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NORTH CAROLINA DEPARTMENT OF STATE TREASURER Janet Cowell, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES* October 6, 2009 STATE OF NORTH CAROLINA $ 371,920,000 Refunding, G. O. Bonds October 13, 2009 COUNTY OF RICHMOND $ 13,000,000 School, G. O. Bonds October 20, 2009 CITY OF CHARLOTTE $ 20,000,000 Housing, G. O. Bonds ( Taxable) MARTIN COUNTY WATER & SEWER DISTRICT NO. 2 $ 5,986,000 Water, BAN’s November 17, 2009 TOWN OF WAKE FOREST $ 10,000,000 Public Improvement & Refunding, G. O. Bonds December 1, 2009 TOWN OF CHAPEL HILL $ 4,875,000 Refunding, G. O. Bonds December 2, 2009 COUNTY OF CRAVEN $ 10,000,000 Refunding, G. O. Bonds December 8, 2009 COUNTY OF ORANGE $ 15,800,000 Refunding, G. O. Bonds January 12, 2010 CITY OF MOUNT HOLLY $ 1,400,000 Parks & Recreation, G. O. Bonds ____________ * Subject to change.- BOND REPORTER VOLUME XVI OCTOBER 2009 No. 10 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 XVI No. 10 October 2009 Calendar of Scheduled Competitive Sales 1 Schedule of Negotiated Sales 3 Notice of Redemption 4 State and Local Unit Debt Outstanding Balances 5 Scheduled of Bond Elections 5 PROPOSALS General Obligation Bond 6 Revolving Loans 7- 8 Revenue Bonds 9- 10 Industrial Revenue Bonds 11 North Carolina Medical Care Commission 12- 13 North Carolina Capital Facilities Finance Agency 14 Financing Agreements 15- 16 REPORTS OF RECENT SALES General Obligation Bonds 17 Bond Anticipation Notes 17 Certificates of Participation 18 Revenue Bonds 19 OTHER INFORMATION Bond Buyer’s Index 20 B ON D REP ORT E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 3 SCHEDULE OF NEGOTIATED SALES* October 14, 2009 COUNTY OF DURHAM $ 64,000,000 General Obligation Refunding Stephens, Inc. October 15, 2009 CITY OF RALEIGH $ 150,000,000 Combined Enterprise System Revenue Refunding Bonds Davenport & Company ( Sr.); Citi; Loop Capital Markets October 20, 2009 CITY OF CHARLOTTE $ 125,000,000 General Obligation Refunding Bonds, Series 2009B Wachovia Bank, N. A.; Merrill Lynch, Pierce Fenner and Smith, Inc. October 21, 2009 NORTH CAROLINA MEDICAL CARE COMMISSION HEALTHCARE FACILITIES $ 198,000,000 Duke University Health System Revenue Bonds Citigroup Global Markets, Inc. ( Senior Manager) Merrill Lynch & Co. ( Co.- Mgr.) Wells Fargo Securities ( Co.- Mgr.) SunTrust Robinson Humphrey, Inc. ( Co.- Mgr.) J. P. Morgan Securities ( Co.- Mgr.) October 27, 2009 COUNTY OF BUNCOMBE $ 8,800,000 General Obligation Refunding R. W. Baird November 10, 2009 COUNTY OF PITT $ 35,000,000 Limited Obligation Bonds, Series 2009 Citi ( Sr- Manager) BB& T Capital Markets COUNTY OF DARE $ 10,000,000 Certificates of Participation Refunding Bonds, Series 2009 Southwest Securities, Inc. November 17, 2009 CITY OF THOMASVILLE $ 7,500,000 Combined Enterprise System Revenue Refunding Wells Fargo Securities ____________ * Subject to change. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 4 NOTICE OF REDEMPTION Issuer: $ 100,000,00 City of Charlotte, North Carolina, Variable Rate General Obligation Bonds, Series 2007 Amount: $ 90,000,000 Redemption Date: October 29, 2009 Redemption Price: 100% CUSIP Numbers: 161035AA8 Present for payment at: U. S. Bank, National Association, Attn: Corporate Trust Services, Hearst Tower, 214 North Tryon Street, Suite 2700, Charlotte, North Carolina 28202 Issuer: $ 31,000,000 North Carolina Capital Facilities Finance Agency, Variable Rate Educational Facilities Revenue Bonds, ( Mars Hill College), Series 2006 Amount: $ 5,775,000 Dated: December 1, 2006 Redemption Date: November 2, 2009 Redemption Price: 100% CUSIP Number: 65818PEQ8 Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 5 STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES SEPTEMBER 30, 2009 Amount Population Per Capita Local Units’ Debt $ 27,761,975,070 — — State of North Carolina $ 6,874,805,000 9,270,342 $ 741.59 U. S. Public Debt $ 11,909,829,003,512 307,733,899 $ 38,702 SCHEDULED BOND ELECTIONS Municipality/ District/ County Election Date Amount Purpose City of Greensboro November 3, 2009 $ 20,000,000 Natural Science Center NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 6 GENERAL OBLIGATION BOND PROPOSALS APPROVED ON OCTOBER 6, 2009 County: Buncombe Population: 225,609 Amount: $ 5,736,666 Purpose: School Sale: Negotiated ( Qualified Tax Credit Bonds) Term: 15 years ( as of 9/ 22/ 2009) Underwriter: Robert W. Baird & Co. Underwriter’s Counsel: McGuireWoods LLP Fiscal Agent: US Bank NA Co- Bond Counsel: Parker Poe Adams & Bernstein LLP and Martin L. Nesbitt Esq. District: Martin County Water and Sewer District No. 2 Population: 4,275 Amount: $ 5,986,000 Purpose: Water Sale: Negotiated ( USDA) Bond Counsel: Robinson, Bradshaw & Hinson, P. A. Municipality: City of Charlotte Population: 695,995 Amount: $ 232,000,000 Purpose: Refunding Sale: Negotiated Interest Rate: Fixed Underwriters: Wells Fargo Securities and Merrill Lynch & Co. Underwriter’s Counsel: McGuireWoods LLP Financial Advisor: DEC Associates, Inc. Final Maturity: Series 2009B – 2034 Series 2009C – 2027 Bond Counsel: Parker Poe Adams & Bernstein LLP County: Buncombe Population: 225,609 Amount: $ 9,700,000 Purpose: Refunding Interest Rate: Fixed Sale: Negotiated Underwriter: Robert W. Baird & Co. Underwriter’s Counsel: McGuireWoods LLP Escrow Agent: US Bank NA Verification Agent: Barthe & Wahrman, P. A. Co- Bond Counsel: Parker Poe Adams & Bernstein LLP and Martin L. Nesbitt Esq. County: Durham Population: 265,670 Amount: $ 70,000,000 Purpose: Refunding Sale: Negotiated Underwriters: Stephens Inc.; Merrill Lynch & Co. and Jackson Securities LLP Co- Underwriter’s Counsel: Parker Poe Adams & Bernstein LLP and the Banks Law Firm, P. A. Escrow Agent: First- Citizens Bank & Trust Co. Verification Agent: The Arbitrage Group, Inc. Financial Advisor: DEC Associates, Inc. Bond Counsel: Robinson Bradshaw & Hinson, P. A. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 7 REVOLVING LOANS APPROVED ON OCTOBER 6, 2009 Municipality: Town of Princeville Amount: $ 310,700 Purpose: Water Interest Rate: 0%. Term: 20 years Loan: State of North Carolina Municipality: Town of Spindale Amount: $ 791,974 Purpose: Sewer Interest Rate: 0%. Term: 20 years Loan: State of North Carolina County: Burke Amount: $ 573,800 Purpose: Water Interest Rate: 0%. Term: 20 years Loan: State of North Carolina District: Riegelwood Sanitary District Amount: $ 200,000 Purpose: Water Interest Rate: 0% Term: 20 years Loan: State of North Carolina Municipality: City of Kannapolis Amount: $ 300,000 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: City of Rocky Mount Amount: $ 336,600 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: Town of Tryon Amount: $ 1,430,001 Purpose: Water Interest Rate: Not to exceed 4% Term: 15 years Loan: State of North Carolina Municipality: Town of Wallace Amount: $ 10,847,736 Purpose: Wastewater Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: City of Whiteville Amount: $ 498,450 Purpose: Water Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina County: Beaufort Amount: $ 1,945,300 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina County: Camden Amount: $ 1,391,100 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina ( Continued on page 8) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 8 REVOLVING LOANS APPROVED ON OCTOBER 6, 2009 ( Continued from page 7) Municipality: City of Gastonia Amount: $ 1,326,000 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: City of Goldsboro Amount: $ 7,405,000 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: City of Lenoir Amount: $ 5,828,150 Purpose: Water Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: City of Lexington Amount: $ 330,000 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina District: Roanoke Rapids Sanitary District Amount: $ 2,793,800 Purpose: Water Supply Interest Rate: Not to exceed 4%. Term: 20 years Loan: State of North Carolina Municipality: Town of Selma Amount: $ 272,367 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: Town of Wilkesboro Amount: $ 6,863,544 Purpose: Wastewater Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina County: Davie Amount: $ 950,475 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Authority: Orange Water and Sewer Authority Amount: $ 275,400 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina District: Eastern Wayne Sanitary District Amount: $ 1,309,600 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 9 REVENUE BONDS APPROVED ON OCTOBER 6, 2009 County: Greene Amount: $ 1,459,500 Purpose: Water Interest Rate: Fixed Final Maturity: RBAN: No later than September 1, 2010; RB: No later than December 31, 2050. BAN: $ 6,537,000; 2.89% Structure: USDA commitment to purchase the bonds on substantial completion of the project. RBAN: Interest due at maturity; RB: Approximately level debt service. Term: RBAN: 1 year; RB: 40 years Purchaser: Branch Banking & Trust Company Revenue Bonds: USDA Rural Development Registrar: County Finance Officer Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC County: Hyde Amount: $ 1,420,000 Purpose: Water Interest Rate: Fixed Structure: USDA commitment to purchase the bonds on substantial completion of the project. RBAN: Interest due at maturity.; RB: Approximately level debt service. Final Maturity: RBAN: No later than February 1, 2011; RB: No later than December 31, 2051. Revenue BAN: Financial institution to be approved by the Secretary. Revenue Bond: USDA rural Development Registrar: County Finance Officer Bond Counsel: Hunton & Williams LLP Municipality: City of Raleigh Amount: $ 165,000,000 Purpose: ( Combined Enterprise System Revenue Refunding Bonds) Interest Rate: Fixed NPV Savings: 3% overall; no series < 2% Structure: Public Sale. Sale is scheduled for the week of October 12th not to conflict with any other revenue bonds. Past Bonds have ratings of: Moody’s: Aa1; S& P: AAA; Fitch: AAA Final Maturity: Not beyond 2031 ( no extension of maturities) Term: Approximately 22 years ( no extension of maturities) Underwriters: Davenport & Company, Citi, Loop Capital Markets, LLC Underwriters’ Counsel: Parker Poe Adams & Bernstein, LLP Trustee/ Registrar/ Escrow Agent: U. S. Bank National Association ( DTC) Financial Advisor: DEC Associates, Inc. Verification Agent: The Arbitrage Group, Inc. Bond Counsel: Womble Carlyle Sandridge & Rice PLLC Municipality: City of Salisbury Amount: $ 6,000,000 Purpose: ( Combined Enterprise System Revenue Bonds) Interest Rate: Fixed ( 4.14%) Structure: Private sale to Bank of America, N. A. Registration and transfer limited to banks, insurance companies and similar financial institutions. Prior revenue bonds publicly placed ( 2002) were rated A2 by Moody’s and A+ by Fitch. Term: Approximately 15 years. Final Maturity: Not beyond 2024. Purchaser: Bank of America, N. A. Trustee/ Registrar: First- Citizens Bank & Trust Company Financial Advisor: Davenport & Company LLC Purchaser’s Counsel: Hunton & Williams LLP Bond Counsel: Robinson, Bradshaw & Hinson, P. A. ( Continued on page 10) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 10 REVENUE BONDS APPROVED ON OCTOBER 6, 2009 ( Continued from page 9) District: Bay River Metropolitan Sewerage District Amount: $ 1,833,000 Purpose: Sewer Structure: USDA commitment to purchase the bonds on substantial completion of the project. RBAN: Interest due at maturity; RB: Approximately level debt service. Term: RBAN: RB: 39 years Interest Rate: Fixed Final Maturity: RBAN: No later than May 1, 2011; RB: No later than December 31, 2051 Revenue BAN: Financial institution to be approved by the Secretary Revenue Bond: USDA Rural Development Registrar: District Superintendent Bond Counsel: Hunton & Williams LLP District: Contentnea Metropolitan Sewerage District Amount: $ 4,095,000 Purpose: Sewer Term: RBAN: 5 months; RB: 40 years Interest Rate: Fixed Structure: USDA commitment to purchase the bonds on substantial completion of the project. RBAN: Interest due at maturity; RB: Approximately level debt service. Final Maturity: $ 2,401,564 RBAN: No later than March 1, 2010; No later than December 31, 2051 Purchasers: RBAN: Financial institution to be approved by the Secretary; RB: USDA Rural Development Registrar: District Manager Bond Counsel: Sanford Holshouser NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 11 INDUSTRIAL REVENUE BONDS APPROVED ON OCTOBER 6, 2009 Issuer: International Paper Company ( Columbus County) Amount: $ 7,004,000 ( Recovery Zone Facility Bonds) Purpose: Normal capital expenditures for equipment including mill lime kiln system; bark conveyors; turbine roof clips; roofing; wet stack scanner, boiler improvements; plant infrastructure and systems improvements. Location: Riegelwood Interest Rate: Not to exceed ( if fixed) 12% Final Maturity: Not beyond 2033 ( bullet) If Fixed Underwriter: JP Morgan Securities, Morgan Stanley, Bank of America ( Merrill Lynch) or Morgan Keegan selected by competitive bidding process. If Variable Underwriter/ Remarketing Agent: JP Morgan Securities, Morgan Stanley, Bank of America ( Merrill Lynch) or Morgan Keegan selected by competitive bidding process. Tender Agent: The Bank of New York Mellon Letter of Credit Provider: Either UBS; JP Morgan Chase; Bank of America or Citi selected by competitive bidding process Variable or Fixed Underwriters Counsel: None ( competitive bid process) Trustee Registrar: The Bank of New York Mellon ( DTC) or Regions Bank Bond Counsel: McGuireWoods LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 12 NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON OCTOBER 6, 2009 Issuer: High Point Regional Health System Amount: $ 10,000,000 Purpose: Hospital Revenue Refunding Bond, Series 2009 Location: High Point Term: Approximately 5 years. Interest Rate: Variable rate, adjusted monthly, based on 68% of One Month LIBOR plus 1.2025%. Structure: Non- rated, private placement as a bank qualified loan with Branch Banking & Trust Company that is currently anticipated to close on October 22, 2009. Final Maturity: Not to exceed May 31, 2014 Bond Counsel: McGuireWoods LLP Bank: Branch Banking & Trust Company Bank Counsel: Moore & Van Allen PLLC Borrower Counsel: K & L Gates LLP Agreed Upon Procedures: Dixon Hughes PLLC Bond Counsel: McGuireWoods LLP Issuer: Cypress Glen Retirement Community Amount: $ 7,750,000 Purpose: Retirement Facilities first Mortgage Revenue Refunding Bonds Location: Greenville ( Pitt County) Term: Approximately 25 years Interest Rate: Initially Bank- Bought mode, adjusted monthly. Final Maturity: Not to exceed December 31, 2034 Structure: Level debt service of approximately $ 500,000. Loan has a term of approximately twenty- five years, with the Bank having the ability, upon 180 days notice, to call the Loan after five years for payment in full without penalty, or the Bank can renew the loan for additional periods of up to final maturity in 2034. Should the Bank call the loan, the Borrower has the option to find another bank qualified loan provider, change to another permitted interest rate mode, or the Bank will pay off the NCMCC Bond and enter into a taxable loan or terms agreed to by the Bank and Borrower. A floating to fixed rate swap will be evaluated after closing that would synthetically fix the interest rate on the financing. Non- rated, private placement as a bank qualified loan with Branch Banking & Trust Company that is currently anticipated to close on October 13, 2009. Bank: Branch Banking & Trust Company Bank Counsel: Moore & Van Allen PLLC Borrower’s Counsel: Womble Carlyle Sandridge & Rice PLLC Agreed upon Procedures: Dixon Hughes, PLLC Trustee: First- Citizens Bank & Trust Company Financial Advisor: BB& T Capital Markets Bond Counsel: Robinson, Bradshaw & Hinson, P. A. ( Continued on page 13) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 13 NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON OCTOBER 6, 2009 ( Continued from page 12) Issuer: Cornelia Nixon Davis, Inc. ( d/ b/ a The Davis Community) Amount: $ 6,000,000 Purpose: Adjustable Rate Demand Health Care Facility Revenue Bonds Location: Wilmington ( New Hanover) Term: Approximately 25 years Interest Rate: Variable ( Initially- weekly) Structure: New debt will have level principal of $ 232,000 plus interest through F/ Y 2034. When combined with existing debt service, annual net debt service payments will range from approximately $ 1,500,000 ( F/ Y 2010) to $ 1,300,000 ( F/ Y 2023), then declining to approximately $ 700,000 through F/ Y 2026, with the final eight years through F/ Y 2034 declining from approximately $ 500,000 to approximately $ 300,000. Limited/ Public Offering in $ 100,000 denominations, and integral multiples of $ 5,000 thereafter. Scheduled for October 13, 2009 and will not conflict with any other publicly offered bond. Bonds will have an S& P rating of A+/ A1, based upon the Letter of Credit Provider. Final Maturity: Not to exceed December 31, 2034. Underwriter/ Remarketing Agent: Lancaster Pollard & Co. Letter of Credit Provider: Wachovia Bank, National Association Underwriter/ Remarketing Agent Counsel: Parker Poe Adams & Bernstein LLP LOC Provider Counsel: Kilpatrick Stockton, LLP Trustee/ Registrar/ Paying Agent: US Bank, N. A. ( DTC) Agreed Upon Procedures: Larson Allen, LLP Borrower Counsel: Hogue, Hill, Jones, Nash Lynch, L. L. P. Bond Counsel: McGuireWoods LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 14 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY APPROVED ON OCTOBER 6, 2009 Issuer: Wolfpack Club Student Housing Foundation, LLC Amount: $ 23,070,000 Purpose: Student Housing Facilities Revenue Refunding Bond Location: Raleigh Final Maturity: Not to exceed July 31, 2035 Term: Approximately 26 years, with no extension of maturities. Interest Rate: Initially variable rate adjusted monthly, based on 68% of one month LIBOR + 1.625%. Structure: Substantially level debt service of approximately $ 1,400,000 through FY 2034, with a final payment of approximately $ 3,050,000 due at 2035 final maturity, with no extension of final maturity beyond July 1, 2035. Loan has a term of approximately 26 years, with the Bank having the ability, upon 180 days notice, to call the bond after five years for payment in full without penalty. Should the Bank call the loan, the Borrower has the option to find another bank qualified loan provider, or the Bank is required to pay off the NCCFFA Bond and enter into a taxable loan on terms agreeable to the Bank and Borrower. There is a floating to fixed rate swap to final maturity currently in place on the existing debt ( 100% to 2018, then 75% to 2035) that will remain in place after the refunding. Private placement as a bank qualified loan with Branch Banking and Trust Company. The bond issue is currently anticipated to close on November 10, 2009. Borrower’s Counsel: Paul E. Castelloe, Esq. Bank: Branch Banking and Trust Company Bank Counsel: Moore & Van Allen PLLC Swap Provider: Wachovia Bank, National Association Swap Advisor: Kensington Capital Advisors, LLC Bond Counsel: Womble Carlyle Sandridge and Rice, PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 15 FINANCING AGREEMENTS APPROVED ON OCTOBER 6, 2009 Municipality: Town of Holly Springs Population: 22,500 Amount: $ 6,524,000 Purpose: Recreation ( Community Center) Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 5.20% Term: 18 years Payment: Annual Lender: Capital Bank Municipality: Town of Saint James Population: 3,000 Amount: $ 3,000,000 Purpose: Municipal Building Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 3.08% Term: 2 ½ years Payment: Monthly Bank: First Federal County: Columbus Population: 54,046 Amount: $ 5,700,000 Purpose: County Hospital ( Refinancing) Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 3.67% Term: 7 years Payment: Semi- annual Lender: Branch Banking & Trust Company County: Jackson Population: 37,551 Amount: $ 3,312,550 Purpose: Solid Waste Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 4.53% Term: 15 years Payment: Semiannual Bank: SunTrust County: Warren Population: 19,388 Amount: $ 610,000 Purpose: School Authority: G. S. 160A- 20 Installment Purchase - Private Placement Interest Rate: 4.56% Term: 15 years Payment: Semiannual Bank: Southern Bank County: Warren Population: 19,388 Amount: $ 669,000 Purpose: Buildings Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 4.56% Term: 15 years Payment: Semiannual Bank: Southern Bank Municipality: Town of Black Mountain Population: 8,958 Amount: $ 2,100,000 Purpose: Land Acquisition Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 4.92% Term: 20 years Payment: Annual Lender: Branch Banking & Trust Company ( Continued on page 16) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 16 FINANCING AGREEMENTS APPROVED ON OCTOBER 6, 2009 ( Continued from page 15) Municipality: City of Raleigh Population: 385,507 Amount: $ 35,530,000 Purpose: Municipal Buildings – Refunding Amount: $ 14,470,000 Purpose: Parking - Refunding Authority: G. S. 160A- 20 Installment Contract – Public Placement Interest Rate: Variable – Expected Initial Interest Rate – SIFMA plus 15 bps “ windows” spread; Maximum rate 12%; maximum bank bond rate – 25% Structure: No extension of term or amount outstanding for the variable rate COPs. The term of the refunded short- term COPs is 25 years and is consistent with the originally approved term of the COPs issuable for the public facilities projects. Term: As described in “ Structure” above and not beyond 2024. Financial Advisor: DEC Associates, Inc. Underwriter: Citigroup Global Markets, Inc. Underwriter’s Counsel: Parker Poe Adams & Bernstein, LLP Remarketing Agent: Citigroup Global Markets, Inc. Tender/ Paying Agent: Regions Bank Bond Counsel: Womble Carlyle Sandridge & Rice PLLC County: Nash Population: 90,000 Amount: $ 900,000 Purpose: Building Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 3.50% Term: 5 years Payment: Semiannual Bank: NC Eastern Region County: Rowan Population: 137,611 Amount: $ 2,750,000 Purpose: Sewer Lines Authority: GS. 160A- 20 Installment Purchase – Private Placement Interest Rate: 4.055% Term: 10 years Bank: SunTrust Leasing NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 17 REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS Municipality: Town of Fuquay- Varina Amount: $ 4,170,000 Purpose: General Obligation Refunding Bonds, Series 2009B Dated: Date of Delivery Sold on: September 29, 2009 Rates: 3.00s, 4,170M, 2010/ 2019. The Bonds will not be subject to redemption prior to their respective maturities. True Interest Cost: 2.2310% Average Life: 5.26 years Winning Bidder: Stephens Inc. Bond Counsel: Sanford Holshouser LLP Municipality: Town of Fuquay- Varina Amount: $ 6,500,000 Purpose: General Obligation Public Improvement Bonds, Series 2009A Dated: Date of Delivery Sold on: September 29, 2009 Rates: 2.00s, 1,950M, 2010- 2015; 2.50s, 325M, 2016; 3.00s, 1,625M, 2017/ 2021; 3.25s, 975M, 2022/ 2024; 3.50s, 975M, 2025/ 2027; 4.00s, 650M, 2028/ 2029. The Bonds maturing on or prior to August 1, 2019, will not be subject to redemption prior to maturity. The Bonds maturing on August 1, 2020 and thereafter will be subject to redemption, at the option of the Town, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than August 1, 2019, at a redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus accrued interest to the date fixed for redemption. True Interest Cost: 3.1541% Average Life: 10.28 years Winning Bidder: UBS Financial Services Inc. Bond Counsel: Sanford Holshouser LLP Issuer: State of North Carolina Amount: $ 371,920,000 Purpose: General Obligation Refunding Bonds, Series 2009A Dated: Date of Delivery Sold on: October 6, 2009 Rates: 3.50s, 2,800M, 2010; 5.00s, 369,040M, 2011/ 2020. The bonds are not subject to redemption prior to maturity. True Interest Cost: 2.2636% Average Life: 6.904 years Winning Bidder: JP Morgan Securities Inc. Co- Bond Counsel: Parker Poe Adams & Bernstein LLP and The Bank Law Firm, P. A. ���� GENERAL OBLIGATION BOND ANTICIPATION NOTES Municipality: Town of Elm City Amount: $ 1,100,000 Purpose: Sanitary Sewer Bond Anticipation Notes Dated: October 13, 2009 Maturing: July 8, 2010 Sale Date: September 29, 2009 Interest Rate: 3.00% Winning Bidder: Robert W. Baird & Co., Inc. Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 18 REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION APPROVED ON SEPTEMBER 1, 2009 Municipality: City of Charlotte Population: 716,874 Amount: $ 139,135,000 Purpose: Permanent financing of acquisition of Cultural Arts Facilities by refunding the COPS Series 2007A outstanding commercial paper and funding of additional improvements. Rating( s): Moodys: Aa2, S& P: AA+, Fitch: AA Dated: September 30, 2009 Underwriter( s): Merrill Lynch & Co. ( Sr. Mgr.); Wachovia Securities ( Co- Mgr.) Sold on: BPA — June 16, 2009 Closing — September 30, 2009 Terms: Public sale $ 5,000 denominations. Interest Rate( s): Fixed — ( yield) if different Maturities: June 1: 12— 1,945M, 5.00% ( 1.52%); 12— 625M, 4.00% ( 1.52%); 13— 2,690M, 4.00%; ( 1.85%); 14— 2,800M, 4.00%; ( 2.19%); 15— 1,845M, 5.00% ( 2.45%); 15— 1,065M, 3.00% ( 2.45%); 16— 3,035M, 4.00%; ( 2.70%); 17— 1,570M, 4.00%; ( 2.95%); 17— 1,585M, 3.00%; ( 2.95%); 18— 3,265M, 4.00%; ( 3.13%); 19— 3,395M, 4.00% ( 3.29%); 20— 3,530M, 5.00%; ( 3.41%); 21— 3,710M, 5.00%; ( 3.53%); 22— 3,895M, 5.00%; ( 3.63%); 23— 3,710M, 5.00%; ( 3.72%); 23— 380M, 4.00%; ( 3.72%); 24— 4,290M, 5.00% ( 3.80%); 25— 4,505M, 5.00%; ( 3.88%); 26— 4,200M, 5.00% ( 3.96%); 26— 4,200M, 5.00% ( 3.96%); 27— 530M, 4.00%; ( 4.04%); 28— 5,210M, 4.00% ( 4.17%); 29— 2,605M, 4.25% ( 4.25%); 29— 2,810M, 4.125% ( 4.25%); 39— 3,490M, 4.375% ( 4.45%). $ 31,185,000 5.00% Term Certificates due June 1, 2034 — Yield 4.37%; $ 36,305,000 5.00% Term Certificates due June 1, 2039 — Yield 4.45%. Certificates maturing after 6/ 1/ 19 are callable on or after 6/ 1/ 19 at 100%. Mandatory sinking fund redemptions of term certificates June 1, 2030- 2039. Effective Interest Cost: 4.427039% Trustee/ Registrar: U. S. Bank, National Association ( DTC) Special Counsel: Parker Poe Adams & Bernstein LLP Underwriter’s Counsel: McGuireWoods LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2008 19 REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON SEPTEMBER 1, 2009 Municipality: City of Fayetteville ( Public Works Commission) Revenue Bonds, Series 2009B Amount: $ 36,700,000 Purpose: Water and Sewer Improvements Rating( s): Moody’s: Aa3; S& P: AA-Dated: October 21, 2009 Underwriter( s): Wachovia Bank, National Association ( Sr.); Citigroup Global Markets Inc. and Morgan Keegan & Company, Inc. Sold on: BPA — September 17, 2009 Closing — October 21, 2009 Terms: Public sale $ 5,000 denominations. Interest Rate( s): Fixed — ( yield) if different Maturities: March 1: 12- 655M, 3.00%; ( 1.29%); 13- 1,045M, 3.50%; ( 1.65%); 14- 1,315M, 4.00%: ( 1.99%); 15- 1,280M, 4.00%; ( 2.26%); 16- 1,805M, 4.00%; ( 2.50%); 17- 1,405M, 4.00%; ( 2.75%); 18- 1,990M, 4.00%; ( 2.91%); 19- 1,600M, 4.00%: ( 3.08%); 20- 1,600M, 5.00%; ( 3.21%); 21- 1,600M, 5.00%; ( 3.35%); 22- 1,600M, 5.00%; ( 3.44%); 23- 1,600M, 5.00%; ( 3.53%); 24- 1,600M, 5.00%; ( 3.61%); 25- 1,600M, 5.00%; ( 3.70%); 26- 1,600M, 5.00%; ( 3.78%); 27- 1,600M, 5.00%; ( 3.86%); 28- 1,600M, 4.00%; ( 4.02%); 29- 1,600M, 4.00%: ( 4.10%); 30- 1,600M, 5.00%; ( 4.07%); 31- 1,600M, 5.00%; ( 4.12%); 32- 1,600M, 5.00%; ( 4.16%); 35- 4,815m, 5.005; ( 4.23%). Maturities callable March 1, 2019 at par. Mandatory sinking fund redemptions March 1, 2033- 2035. Trustee/ Registrar: The Bank of New York Mellon Trust Company, N. A. Feasibility Consultant: Raftelis Financial Consultants, Inc. ( Agreed- Upon Procedures) Financial Advisor: First Southwest Company Co- Bond Counsel: Womble Carlyle Sandridge & Rice PLLC and Rand & Gregory, P. A. Co- Underwriters’ Counsel: Hunton & Williams LLP and The Charleston Group Municipality: City of Fayetteville ( Public Works Commission) ( Revenue Refunding Bonds, Series 2009A) Amount: $ 114,155,000 Purpose Refunding 2003 & 2003A Synthetic Fixed Note Bonds Savings: Done to remove insurance and liquidity – however NPV savings of $ 3,094,131 or 2.46% approximately $ 325,000/ years achieved. Rating( s): Moody’s: Aa3; S& P: AA-Dated: October 21, 2009 Underwriter( s): Wachovia Bank, National Association ( Sr.); Citigroup Global Markets, Inc.; and Morgan Keegan & Company, Inc. Sold on: BPA – September 17, 2009 Closing – October 21, 2009 Terms: Public Offering - $ 5,000 Denominations Interest Rate( s): Fixed – ( yield) if different from stated Maturities: March 1: 10- 6,575M, 4.00%; ( 0.395%); 11- 9,035M, 4.00%; ( 0.870%); 12- 9,310M, 4.00%; ( 1.290%); 13- 9,580M, 4.00%; ( 1.650%); 14- 9,870M, 5.00%; ( 1.99%); 15- 10,265M, 5.00%; ( 2.26%); 16- 10,680M, 5.00%; ( 2.50%); 17- 12,870M, 5.00%; ( 2.75%); 18- 13,380M, 5.00%; ( 2.91%); 19- 7,080M, 5.00%; ( 3.08%); 20- 6,505M, 5.00%; ( 3.21%); 21- 3,320M, 5.00%: ( 3.35%); 22- 1,880M. 5.00%: ( 3.44%); 23- 1,950M, 5.00%; ( 3.53%); 24- 1,855M, 5.00%: ( 3.61%). Maturities callable March 1, 2019 at par. Trustee/ Registrar: The Bank of New York Mellon Trust Company, N. A. Feasibility Consultant: Raftelis Financial Consultants, Inc. ( Agreed- Upon Procedures) Financial Advisor: First Southwest Company Co- Bond Counsel: Womble Carlyle Sandridge & Rice PLLC and Rand & Gregory, P. A. Co- Underwriters’ Counsel: Hunton & Williams LLP and The Charleston Group NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 20 BOND BUYER’S INDEX 20 G. O. Bonds 5.35 5.58 5.02 4.96 4.96 4.92 4.70 4.71 4.81 4.65 4.37 4.06 3.80 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 Nov 1 Dec 4 Jan 8 Feb 5 Mar 5 Apr 2 May 5 Jun 4 Jul 2 Aug 6 Sept 3 Oct 8 DAY Percent Rate 2008 2009 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
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Title | Bond reporter |
Date | 2009-10 |
Description | Volume XVI, No. 10, (October 2009) |
Digital Characteristics-A | 176 KB; 20 p. |
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Full Text | NORTH CAROLINA DEPARTMENT OF STATE TREASURER Janet Cowell, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES* October 6, 2009 STATE OF NORTH CAROLINA $ 371,920,000 Refunding, G. O. Bonds October 13, 2009 COUNTY OF RICHMOND $ 13,000,000 School, G. O. Bonds October 20, 2009 CITY OF CHARLOTTE $ 20,000,000 Housing, G. O. Bonds ( Taxable) MARTIN COUNTY WATER & SEWER DISTRICT NO. 2 $ 5,986,000 Water, BAN’s November 17, 2009 TOWN OF WAKE FOREST $ 10,000,000 Public Improvement & Refunding, G. O. Bonds December 1, 2009 TOWN OF CHAPEL HILL $ 4,875,000 Refunding, G. O. Bonds December 2, 2009 COUNTY OF CRAVEN $ 10,000,000 Refunding, G. O. Bonds December 8, 2009 COUNTY OF ORANGE $ 15,800,000 Refunding, G. O. Bonds January 12, 2010 CITY OF MOUNT HOLLY $ 1,400,000 Parks & Recreation, G. O. Bonds ____________ * Subject to change.- BOND REPORTER VOLUME XVI OCTOBER 2009 No. 10 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 XVI No. 10 October 2009 Calendar of Scheduled Competitive Sales 1 Schedule of Negotiated Sales 3 Notice of Redemption 4 State and Local Unit Debt Outstanding Balances 5 Scheduled of Bond Elections 5 PROPOSALS General Obligation Bond 6 Revolving Loans 7- 8 Revenue Bonds 9- 10 Industrial Revenue Bonds 11 North Carolina Medical Care Commission 12- 13 North Carolina Capital Facilities Finance Agency 14 Financing Agreements 15- 16 REPORTS OF RECENT SALES General Obligation Bonds 17 Bond Anticipation Notes 17 Certificates of Participation 18 Revenue Bonds 19 OTHER INFORMATION Bond Buyer’s Index 20 B ON D REP ORT E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 3 SCHEDULE OF NEGOTIATED SALES* October 14, 2009 COUNTY OF DURHAM $ 64,000,000 General Obligation Refunding Stephens, Inc. October 15, 2009 CITY OF RALEIGH $ 150,000,000 Combined Enterprise System Revenue Refunding Bonds Davenport & Company ( Sr.); Citi; Loop Capital Markets October 20, 2009 CITY OF CHARLOTTE $ 125,000,000 General Obligation Refunding Bonds, Series 2009B Wachovia Bank, N. A.; Merrill Lynch, Pierce Fenner and Smith, Inc. October 21, 2009 NORTH CAROLINA MEDICAL CARE COMMISSION HEALTHCARE FACILITIES $ 198,000,000 Duke University Health System Revenue Bonds Citigroup Global Markets, Inc. ( Senior Manager) Merrill Lynch & Co. ( Co.- Mgr.) Wells Fargo Securities ( Co.- Mgr.) SunTrust Robinson Humphrey, Inc. ( Co.- Mgr.) J. P. Morgan Securities ( Co.- Mgr.) October 27, 2009 COUNTY OF BUNCOMBE $ 8,800,000 General Obligation Refunding R. W. Baird November 10, 2009 COUNTY OF PITT $ 35,000,000 Limited Obligation Bonds, Series 2009 Citi ( Sr- Manager) BB& T Capital Markets COUNTY OF DARE $ 10,000,000 Certificates of Participation Refunding Bonds, Series 2009 Southwest Securities, Inc. November 17, 2009 CITY OF THOMASVILLE $ 7,500,000 Combined Enterprise System Revenue Refunding Wells Fargo Securities ____________ * Subject to change. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 4 NOTICE OF REDEMPTION Issuer: $ 100,000,00 City of Charlotte, North Carolina, Variable Rate General Obligation Bonds, Series 2007 Amount: $ 90,000,000 Redemption Date: October 29, 2009 Redemption Price: 100% CUSIP Numbers: 161035AA8 Present for payment at: U. S. Bank, National Association, Attn: Corporate Trust Services, Hearst Tower, 214 North Tryon Street, Suite 2700, Charlotte, North Carolina 28202 Issuer: $ 31,000,000 North Carolina Capital Facilities Finance Agency, Variable Rate Educational Facilities Revenue Bonds, ( Mars Hill College), Series 2006 Amount: $ 5,775,000 Dated: December 1, 2006 Redemption Date: November 2, 2009 Redemption Price: 100% CUSIP Number: 65818PEQ8 Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond Drop Window, St. Paul, MN 55107 NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 5 STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES SEPTEMBER 30, 2009 Amount Population Per Capita Local Units’ Debt $ 27,761,975,070 — — State of North Carolina $ 6,874,805,000 9,270,342 $ 741.59 U. S. Public Debt $ 11,909,829,003,512 307,733,899 $ 38,702 SCHEDULED BOND ELECTIONS Municipality/ District/ County Election Date Amount Purpose City of Greensboro November 3, 2009 $ 20,000,000 Natural Science Center NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 6 GENERAL OBLIGATION BOND PROPOSALS APPROVED ON OCTOBER 6, 2009 County: Buncombe Population: 225,609 Amount: $ 5,736,666 Purpose: School Sale: Negotiated ( Qualified Tax Credit Bonds) Term: 15 years ( as of 9/ 22/ 2009) Underwriter: Robert W. Baird & Co. Underwriter’s Counsel: McGuireWoods LLP Fiscal Agent: US Bank NA Co- Bond Counsel: Parker Poe Adams & Bernstein LLP and Martin L. Nesbitt Esq. District: Martin County Water and Sewer District No. 2 Population: 4,275 Amount: $ 5,986,000 Purpose: Water Sale: Negotiated ( USDA) Bond Counsel: Robinson, Bradshaw & Hinson, P. A. Municipality: City of Charlotte Population: 695,995 Amount: $ 232,000,000 Purpose: Refunding Sale: Negotiated Interest Rate: Fixed Underwriters: Wells Fargo Securities and Merrill Lynch & Co. Underwriter’s Counsel: McGuireWoods LLP Financial Advisor: DEC Associates, Inc. Final Maturity: Series 2009B – 2034 Series 2009C – 2027 Bond Counsel: Parker Poe Adams & Bernstein LLP County: Buncombe Population: 225,609 Amount: $ 9,700,000 Purpose: Refunding Interest Rate: Fixed Sale: Negotiated Underwriter: Robert W. Baird & Co. Underwriter’s Counsel: McGuireWoods LLP Escrow Agent: US Bank NA Verification Agent: Barthe & Wahrman, P. A. Co- Bond Counsel: Parker Poe Adams & Bernstein LLP and Martin L. Nesbitt Esq. County: Durham Population: 265,670 Amount: $ 70,000,000 Purpose: Refunding Sale: Negotiated Underwriters: Stephens Inc.; Merrill Lynch & Co. and Jackson Securities LLP Co- Underwriter’s Counsel: Parker Poe Adams & Bernstein LLP and the Banks Law Firm, P. A. Escrow Agent: First- Citizens Bank & Trust Co. Verification Agent: The Arbitrage Group, Inc. Financial Advisor: DEC Associates, Inc. Bond Counsel: Robinson Bradshaw & Hinson, P. A. NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 7 REVOLVING LOANS APPROVED ON OCTOBER 6, 2009 Municipality: Town of Princeville Amount: $ 310,700 Purpose: Water Interest Rate: 0%. Term: 20 years Loan: State of North Carolina Municipality: Town of Spindale Amount: $ 791,974 Purpose: Sewer Interest Rate: 0%. Term: 20 years Loan: State of North Carolina County: Burke Amount: $ 573,800 Purpose: Water Interest Rate: 0%. Term: 20 years Loan: State of North Carolina District: Riegelwood Sanitary District Amount: $ 200,000 Purpose: Water Interest Rate: 0% Term: 20 years Loan: State of North Carolina Municipality: City of Kannapolis Amount: $ 300,000 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: City of Rocky Mount Amount: $ 336,600 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: Town of Tryon Amount: $ 1,430,001 Purpose: Water Interest Rate: Not to exceed 4% Term: 15 years Loan: State of North Carolina Municipality: Town of Wallace Amount: $ 10,847,736 Purpose: Wastewater Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: City of Whiteville Amount: $ 498,450 Purpose: Water Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina County: Beaufort Amount: $ 1,945,300 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina County: Camden Amount: $ 1,391,100 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina ( Continued on page 8) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 8 REVOLVING LOANS APPROVED ON OCTOBER 6, 2009 ( Continued from page 7) Municipality: City of Gastonia Amount: $ 1,326,000 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: City of Goldsboro Amount: $ 7,405,000 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: City of Lenoir Amount: $ 5,828,150 Purpose: Water Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: City of Lexington Amount: $ 330,000 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina District: Roanoke Rapids Sanitary District Amount: $ 2,793,800 Purpose: Water Supply Interest Rate: Not to exceed 4%. Term: 20 years Loan: State of North Carolina Municipality: Town of Selma Amount: $ 272,367 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Municipality: Town of Wilkesboro Amount: $ 6,863,544 Purpose: Wastewater Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina County: Davie Amount: $ 950,475 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina Authority: Orange Water and Sewer Authority Amount: $ 275,400 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina District: Eastern Wayne Sanitary District Amount: $ 1,309,600 Purpose: Water Supply Interest Rate: Not to exceed 4% Term: 20 years Loan: State of North Carolina NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 9 REVENUE BONDS APPROVED ON OCTOBER 6, 2009 County: Greene Amount: $ 1,459,500 Purpose: Water Interest Rate: Fixed Final Maturity: RBAN: No later than September 1, 2010; RB: No later than December 31, 2050. BAN: $ 6,537,000; 2.89% Structure: USDA commitment to purchase the bonds on substantial completion of the project. RBAN: Interest due at maturity; RB: Approximately level debt service. Term: RBAN: 1 year; RB: 40 years Purchaser: Branch Banking & Trust Company Revenue Bonds: USDA Rural Development Registrar: County Finance Officer Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC County: Hyde Amount: $ 1,420,000 Purpose: Water Interest Rate: Fixed Structure: USDA commitment to purchase the bonds on substantial completion of the project. RBAN: Interest due at maturity.; RB: Approximately level debt service. Final Maturity: RBAN: No later than February 1, 2011; RB: No later than December 31, 2051. Revenue BAN: Financial institution to be approved by the Secretary. Revenue Bond: USDA rural Development Registrar: County Finance Officer Bond Counsel: Hunton & Williams LLP Municipality: City of Raleigh Amount: $ 165,000,000 Purpose: ( Combined Enterprise System Revenue Refunding Bonds) Interest Rate: Fixed NPV Savings: 3% overall; no series < 2% Structure: Public Sale. Sale is scheduled for the week of October 12th not to conflict with any other revenue bonds. Past Bonds have ratings of: Moody’s: Aa1; S& P: AAA; Fitch: AAA Final Maturity: Not beyond 2031 ( no extension of maturities) Term: Approximately 22 years ( no extension of maturities) Underwriters: Davenport & Company, Citi, Loop Capital Markets, LLC Underwriters’ Counsel: Parker Poe Adams & Bernstein, LLP Trustee/ Registrar/ Escrow Agent: U. S. Bank National Association ( DTC) Financial Advisor: DEC Associates, Inc. Verification Agent: The Arbitrage Group, Inc. Bond Counsel: Womble Carlyle Sandridge & Rice PLLC Municipality: City of Salisbury Amount: $ 6,000,000 Purpose: ( Combined Enterprise System Revenue Bonds) Interest Rate: Fixed ( 4.14%) Structure: Private sale to Bank of America, N. A. Registration and transfer limited to banks, insurance companies and similar financial institutions. Prior revenue bonds publicly placed ( 2002) were rated A2 by Moody’s and A+ by Fitch. Term: Approximately 15 years. Final Maturity: Not beyond 2024. Purchaser: Bank of America, N. A. Trustee/ Registrar: First- Citizens Bank & Trust Company Financial Advisor: Davenport & Company LLC Purchaser’s Counsel: Hunton & Williams LLP Bond Counsel: Robinson, Bradshaw & Hinson, P. A. ( Continued on page 10) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 10 REVENUE BONDS APPROVED ON OCTOBER 6, 2009 ( Continued from page 9) District: Bay River Metropolitan Sewerage District Amount: $ 1,833,000 Purpose: Sewer Structure: USDA commitment to purchase the bonds on substantial completion of the project. RBAN: Interest due at maturity; RB: Approximately level debt service. Term: RBAN: RB: 39 years Interest Rate: Fixed Final Maturity: RBAN: No later than May 1, 2011; RB: No later than December 31, 2051 Revenue BAN: Financial institution to be approved by the Secretary Revenue Bond: USDA Rural Development Registrar: District Superintendent Bond Counsel: Hunton & Williams LLP District: Contentnea Metropolitan Sewerage District Amount: $ 4,095,000 Purpose: Sewer Term: RBAN: 5 months; RB: 40 years Interest Rate: Fixed Structure: USDA commitment to purchase the bonds on substantial completion of the project. RBAN: Interest due at maturity; RB: Approximately level debt service. Final Maturity: $ 2,401,564 RBAN: No later than March 1, 2010; No later than December 31, 2051 Purchasers: RBAN: Financial institution to be approved by the Secretary; RB: USDA Rural Development Registrar: District Manager Bond Counsel: Sanford Holshouser NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 11 INDUSTRIAL REVENUE BONDS APPROVED ON OCTOBER 6, 2009 Issuer: International Paper Company ( Columbus County) Amount: $ 7,004,000 ( Recovery Zone Facility Bonds) Purpose: Normal capital expenditures for equipment including mill lime kiln system; bark conveyors; turbine roof clips; roofing; wet stack scanner, boiler improvements; plant infrastructure and systems improvements. Location: Riegelwood Interest Rate: Not to exceed ( if fixed) 12% Final Maturity: Not beyond 2033 ( bullet) If Fixed Underwriter: JP Morgan Securities, Morgan Stanley, Bank of America ( Merrill Lynch) or Morgan Keegan selected by competitive bidding process. If Variable Underwriter/ Remarketing Agent: JP Morgan Securities, Morgan Stanley, Bank of America ( Merrill Lynch) or Morgan Keegan selected by competitive bidding process. Tender Agent: The Bank of New York Mellon Letter of Credit Provider: Either UBS; JP Morgan Chase; Bank of America or Citi selected by competitive bidding process Variable or Fixed Underwriters Counsel: None ( competitive bid process) Trustee Registrar: The Bank of New York Mellon ( DTC) or Regions Bank Bond Counsel: McGuireWoods LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 12 NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON OCTOBER 6, 2009 Issuer: High Point Regional Health System Amount: $ 10,000,000 Purpose: Hospital Revenue Refunding Bond, Series 2009 Location: High Point Term: Approximately 5 years. Interest Rate: Variable rate, adjusted monthly, based on 68% of One Month LIBOR plus 1.2025%. Structure: Non- rated, private placement as a bank qualified loan with Branch Banking & Trust Company that is currently anticipated to close on October 22, 2009. Final Maturity: Not to exceed May 31, 2014 Bond Counsel: McGuireWoods LLP Bank: Branch Banking & Trust Company Bank Counsel: Moore & Van Allen PLLC Borrower Counsel: K & L Gates LLP Agreed Upon Procedures: Dixon Hughes PLLC Bond Counsel: McGuireWoods LLP Issuer: Cypress Glen Retirement Community Amount: $ 7,750,000 Purpose: Retirement Facilities first Mortgage Revenue Refunding Bonds Location: Greenville ( Pitt County) Term: Approximately 25 years Interest Rate: Initially Bank- Bought mode, adjusted monthly. Final Maturity: Not to exceed December 31, 2034 Structure: Level debt service of approximately $ 500,000. Loan has a term of approximately twenty- five years, with the Bank having the ability, upon 180 days notice, to call the Loan after five years for payment in full without penalty, or the Bank can renew the loan for additional periods of up to final maturity in 2034. Should the Bank call the loan, the Borrower has the option to find another bank qualified loan provider, change to another permitted interest rate mode, or the Bank will pay off the NCMCC Bond and enter into a taxable loan or terms agreed to by the Bank and Borrower. A floating to fixed rate swap will be evaluated after closing that would synthetically fix the interest rate on the financing. Non- rated, private placement as a bank qualified loan with Branch Banking & Trust Company that is currently anticipated to close on October 13, 2009. Bank: Branch Banking & Trust Company Bank Counsel: Moore & Van Allen PLLC Borrower’s Counsel: Womble Carlyle Sandridge & Rice PLLC Agreed upon Procedures: Dixon Hughes, PLLC Trustee: First- Citizens Bank & Trust Company Financial Advisor: BB& T Capital Markets Bond Counsel: Robinson, Bradshaw & Hinson, P. A. ( Continued on page 13) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 13 NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON OCTOBER 6, 2009 ( Continued from page 12) Issuer: Cornelia Nixon Davis, Inc. ( d/ b/ a The Davis Community) Amount: $ 6,000,000 Purpose: Adjustable Rate Demand Health Care Facility Revenue Bonds Location: Wilmington ( New Hanover) Term: Approximately 25 years Interest Rate: Variable ( Initially- weekly) Structure: New debt will have level principal of $ 232,000 plus interest through F/ Y 2034. When combined with existing debt service, annual net debt service payments will range from approximately $ 1,500,000 ( F/ Y 2010) to $ 1,300,000 ( F/ Y 2023), then declining to approximately $ 700,000 through F/ Y 2026, with the final eight years through F/ Y 2034 declining from approximately $ 500,000 to approximately $ 300,000. Limited/ Public Offering in $ 100,000 denominations, and integral multiples of $ 5,000 thereafter. Scheduled for October 13, 2009 and will not conflict with any other publicly offered bond. Bonds will have an S& P rating of A+/ A1, based upon the Letter of Credit Provider. Final Maturity: Not to exceed December 31, 2034. Underwriter/ Remarketing Agent: Lancaster Pollard & Co. Letter of Credit Provider: Wachovia Bank, National Association Underwriter/ Remarketing Agent Counsel: Parker Poe Adams & Bernstein LLP LOC Provider Counsel: Kilpatrick Stockton, LLP Trustee/ Registrar/ Paying Agent: US Bank, N. A. ( DTC) Agreed Upon Procedures: Larson Allen, LLP Borrower Counsel: Hogue, Hill, Jones, Nash Lynch, L. L. P. Bond Counsel: McGuireWoods LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 14 NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY APPROVED ON OCTOBER 6, 2009 Issuer: Wolfpack Club Student Housing Foundation, LLC Amount: $ 23,070,000 Purpose: Student Housing Facilities Revenue Refunding Bond Location: Raleigh Final Maturity: Not to exceed July 31, 2035 Term: Approximately 26 years, with no extension of maturities. Interest Rate: Initially variable rate adjusted monthly, based on 68% of one month LIBOR + 1.625%. Structure: Substantially level debt service of approximately $ 1,400,000 through FY 2034, with a final payment of approximately $ 3,050,000 due at 2035 final maturity, with no extension of final maturity beyond July 1, 2035. Loan has a term of approximately 26 years, with the Bank having the ability, upon 180 days notice, to call the bond after five years for payment in full without penalty. Should the Bank call the loan, the Borrower has the option to find another bank qualified loan provider, or the Bank is required to pay off the NCCFFA Bond and enter into a taxable loan on terms agreeable to the Bank and Borrower. There is a floating to fixed rate swap to final maturity currently in place on the existing debt ( 100% to 2018, then 75% to 2035) that will remain in place after the refunding. Private placement as a bank qualified loan with Branch Banking and Trust Company. The bond issue is currently anticipated to close on November 10, 2009. Borrower’s Counsel: Paul E. Castelloe, Esq. Bank: Branch Banking and Trust Company Bank Counsel: Moore & Van Allen PLLC Swap Provider: Wachovia Bank, National Association Swap Advisor: Kensington Capital Advisors, LLC Bond Counsel: Womble Carlyle Sandridge and Rice, PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 15 FINANCING AGREEMENTS APPROVED ON OCTOBER 6, 2009 Municipality: Town of Holly Springs Population: 22,500 Amount: $ 6,524,000 Purpose: Recreation ( Community Center) Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 5.20% Term: 18 years Payment: Annual Lender: Capital Bank Municipality: Town of Saint James Population: 3,000 Amount: $ 3,000,000 Purpose: Municipal Building Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 3.08% Term: 2 ½ years Payment: Monthly Bank: First Federal County: Columbus Population: 54,046 Amount: $ 5,700,000 Purpose: County Hospital ( Refinancing) Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 3.67% Term: 7 years Payment: Semi- annual Lender: Branch Banking & Trust Company County: Jackson Population: 37,551 Amount: $ 3,312,550 Purpose: Solid Waste Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 4.53% Term: 15 years Payment: Semiannual Bank: SunTrust County: Warren Population: 19,388 Amount: $ 610,000 Purpose: School Authority: G. S. 160A- 20 Installment Purchase - Private Placement Interest Rate: 4.56% Term: 15 years Payment: Semiannual Bank: Southern Bank County: Warren Population: 19,388 Amount: $ 669,000 Purpose: Buildings Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 4.56% Term: 15 years Payment: Semiannual Bank: Southern Bank Municipality: Town of Black Mountain Population: 8,958 Amount: $ 2,100,000 Purpose: Land Acquisition Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 4.92% Term: 20 years Payment: Annual Lender: Branch Banking & Trust Company ( Continued on page 16) NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 16 FINANCING AGREEMENTS APPROVED ON OCTOBER 6, 2009 ( Continued from page 15) Municipality: City of Raleigh Population: 385,507 Amount: $ 35,530,000 Purpose: Municipal Buildings – Refunding Amount: $ 14,470,000 Purpose: Parking - Refunding Authority: G. S. 160A- 20 Installment Contract – Public Placement Interest Rate: Variable – Expected Initial Interest Rate – SIFMA plus 15 bps “ windows” spread; Maximum rate 12%; maximum bank bond rate – 25% Structure: No extension of term or amount outstanding for the variable rate COPs. The term of the refunded short- term COPs is 25 years and is consistent with the originally approved term of the COPs issuable for the public facilities projects. Term: As described in “ Structure” above and not beyond 2024. Financial Advisor: DEC Associates, Inc. Underwriter: Citigroup Global Markets, Inc. Underwriter’s Counsel: Parker Poe Adams & Bernstein, LLP Remarketing Agent: Citigroup Global Markets, Inc. Tender/ Paying Agent: Regions Bank Bond Counsel: Womble Carlyle Sandridge & Rice PLLC County: Nash Population: 90,000 Amount: $ 900,000 Purpose: Building Authority: G. S. 160A- 20 Installment Purchase – Private Placement Interest Rate: 3.50% Term: 5 years Payment: Semiannual Bank: NC Eastern Region County: Rowan Population: 137,611 Amount: $ 2,750,000 Purpose: Sewer Lines Authority: GS. 160A- 20 Installment Purchase – Private Placement Interest Rate: 4.055% Term: 10 years Bank: SunTrust Leasing NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 17 REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS Municipality: Town of Fuquay- Varina Amount: $ 4,170,000 Purpose: General Obligation Refunding Bonds, Series 2009B Dated: Date of Delivery Sold on: September 29, 2009 Rates: 3.00s, 4,170M, 2010/ 2019. The Bonds will not be subject to redemption prior to their respective maturities. True Interest Cost: 2.2310% Average Life: 5.26 years Winning Bidder: Stephens Inc. Bond Counsel: Sanford Holshouser LLP Municipality: Town of Fuquay- Varina Amount: $ 6,500,000 Purpose: General Obligation Public Improvement Bonds, Series 2009A Dated: Date of Delivery Sold on: September 29, 2009 Rates: 2.00s, 1,950M, 2010- 2015; 2.50s, 325M, 2016; 3.00s, 1,625M, 2017/ 2021; 3.25s, 975M, 2022/ 2024; 3.50s, 975M, 2025/ 2027; 4.00s, 650M, 2028/ 2029. The Bonds maturing on or prior to August 1, 2019, will not be subject to redemption prior to maturity. The Bonds maturing on August 1, 2020 and thereafter will be subject to redemption, at the option of the Town, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than August 1, 2019, at a redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus accrued interest to the date fixed for redemption. True Interest Cost: 3.1541% Average Life: 10.28 years Winning Bidder: UBS Financial Services Inc. Bond Counsel: Sanford Holshouser LLP Issuer: State of North Carolina Amount: $ 371,920,000 Purpose: General Obligation Refunding Bonds, Series 2009A Dated: Date of Delivery Sold on: October 6, 2009 Rates: 3.50s, 2,800M, 2010; 5.00s, 369,040M, 2011/ 2020. The bonds are not subject to redemption prior to maturity. True Interest Cost: 2.2636% Average Life: 6.904 years Winning Bidder: JP Morgan Securities Inc. Co- Bond Counsel: Parker Poe Adams & Bernstein LLP and The Bank Law Firm, P. A. ���� GENERAL OBLIGATION BOND ANTICIPATION NOTES Municipality: Town of Elm City Amount: $ 1,100,000 Purpose: Sanitary Sewer Bond Anticipation Notes Dated: October 13, 2009 Maturing: July 8, 2010 Sale Date: September 29, 2009 Interest Rate: 3.00% Winning Bidder: Robert W. Baird & Co., Inc. Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 18 REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION APPROVED ON SEPTEMBER 1, 2009 Municipality: City of Charlotte Population: 716,874 Amount: $ 139,135,000 Purpose: Permanent financing of acquisition of Cultural Arts Facilities by refunding the COPS Series 2007A outstanding commercial paper and funding of additional improvements. Rating( s): Moodys: Aa2, S& P: AA+, Fitch: AA Dated: September 30, 2009 Underwriter( s): Merrill Lynch & Co. ( Sr. Mgr.); Wachovia Securities ( Co- Mgr.) Sold on: BPA — June 16, 2009 Closing — September 30, 2009 Terms: Public sale $ 5,000 denominations. Interest Rate( s): Fixed — ( yield) if different Maturities: June 1: 12— 1,945M, 5.00% ( 1.52%); 12— 625M, 4.00% ( 1.52%); 13— 2,690M, 4.00%; ( 1.85%); 14— 2,800M, 4.00%; ( 2.19%); 15— 1,845M, 5.00% ( 2.45%); 15— 1,065M, 3.00% ( 2.45%); 16— 3,035M, 4.00%; ( 2.70%); 17— 1,570M, 4.00%; ( 2.95%); 17— 1,585M, 3.00%; ( 2.95%); 18— 3,265M, 4.00%; ( 3.13%); 19— 3,395M, 4.00% ( 3.29%); 20— 3,530M, 5.00%; ( 3.41%); 21— 3,710M, 5.00%; ( 3.53%); 22— 3,895M, 5.00%; ( 3.63%); 23— 3,710M, 5.00%; ( 3.72%); 23— 380M, 4.00%; ( 3.72%); 24— 4,290M, 5.00% ( 3.80%); 25— 4,505M, 5.00%; ( 3.88%); 26— 4,200M, 5.00% ( 3.96%); 26— 4,200M, 5.00% ( 3.96%); 27— 530M, 4.00%; ( 4.04%); 28— 5,210M, 4.00% ( 4.17%); 29— 2,605M, 4.25% ( 4.25%); 29— 2,810M, 4.125% ( 4.25%); 39— 3,490M, 4.375% ( 4.45%). $ 31,185,000 5.00% Term Certificates due June 1, 2034 — Yield 4.37%; $ 36,305,000 5.00% Term Certificates due June 1, 2039 — Yield 4.45%. Certificates maturing after 6/ 1/ 19 are callable on or after 6/ 1/ 19 at 100%. Mandatory sinking fund redemptions of term certificates June 1, 2030- 2039. Effective Interest Cost: 4.427039% Trustee/ Registrar: U. S. Bank, National Association ( DTC) Special Counsel: Parker Poe Adams & Bernstein LLP Underwriter’s Counsel: McGuireWoods LLP NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2008 19 REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON SEPTEMBER 1, 2009 Municipality: City of Fayetteville ( Public Works Commission) Revenue Bonds, Series 2009B Amount: $ 36,700,000 Purpose: Water and Sewer Improvements Rating( s): Moody’s: Aa3; S& P: AA-Dated: October 21, 2009 Underwriter( s): Wachovia Bank, National Association ( Sr.); Citigroup Global Markets Inc. and Morgan Keegan & Company, Inc. Sold on: BPA — September 17, 2009 Closing — October 21, 2009 Terms: Public sale $ 5,000 denominations. Interest Rate( s): Fixed — ( yield) if different Maturities: March 1: 12- 655M, 3.00%; ( 1.29%); 13- 1,045M, 3.50%; ( 1.65%); 14- 1,315M, 4.00%: ( 1.99%); 15- 1,280M, 4.00%; ( 2.26%); 16- 1,805M, 4.00%; ( 2.50%); 17- 1,405M, 4.00%; ( 2.75%); 18- 1,990M, 4.00%; ( 2.91%); 19- 1,600M, 4.00%: ( 3.08%); 20- 1,600M, 5.00%; ( 3.21%); 21- 1,600M, 5.00%; ( 3.35%); 22- 1,600M, 5.00%; ( 3.44%); 23- 1,600M, 5.00%; ( 3.53%); 24- 1,600M, 5.00%; ( 3.61%); 25- 1,600M, 5.00%; ( 3.70%); 26- 1,600M, 5.00%; ( 3.78%); 27- 1,600M, 5.00%; ( 3.86%); 28- 1,600M, 4.00%; ( 4.02%); 29- 1,600M, 4.00%: ( 4.10%); 30- 1,600M, 5.00%; ( 4.07%); 31- 1,600M, 5.00%; ( 4.12%); 32- 1,600M, 5.00%; ( 4.16%); 35- 4,815m, 5.005; ( 4.23%). Maturities callable March 1, 2019 at par. Mandatory sinking fund redemptions March 1, 2033- 2035. Trustee/ Registrar: The Bank of New York Mellon Trust Company, N. A. Feasibility Consultant: Raftelis Financial Consultants, Inc. ( Agreed- Upon Procedures) Financial Advisor: First Southwest Company Co- Bond Counsel: Womble Carlyle Sandridge & Rice PLLC and Rand & Gregory, P. A. Co- Underwriters’ Counsel: Hunton & Williams LLP and The Charleston Group Municipality: City of Fayetteville ( Public Works Commission) ( Revenue Refunding Bonds, Series 2009A) Amount: $ 114,155,000 Purpose Refunding 2003 & 2003A Synthetic Fixed Note Bonds Savings: Done to remove insurance and liquidity – however NPV savings of $ 3,094,131 or 2.46% approximately $ 325,000/ years achieved. Rating( s): Moody’s: Aa3; S& P: AA-Dated: October 21, 2009 Underwriter( s): Wachovia Bank, National Association ( Sr.); Citigroup Global Markets, Inc.; and Morgan Keegan & Company, Inc. Sold on: BPA – September 17, 2009 Closing – October 21, 2009 Terms: Public Offering - $ 5,000 Denominations Interest Rate( s): Fixed – ( yield) if different from stated Maturities: March 1: 10- 6,575M, 4.00%; ( 0.395%); 11- 9,035M, 4.00%; ( 0.870%); 12- 9,310M, 4.00%; ( 1.290%); 13- 9,580M, 4.00%; ( 1.650%); 14- 9,870M, 5.00%; ( 1.99%); 15- 10,265M, 5.00%; ( 2.26%); 16- 10,680M, 5.00%; ( 2.50%); 17- 12,870M, 5.00%; ( 2.75%); 18- 13,380M, 5.00%; ( 2.91%); 19- 7,080M, 5.00%; ( 3.08%); 20- 6,505M, 5.00%; ( 3.21%); 21- 3,320M, 5.00%: ( 3.35%); 22- 1,880M. 5.00%: ( 3.44%); 23- 1,950M, 5.00%; ( 3.53%); 24- 1,855M, 5.00%: ( 3.61%). Maturities callable March 1, 2019 at par. Trustee/ Registrar: The Bank of New York Mellon Trust Company, N. A. Feasibility Consultant: Raftelis Financial Consultants, Inc. ( Agreed- Upon Procedures) Financial Advisor: First Southwest Company Co- Bond Counsel: Womble Carlyle Sandridge & Rice PLLC and Rand & Gregory, P. A. Co- Underwriters’ Counsel: Hunton & Williams LLP and The Charleston Group NORTH CAROLINA DEPARTMENT OF STATE TREASURER BOND REPORTER October 2009 20 BOND BUYER’S INDEX 20 G. O. Bonds 5.35 5.58 5.02 4.96 4.96 4.92 4.70 4.71 4.81 4.65 4.37 4.06 3.80 4.00 4.20 4.40 4.60 4.80 5.00 5.20 5.40 5.60 Nov 1 Dec 4 Jan 8 Feb 5 Mar 5 Apr 2 May 5 Jun 4 Jul 2 Aug 6 Sept 3 Oct 8 DAY Percent Rate 2008 2009 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 |