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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 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. 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 ON D REP ORT E R 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 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 Bulk Rate U.S. Postage Paid Raleigh, N.C. Permit 1998
Object Description
Description
Title | Bond reporter |
Date | 2010-11 |
Description | Volume 17, Number 11 (November 2010) |
Digital Characteristics-A | 177 KB; 19 p. |
Digital Format | application/pdf |
Full Text | 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 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. 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 ON D REP ORT E R 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 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 Bulk Rate U.S. Postage Paid Raleigh, N.C. Permit 1998 |
OCLC number | 23123426 |