Amount: $22,500,000 (Special
Purpose Bond)
Purpose: Proceeds of the sale will be
used to refund and retire
the outstanding principal
amount of Authority Bonds
issued in 2002 (original
amount of $17,845,000) and
2003 (original amount
$7,860,000); refinance a
taxable loan from BB&T,
and finance the purchase of
a parking lot from the City
of Greensboro and pay
certain fees and expenses
relating to issuance.
Location: Guilford County
Interest Rate: 68% of the one-month LIBOR
plus 1.2025%
Final Maturity: Not beyond the year 2030.
Structure: Private Sale to Branch
Banking and Trusting
Company for its own portfolio.
Registration and transfer is
limited to bank, insurance
company or similar financial
institution without LGC
approval. The Bank has the
ability, with six months
notice, to call the bond after 7
years for payment in full
without penalty. Should the
Bank call the loan, the Bank
is required to pay off the
Authority Bond and enter into
a taxable loan with terms
agreeable to the Borrower and
Bank.
Bond Counsel: Hunton & Williams LLP
Purchaser: BB&T Capital Markets
Bank Counsel: Moore & Van Allen PLLC
Borrower’s
Counsel: Brooks, Pierce, McLendon,
Humphrey & Leonard, LLP
Issuer: The Bragg Hospitality, LLC
(Borrower) Cumberland
County Industrial Facilities
and Pollution Control
Authority (Tax exempt
issuer)
Amount: $10,000,000
Purpose: Acquisition, construction,
and equipping of a mixed
use development including
a 108 bed Candlewood
Suites Extended Stay Hotel
and a 144 seat International
House of Pancakes (IHOP)
restaurant which combined
constitute the project
located on North Bragg
Boulevard. Both the hotel
and restaurant will be
operated by a contract
manager under respective
franchise agreements
between the Bragg
Hospitality, Inc. and the
IHOP and Candlewood
Suites corporations.
Location: Spring Lake
Interest Rate: RZFB expected average rate of
8.0%; Cumberland County
Loan 2.0% NC CDIC loan
6.0%
Final Maturity: Not beyond the year 2035.
Structure: M. R. Beal & Company along
with The Bragg Hospitality,
LLC have conducted an
internal analysis of the
project and deemed it
financially sound. Sale of the
bonds will be limited to
Qualified Institutional Buyers
that have performed their own
due diligence for the project
and that will negotiate final
covenants for the bonds with
the borrower. The bond
documents also limit any
future transfer of the bonds
strictly to other Qualified
Institutional Buyers as
defined in Rule 144A of the
Securities Act of 1933.
Bond Counsel: Hunton & Williams LLP
Placement Agent’s
Counsel: Parker Poe Adams &
Bernstein, LLP
Developer’s
Counsel: The Banks Law Firm, P.A.
Issuer Counsel: Yarborough Law Firm
Placement Agent: M. R. Beal & Company
Borrower: Bragg Hospitality, LLC
Financial Advisor: BWC Consulting
Interim
Construction
Financing: Carter Bank
Trustee/Registrar: Branch Banking and Trust
Company (DTC)
(Continued on page 11)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 11
INDUSTRIAL REVENUE BONDS APPROVED ON NOVEMBER 2, 2010 (Continued from
page 10)
Issuer: Certain Teed Gypsum North
Carolina, Inc. an affiliate of
Saint-Gobain Corporation
(Person County)
Amount: $82,500,000 (not to exceed)
Purpose: Acquisition, construction
and equipping of a 520,000
square foot manufacturing
facility to be used for the
manufacture of wall board.
The project will utilize the
synthetic gypsum supplied
by the nearby Progress
Energy Roxboro energy
plant. The Project will be on
a 122 acre site and will
include docking, gas,
warehouse and office
facilities. The Project will
employ 89 employees.
Certain Teed has received a
One North Carolina Fund
grant of $300,000 and
further grants from Person
County.
Location: Semora
Interest Rate: Variable (weekly) initial rate
less than 6%.
Final Maturity; Not beyond December 31,
2035 Bullet.
Structure: Limited public offering in
denominations of $100,000
and integral multiples of
$5,00 in excess thereof. Sale
will not interfere with others
in the marketplace. The
bonds will be rated
Aa3/VMIG1 by Moody’s &
A+/A-1 by S&P, based on the
rating of the letter of credit
provider. Pricing week of
11/15 or 11/22.
Bond Counsel: Hunton & Williams LLP
Borrowers Counsel: Parker Poe Adams &
Bernstein LLP
Letter of Credit: Credit Industrial et
Commercial, acting through
it’s New York Branch
Underwriter/
Remarketing
Agent: Merrill Lynch Pierce, Fenner
& Smith Incorporated
Underwriters
Counsel: Squire, Sanders & Dempsey
L.L.P.
Trustee/Registrar: The Bank of New York Mellon
Trust Company, N.A. (DTC)
Authority Counsel: Ronald Aycock, Esq.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 12
NORTH CAROLINA MEDICAL CARE COMMISSION
APPROVED ON NOVEMBER 2, 2010
Issuer: Maryfield, Inc. D/B/A
Pennybyrn at Maryfield
Amount: $ 5,500,000
Purpose: Retirement Facilities First
Mortgage Revenue
Refunding Bond
Term: Approximately 10 years.
Interest Rates: Fixed at 3.38% for 5 years,
then resets to the tax exempt
equivalent of the High Point
Bank & Trust Company Prime
Rate plus 2%.
Final Maturity: Not to exceed December 31,
2020.
Structure: Non-rated, private placement
as a bank qualified loan with
High Point Bank & Trust
Company that is currently
anticipated to close during
the week of November 8,
2010. Transfer is restricted to
qualified financial institutions
(QIBs).
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Bank: High Point Bank & Trust
Company
Bank Counsel: McGuireWoods LLP
Structure Advisor: Ziegler Capital Markets
Trustee/Registrar: The Bank of New York Mellon
Trust Company, N.A.
Agreed upon
Procedures: Dixon Hughes, PLLC
Borrower Counsel: Keziah Gates, LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 13
FINANCING AGREEMENTS
APPROVED ON NOVEMBER 2, 2010
Municipality: Town of Matthews
Population: 29,209
Amount: $ 275,000
Purpose: Municipal Building (Fire
Station)
Authority: G.S. 160A-20 Installment
Contract – Private Placement,
Build America Bond
Interest Rate: 3.08%
Term: 7 years
Payment: Semiannual
Bank: RBC
Municipality: Town of Apex
Population: 31,250
Amount: $ 8,600,000
Purpose: Refunding: Municipal
Buildings
Interest Rate: 3.48%
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Term: 18 years
Payment: Semi-annual interest; annual
principal
Lender: SunTrust Equipment Finance
& Leasing Corp.
County: Buncombe
Population: 227,914
Series A & B:
Amount: $ 29,476,147
Purpose: Courthouse
Amount: $ 13,669,660
Purpose: County Buildings
Amount: $ 4,958,857
Purpose: Equipment
Amount: $ 4,895,336
Purpose: Community College
Series C:
Amount: $ 3,800,000
Purpose: Schools
Authority: G.S. 160A-20 Installment
Purchase – Public Offering
Series A – Tax Exempt Bonds;
Series B – Build America
Bonds; Series C – Qualified
School Construction Bonds
Effective Interest
Cost: Series A: 4.15%; Series B:
4.05%; Series C: 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: Series A & B not beyond 2030
and Series C not beyond
2029.
Co-Special Counsel: Parker Poe Adams &
Bernstein LLP and Martin
Nesbitt, Esq.
Underwriters: Robert W. Baird & Co. (Senior
Manager); RBC Capital
Markets (Co-Manager)
Underwriters
Counsel: McGuireWoods LLP
Trustee: U.S. Bank, National
Association (DTC)
County: Caldwell
Population: 80,020
Amount: $ 2,248,500
Purpose: Schools
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Qualified School Construction
Bond
Interest Rate: 5.02% (taxable), 5.24%
subsidy @ 19 year term
(10/25/10)
Term: 14 years
Payment: Annual
Bank: BB&T
(Continued on page 14)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 14
FINANCING AGREEMENTS APPROVED ON NOVEMBER 2, 2010 (Continued from page 13)
County: Harnett
Population: 112,844
Amount: $ 3,901,400
Purpose: Refunding: County
Buildings
Authority: G.S. 160A-20 Installment
Purchase – Private
Placements
Interest Rate: 1.475%
Term: 3.0 years
Payment: Semi-annual
Lender: Banc of America Public
Capital Corp.
County: Harnett
Population: 112,844
Amount: $ 16,912,600
Purpose: Refunding: Schools
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 3.639%
Term: 18 years
Payment: Semi-annual
Lender: Banc of America Public
Capital Corp.
County: Henderson
Population: 103,836
Amount: $ 7,500,000
Purpose: County Buildings
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
(Taxable with Federal
subsidy-Recovery Zone
Economic Development
Bonds)
Interest Rate: 4.80% (Taxable)
Term: 15 years
Payment: Annual
Bank: Branch Banking & Trust
Company
County: Rutherford
Population: 63,012
Refundings:
Amount: $ 915,359
Purpose: Courthouse
Amount: $ 1,343,036
Purpose: County Buildings
Amount: $ 21,356,364
Purpose: Schools
Amount: $ 199,153
Purpose: Library
Amount: $ 1,378,582
Purpose: Community College
Amount: $ 327,705
Purpose: Industrial Development
Amount: $ 2,514,254
Purpose: Land
Amount: $ 65,548
Purpose: Parking
Authority: G.S. 160A-20 Installment
Purchase – Public Offering
Effective Interest
Cost: 3.859%
Final Maturity: Not beyond 2023.
Special Counsel: Parker Poe Adams &
Bernstein LLP
Underwriters: Stephens, Inc. (Sr. Manager);
Robert W. Baird & Co. (Co-
Manager)
Underwriters
Counsel: Moore & Van Allen PLLC
Trustee: U.S. Bank, National
Association (DTC)
Insurer (if used): Assured Guaranty
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 15
REPORT OF RECENT SALE OF BOND ANTICIPATION NOTES
Municipality: Town of Ahoskie
Amount: $10,800,000
Purpose: General Obligation
Wastewater Bond
Anticipation Notes
Dated: November 16, 2010
Maturing: March 23, 2011
Sold on: November 2, 2010
Net Interest Cost: .5600%
Winning Bidder: Wells Fargo Bank, National
Association
Bond Counsel: Hunton & Williams LLP
􀂒􉈀􀂒􉈀􀂒􉈠 􀂒􉈠
REPORT OF RECENT SALE OF GENERAL OBLIGATION BONDS
County: Franklin
Amount: $ 24,000,000
Purpose: General Obligation School
Bonds, Series 2010B
Dated: Date of Delivery
Sold on: October 19, 2010
True Interest Rate: 2.8880%
Rates: 2.00s, 1,400M, 2012;
3.00s, 1,400M, 2013;
2.00s, 2,800M, 2014/2015;
3.00s, 2,700M, 2016/2017;
4.00s, 5,100M, 2018/2021;
3.00s, 4.725M, 2022/2025;
3.25s, 2,350M, 2026/2027;
3.375s, 1,175M, 2028;
3.50s, 2,350M, 2029/2030.
The Bonds maturing on or
prior to April 1, 2020, will not
be subject to redemption prior
to maturity. The Bonds
maturing on April 1, 2021 and
thereafter will be subject to
redemption, 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 April 1, 2020 at a
redemption price equal to
100% of the principal amount
of the Bonds to b e redeemed,
plus accrued interest to the
dated fixed for redemption.
Average Life: 10.02 years
Winning Bidder: UBS Financial Services Inc.
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Municipality: Town of Fuquay-Varina
Amount: $ 4,985,000
Purpose: General Obligation
Refunding Bonds, Series
2010
Dated: Date of Delivery
Sold on: October 26, 2010
True Interest Rate: 2.2978%
Rates: 2.00s, 970M, 2012/2016;
2.50s, 390M, 2017/2018;
3.00s, 1,155M, 2019/2021.
The Bonds are not subject to
redemption prior to their
respective maturities.
Average Life: 6.95 years
Winning Bidder: Raymond James & Associates
Inc.
Bond Counsel: Sanford Holhouser LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 16
REPORT OF RECENT SALE OF NEGOTIATED BOND SALES
County: Durham
Amount: $ 25,980,000
Purpose: General Obligation Bonds,
Series 2010A
Amount: $ 34,020,000
Purpose: General Obligation Bonds
(Build America Bonds),
Series 2010B
TIC: 2.6492%
Sold on: October 27, 2010
Dated: November 10, 2010
Bonds Counsel: Robinson, Bradshaw &
Hinson, P.A.
Underwriters: Merrill Lynch, Pierce, Fenner
& Smith Incorporated
Stephens Inc.
Municipality: City of Greensboro
Amount: $ 16,000,000
Purpose: General Obligation Public
Improvement Bonds, Series
2010A (Tax-Exempt)
TIC: 1.4966%
Dated: November 2, 2010
Sold on: October 13, 2010
Underwriters: Wells Fargo Securities
Bond Counsel: Sidley Austin LLP
Municipality: City of Greensboro
Amount: $ 24,000,000
Purpose: General Obligation Public
Improvement Bonds, Series
2010B (Federally Taxable
Direct Subsidy Build
America Bonds)
TIC: 2.8390%
Dated: November 2, 2010
Sold on: October 13, 2010
Underwriters: Wells Fargo Securities
Co-Bond Counsel: Sidley Austin LLP and The
Steve Allen Law Firm
Municipality: City of Greensboro
Amount: $ 15,505,000
Purpose: General Obligation
Refunding Bonds, Series
2010C (Tax-Exempt)
TIC: 1.8254%
Dated: November 2, 2010
Sold on: October 13, 2010
Underwriters: Wells Fargo Securities
Co-Bond Counsel: Sidley Austin LLP and The
Steve Allen Law Firm
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 17
REPORT OF RECENT SALE OF LIMITED OBLIGATION BONDS
APPROVED ON OCTOBER 5, 2010
Unit: County of Johnston
Population: 162,746
Amount: $28,245,000
Purpose: Current refunding of a bank
placed installment purchase
financing a new high school.
The refunding realized a net
present value savings of
$1,317,760 or 4.39% of the
refunded debt.
Rating(s): S&P: AA; Moody’s: Aa3
Dated: November 9, 2010
Underwriter(s): Citigroup Global Markets Inc.
(Sr. Mgr.); Robert W. Baird &
Co. (Co-Mgr.)
Sold on: BPA — October 22, 2010
Closing — November 9, 2010
Terms: Public sale $5,000
denominations.
Final Maturity: 2027
Effective Interest
Cost: 3.427122%
Trustee/Registrar: The Bank of New York Mellon
Trust Company, N.A. (DTC)
Special Counsel: McGuireWoods LLP
Underwriter’s
Counsel: Parker Poe Adams & Bernstein
LLP
County: County of Pitt
Population: 158,575
Amount: $27,550,000
Purpose: Construction of an academic
classroom building, an
industrial technology
building and a maintenance
facility at Pitt Community
College and advance
refunding of certain
maturities of Certificates of
Participation, Series 2001.
The refunding realizes a Net
Present Value savings of
$157,161 or 3.12% of the
refunded debt.
Rating(s): Moody’s: Aa3, S&P: AA-, Fitch:
AA
Dated: November 18, 2010
Underwriter(s): Citigroup Global Markets, Inc.
(Sr); BB&T Capital Markets
(Co-Mgr.)
Sold on: BPA — November 3, 2010
Closing — November 18, 2010
Terms: Public sale $5,000
denominations.
Final Maturity: 2035
Effective Interest
Cost: 4.065125%
Trustee/Registrar: The Bank of New York Mellon
Trust Company, N.A. (DTC)
Special Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Underwriter’s
Counsel: Parker, Poe. Adams &
Bernstein LLP
Unit: Gastonia
Population: 74,518
Amount: $ 15,830,000
Purpose: Construction of a
conference center and
related parking;
improvement to the
museum of natural history
and City park facilities and
advance refunding of Series
2001 Certificates of
Participation. The refunding
realized a Net Present Value
savings of $259,353 or
5.19% of the refunded debt.
Rating(s): Moody’s: Aa3, S&P: +, Fitch:
AA-Dated:
October 26, 2010
Underwriter(s): Bank of America Merrill Lynch
Sold on: BPA — October 14, 2010
Closing — October 26, 2010
Terms: Public sale $5,000
denominations.
Series A: $7,830,000 Tax Exempt –
Financing the refunding and a
portion of the current projects.
Final Maturity: 2022
Effective Interest
Cost: 2.877927%
Series B: $8,000,000 Taxable –
Financing a portion of the
current projects – Recovery
Zone Economic Development
Bonds based on a 45%
Federal rate subsidy.
Final Maturity: 2033
Effective Interest
cost (after
subsidy): 3.281718%
Trustee/Registrar: U.s. Bank National
Association
Special Counsel: Womble Carlyle Sandridge &
Rice PLLC
Underwriter’s
Counsel: Parker Poe Adams & Bernstein
LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 18
REPORT OF RECENT SALE OF REVENUE BONDS
APPROVED ON OCTOBER 5, 2010
Municipality: City of Salisbury (Combined
Enterprise System Revenue
Refunding Bonds)
Amount: $ 16,065,000
Purpose: Partial Advance Refunding
of Series 2002 Bonds,
Current Refunding of the
Series 1998A Bonds
NPV Savings: $810,800 or 5.03%
Rating(s): Moody’s: Aa3/Aa3
(Insured/Underlying); Fitch:
AA- (Underlying Only)
Dated: November 18, 2010
Underwriter: R. W. Baird
Sold on: BPA – October 29, 2010
Closing – November 18, 2010
Terms: Public Offering - $5,000
denominations
Interest Rate: Fixed
Maturities: February 1
EIC: 3.55%
TIC: 3.46%
Last Maturity: February 1, 2027. Maturities
callable February 1, 2020 at
par.
Trustee/Registrar/
Escrow Agent: US Bank National Association
(DTC)
Verification Agent: The Arbitrage Group, Inc.
Financial Advisor: First Tryon Advisors
Insurance/Surety: Assured Guaranty Corp.
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
Underwriter’s
Counsel: Parker Poe Adams & Bernstein
Municipality: City of Winston-Salem
(Water and Sewer System
Revenue and Revenue
Refunding Bonds)
Amount: $134,020,000
Purpose: Tax-Exempt Series 2010A,
Taxable (BABs) Series
2010B, Taxable (RZEDB)
Series 2010C, Refunding
Series 2010D & 2011A
Ratings: AAA; Aa1, AA+ (Fitch)
Dated: November 4, 2010
Underwriters: BB&T Capital Markets and
Loop Capital Markets LLC
Sold on: BPA – October 20, 2010
Closing – November 4, 2010
Terms: Public Offering - $5,000
denominations.
Interest Rate: Fixed
Maturities: June 1
TIC: 3.13% (w/subsidies)
Last maturity: June 1, 2040; maturities
callable at June 1, 2021 at par
Trustee/Registrar/
Escrow Agent: BONY Mellon Trust Co., NA
Verification Agent: Barthe & Wahrman, PA
Bond Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter’s
Counsel: Moore & Van Allen PLLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
November 2010 19
BOND BUYER’S INDEX
20 G.O. Bonds
4.41
4.24 4.31 4.36 4.34
4.45 4.37
4.28
4.38
4.21
3.86 3.84
3.80
4.00
4.20
4.40
4.60
4.80
5.00
5.20
5.40
5.60
Nov 5 Dec 3 Jan 7 Feb 4 Mar 4 Apr 8 May 6 Jun 3 Jul 8 Aug 5 Sept 2 Oct 7
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
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