Bond reporter.

              NORTH CAROLINA
DEPARTMENT OF STATE TREASURER
Janet Cowell, Treasurer
CALENDAR OF SCHEDULED COMPETITIVE SALES*
May 19, 2010
TOWN OF CORNELIUS $ 2,050,000
Refunding, G. O. Bonds
July 20, 2010
COUNTY OF WAKE $ 36,000,000
Community College, G.O. Bonds
September 21, 2010
TOWN OF CHAPEL HILL $ 20,410,000
Public Improvement, G.O. Bonds
October 5, 2010
TOWN OF CARRBORO $ 2,590,000
Street & Sidewalk, G.O. Bonds
October 13, 2010
CITY OF GREENSBORO $ 40,000,000
Public Improvement, G.O. Bonds
November 16, 2010
CITY OF DURHAM $ 45,000,000
Public Improvement, G.O. Bonds
____________
*Subject to change.-
BOND
REPORTER
VOLUME XVII MAY 2010 No. 5
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. 5
May 2010
Calendar of Scheduled Competitive
Sales 1
Schedule of Negotiated Sales 3
Notice of Redemption 4-8
State and Local Unit Debt
Outstanding Balances 9
Scheduled Bond Elections 9
PROPOSALS
General Obligation Bond 10
Revolving Loans 10
Revenue Bonds 11
Industrial Revenue Bonds 12-13
North Carolina Capital
Facilities Finance 14
Financing Agreements 15-18
REPORTS OF RECENT SALES
General Obligation Bonds 19
Bond Anticipation Notes 20
Revenue Bonds 21
Certificates of Participation 22
OTHER INFORMATION
Bond Buyer’s Index 23
B
ON
D
REP
ORT
E
R
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 3
SCHEDULE OF NEGOTIATED SALES*
May 11, 2010
CITY OF CHARLOTTE $ 38,000,000
Certificates of Participation, Series 2010A
Wells Fargo Securities (Sr. Mgr.)
Merrill Lynch (Co. Mgr.)
May 12, 2010
TOWN OF CARY $ 15,000,000
Limited Obligation Refunding Bonds, Series 2010
Citigroup Global Markets and R. W. Baird
TOWN OF CARY $ 36,000,000
Public Improvement Refunding, Series 2010A, G.O. Bonds
Citigroup Global Markets and R. W. Baird
May 13, 2010
COUNTY OF NEW HANOVER $ 46,000,000
Limited Obligation Bonds
Stephens Inc. (Sr. Mgr.)
First Southwest (Co-Mgr.)
May 19, 2010
COUNTY OF WAKE $ 34,910,000
Qualified School Construction, Taxable, G.O. Bonds, Series 2010D
Morgan Keegan & Company, Inc.; RBC Capital Markets
NORTH CAROLINA MUNICIPAL POWER AGENCY NO. 1 $ 140,000,000
Catawba Electric Revenue Bonds, Refunding, Series 2010A and 2010B
Morgan Stanley (Sr. Mgr.); Banc of America, Barclays, Citi, First Southwest,
Wells Fargo, Morgan Keegan (Co. Mgrs.)
May 20, 2010
COUNTY OF HENDERSON $ 30,000,000
Limited Obligation Refunding Bonds, Series 2010B
Stephens, Inc.
May 26, 2010
COUNTY OF CLEVELAND $ 22,000,000
Taxable Limited Obligation Bonds, Series A (RZEDBs) & Series B (QSCBs)
BB&T Capital Markets
June 8, 2010
COUNTY OF BRUNSWICK $ 26,000,000
Enterprise Systems Revenue Bonds
Robert W. Baird & Co., (Sr.)
RBC Capital Markets (Co.)
____________
*Subject to change.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 4
NOTICE OF REDEMPTION
Issuer: North Carolina Capital Facilities Finance Agency, Tax Exempt Educational
Revenue Bonds, Series 2008, (Guilford College Project)
Amount: $800,000
Redemption Date: May 3, 2010
Redemption Price: 100%
CUSIP Numbers: 65818PGQ6
Bond Number: BOOK_2
Present for payment at: The Bank of New York Mellon, Global Corporate Trust, Corporate Trust
Window, 101 Barclay Street, 1st Floor East, New York, New York 10286
Issuer: The Johnston County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (Walthom Group Project),
Series 2001
Amount: $225,000
Dated: May 30, 2001
Redemption Date: May 1, 2010
CUSIP Numbers: 479349AK8
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
Issuer: Gastonia, North Carolina, Combined Utilities Systems Revenue Bonds, Series
1999
Amount: $2,725,000
Dated: October 1, 1999
Redemption Date: May 1, 2010
CUSIP Numbers: 367319BQ2, 367319BR0, 367319BS8, and 367319BT6
Redemption Price: 101%
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: County of Harnett, North Carolina, Taxable Enterprise Systems Revenue
Bonds, Series 2008
Amount: $440,000
Dated: August 1, 2008
Redemption Date: May 1, 2010
CUSIP Numbers: 413329AR4
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: County of Harnett, North Carolina, Taxable Enterprise Systems Revenue
Bonds, Series 2007B
Amount: $490,000
Dated: May 15, 2007
Redemption Date: May 1, 2010
Redemption Price: 100%
Registered Bond: FASBAL_1
CUSIP Number: 413329AQ6
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
May 2010 5
NOTICE OF REDEMPTION (Continued from page 4)
Issuer: County of Union, North Carolina, Variable Rate Enterprise Systems
Refunding Revenue, 2003B Bonds
Amount: $1,220,000
Dated: June 12, 2003
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 906400BQ8
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 Vance County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (HHHunt Manufacturing
Facilities, LLC Project), Series 1998
Amount: $80,000
Dated: December 1, 1998
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 921445AA0
Registered Bond: BOOK15_1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: City of Charlotte, North Carolina, Variable Rate Water and Sewer System
Refunding Revenue Bonds, Series 2002C
Amount: $635,000
Dated: August 1, 2002
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 161045EL9
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: City of Raleigh, North Carolina, Variable Rate Limited Obligation Bonds,
Series 2009
Amount: $1,670,000
Dated: October 28, 2009
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 751120AA4
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
(Continued on page 6)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 6
NOTICE OF REDEMPTION (Continued from page 5)
Issuer: City of Wilmington, North Carolina, Water and Sewer System Revenue Bonds,
Series 1999
Amount: $1,260,000
Dated: October 1, 1999
Redemption Date: June 1, 2010
Redemption Price: 101%
CUSIP Numbers: 971732AL6, 971732AM4, 971732AN2, 971732AP7, 971732AQ5, 971732AR3,
971732AS1, 971732AT9, and 971732AU6
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: City of Charlotte, North Carolina, General Obligation Bonds, Series 2000
Amount: $69,775,000
Dated: May 1, 2005
Redemption Date: June 1, 2010
CUSIP Numbers: 161034W66, 161034W74, 161034W82, 161034W90, 161034X24, 161034X32,
161034X40, 16103rX57, 161034X65, 16103rX73, 161034X81, 161034X99,
161034Y23, 161034Y31, and 161034Y49
Redemption Price: 102%
Present for payment at: U.S. Bank National Association As Trustee or Agent
Issuer: North Carolina Medical Care Commission, Hospital Revenue Bonds,
(Southeastern Regional Medical Center), Series 1999
Amount: $445,000
Dated: October 15, 1999
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 65820HSE4
Registered Bond: BOOK3_6
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: Sampson Area Development Corporation, Installment Payment Revenue
Bonds, (County of Sampson, North Carolina Installment Financing Contract),
Series 1999
Amount: $25,750,000
Dated: February 11, 1999
Redemption Date: June 1, 2010
Redemption Price: 100%
Present for payment at: Branch Banking and Trust Company, as trustee
(Continued on page 7)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 7
NOTICE OF REDEMPTION (Continued from page 6)
Issuer: City of Charlotte, North Carolina, Water and Sewer System Revenue Bonds,
Series 2000
Amount: $101,520,000
Redemption Date: June 1, 2010
CUSIP Numbers: 161045BY4, 161045BZ1, 161045CA5, 161045CB3, 161045CC1, 161045CD9,
161045CE7, 161045CF4, 161045CG2, 161045CH0, and 161045CJ6
Redemption Price: 101%
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: City of Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series
2000
Amount: $36,355,000
Redemption Date: June 1, 2010
Redemption Price: 100%
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: The Gaston County Industrial Facilities & Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (Marlatex Corporation
Project), Series 2000
Amount: $40,000
Dated: May 1, 2000
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 367302BA3
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 Alamance County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (DT-Nassau Corporation
Project), Series 1998
Amount: $35,000
Dated: December 1, 1998
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 010737AJ3
Registered Bond: BOOK15_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 8)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 8
NOTICE OF REDEMPTION (Continued from page 7)
Issuer: City of Charlotte, North Carolina, Variable Rate Certificates of Participation,
(Transit Projects), Series 2004B
Amount: $2,890,000
Dated: December 1, 2003
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 161037PX8
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: City of Asheville, North Carolina, Taxable Certificate of Participation, (Grove
Arcade and Biltmore Park Building Project), Series 1997C
Amount: $130,000
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 043904DG3
Bond Number: RC_1
Present for payment at: The Bank of New York Mellon Trust Company, N.A., as Trustee or Agent
Issuer: City of Asheville, North Carolina, Certificates of Participation, (Public Works
Facilities Project), Series 1997B
Amount: $415,000
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 043904DF5
Present for payment at: The Bank of New York Mellon, as Trustee or Agent
Issuer: City of Asheville, North Carolina, Taxable Certificate of Participation, (Grove
Arcade and Biltmore Park Building Project), Series 1997C
Amount: $130,000
Redemption Date: June 1, 2010
Redemption Price: 100%
CUSIP Number: 043904DG3
Bond Number: RC_1
Present for payment at: The Bank of New York Mellon Trust Company, N.A., as Trustee or Agent
Issuer: Broad River Water Authority, Water System Revenue Bonds, Series 2000
Amount: $22,955,000
Redemption Date: June 1, 2010
Redemption Price: 101%
CUSIP Numbers: 111247AK8, 111247AL6, 111247AM4, 111247AN2, 111247AP7, 111247AQ5,
111247AR3, 111247AS1, 111247AT9, and 111247AU6
Present for payment at: The Bank of New York Mellon Trust Company, N.A. as Trustee or Agent
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 9
STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES
APRIL 30, 2010
Amount Population Per Capita
Local Units’ Debt $ 28,095,319,885 — —
State of North Carolina $ 6,951,035,000 9,386,573 $ 740.53
U.S. Public Debt $12,948,738,915,857 309,342,664 $ 41,858.85
􀂒􀂒􀂒 􀂒
RESULTS OF BOND REFERENDA
District/
Town/County
Election Date Amount Purpose For Against Result
City of Gastonia May 4, 2010
May 4, 2010
$27,365,000
$ 4,635,000
Street and Sidewalk
Improvement
Parks and Recreation
Improvement
2,576
2,286
2,123
2,401
PASSED
FAILED
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 10
GENERAL OBLIGATION BOND PROPOSALS
APPROVED ON MAY 4, 2010
County: Davie
Population: 40,970
Amount: $ 3,500,000
Purpose: Refunding
Sale: Negotiated
Underwriter: Wells Fargo Securities
Underwriter’s
Counsel: Robinson Bradshaw & Hinson,
P.A.
Bond Counsel: Womble Carlyle Sandridge &
Rice PLLC
County: Rutherford
Population: 63,555
Amount: $ 1,500,000
Purpose: Water and Sewer
Sale: Negotiated
Interest Rate: Not to exceed 4.53%
Bond Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter: Branch Banking & Trust Co.
Municipality: Town of Cary
Population: 141,167
Amount: $36,750,000
Purpose: Refunding
Interest Rate: Fixed
Sale: Negotiated
Financial Advisor: Davenport & Company LLC
Verification Agent: The Arbitrage Group
Underwriter: Citigroup Global Markets Inc.
Underwriter’s
Counsel: Parker Poe Adams & Bernstein
LLP
Co-Manager: Robert W. Baird & Co.
Bond Counsel: Womble Carlyle Sandridge &
Rice PLLC
Municipality: Town of Cornelius
Population: 23,929
Amount: $ 2,150,000
Purpose: Refunding
Interest Rate: Fixed
Financial Advisor: FirstSouthwest Company
Bond Counsel: Parker Poe Adams & Bernstein,
LLP
􀂒􀂒􀂒 􀂒
REVOLVING LOANS
APPROVED ON MAY 4, 2010
Municipality: Town of Black Mountain
Amount: $ 1,396,255
Purpose: Sewer
Interest Rate: Not to exceed 4%.
Term: 20 years
Loan: State of North Carolina
County: Harnett
Amount: $ 4,454,119
Purpose: Water
Interest Rate: Not to exceed 4%.
Term: 20 years
Loan: State of North Carolina
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 11
REVENUE BONDS
APPROVED ON MAY 4, 2010
Issuer: North Carolina Municipal
Power Agency Number 1
Amount: $180,000,000
Purpose: Power System Revenue
Fixed Rate Refunding Bonds
Interest Rate: Not to exceed 5.25%
Final Maturity: Not beyond 01/01/2021
Structure: (1)(2) Pricing of debt be
scheduled so as to not conflict
with any other revenue of NC
bonds. The underlying debt is
currently rated: S&P: A;
Moody’s: A2; Fitch: A
(Outlook-Stable)
Bond Counsel: Hawkins Delafield & Wood
LLP
Underwriter: Morgan Stanley & Co. Inc.,
Banc of America, Barclays,
Citi, First Southwest, Wells
Fargo, Morgan Keegan
Underwriters’
Counsel: Womble Carlyle Sandridge &
Rice, PLLC
General Counsel: Poyner & Spruill, L.L.P.
Registrar/Trustee: The Bank of New York Mellon
Trust Co. (DTC)
Engineering
Consultant: RW Beck
Financial Advisor: Public Financial Management
(PFM)
County: Brunswick
Amount: $ 2,085,000
Purpose: Enterprise Systems
Revenue Bonds
Interest Rate: Fixed (Taxable–RZEDB)
Structure: Expected to be part of larger
issue with additional projects
to be approved in June/July.
Public offering - $5,000
denominations. Past
Standalone rating by Moody’s:
A2; S&P: A+; Fitch: A+
Final Maturity: Not beyond 2030
Bond Counsel: Parker Poe Adams &
Bernstein LLP
Underwriters: Robert W. Baird & Co. Co-to
be included in June approval
if necessary
Underwriter’s
Counsel: Moore & Van Allen PLLC
Trustee/Registrar: US Bank National Association
(DTC)
Municipality: Town of Red Springs
Amount: $ 694,000
Purpose: Wastewater; Wastewater
treatment plant upgrade
and outfall rehabilitation
Interest Rate: Fixed
Structure: RBAN: Interest due at
maturity.; RB: Approximately
level debt service.
Final Maturity: RBAN: No later than May 4,
2011; RB: No later than
December 31, 2051
Term: RBAN: 12 months; RB: 40
years
Bond Counsel: Sanford Holshouser LLP
Purchaser: Revenue BAN: Southern
Bank; Revenue Bond: USDA
Rural Development
Registrar: Finance Officer
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 12
INDUSTRIAL REVENUE BONDS
APPROVED ON MAY 4, 2010
Issuer: The Buncombe County
Industrial Facilities and
Pollution Control Financing
Authority (Altamont
Investments, LLC)
Amount: $ 4,550,000
Purpose: Recovery Zone Facility
Bonds
Location: Woodfin
Interest Rate: Variable (.65 X 1mth LIBOR)
+ 1.5% (currently less than
2.0%) (bank qualified)
Term: Approximately 16 years
Structure: Private purchase by Wells
Fargo, National Association
for its own portfolio. Despite
the Bonds having a final
maturity of 2026, the bank
will put the bonds back to the
borrower unless it gives 90-
180 days notice that it does
not intend to do so after 7
years (subsequent extensions
for duration periods to be
determined would have
similar put ability). If the
bank requires the Borrower to
honor its put and Borrower
can not pay off the Bonds or
is unable to obtain a LOC or
Investment grade Rating to
remarket the bonds, the bank
will make the Borrower a
taxable loan to redeem the
2010 Bonds leaving them
with a loan to the Bank and
the Authority loan to the
Borrower and the Bonds paid
off. Limitation on registration
and transfer to bank,
insurance company or similar
financial institution unless
Letter of Credit or Investment
Grade Rating.
Maturity: Not beyond 2026 (bank has
ability to put Bonds back to
borrower after 7 years)
Co-Bond Counsel: Parker Poe Adams &
Bernstein LLP and Martin
Nesbitt Esquire
Purchaser: Wells Fargo Bank, N.A.
Purchaser’s
Counsel: McGuireWoods LLP
Trustee/Registrar: Wells Fargo Bank, N.A.
Issuer: The Iredell County
Industrial Facilities and
Pollution Control Financing
Authority (Providencia,
USA, Inc.)
Amount: $ 9,100,000
Purpose: Recovery Zone Facility
Bonds
Location: Statesville
Interest Rate: Variable (weekly) initial rate
less than 6% Bullet
Maturity: Not beyond the year 2030.
Structure: Limited public offering in
denominations of $100,000
and integral multiples of
$5,000 in excess thereof. Sale
will not interfere with others
in the marketplace.
Bond Counsel: Hunton and Williams LLP
Underwriter/
Remarketing
Agent: Wells Fargo N.A.
Underwriters
Counsel: Robinson, Bradshaw &
Hinson, P.A.
Letter of Credit: HSBC Bank USA, National
Association
LOC Counsel: McGuireWoods LLP
Trustee/Registrar: Wells Fargo Bank, N.A. (DTC)
(Continued on page 13)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 13
INDUSTRIAL REVENUE BONDS APPROVED ON MAY 4, 2010 (Continued from page 12)
Issuer: The Wake County Industrial
Facilities and Pollution
control Financing Authority
(AIA North Carolina)
Amount: $ 3,000,000
Purpose: Recovery Zone Facility
Bonds
Location: Peace Street, Raleigh
Interest Rate: 68% of the one-month LIBOR
plus 1.95% Monthly Principal
& Interest (first year interest
only)
Maturity: Not beyond the year 2031.
Purchase: Branch Banking & Trust
Company
Structure: Private Sale to Branch
Banking and Trust Company
for its own portfolio.
Registration and transfer is
limited to bank, insurance
company or similar financial
institution without LGC
approval Single Bond.
Bond Counsel: Hunton & Williams LLP
Purchases: BB&T Capital Markets
Bank Counsel: Moore & Van Allen PLLC
AIA North Carolina
Counsel: Carruthers & Roth, P.A.
Issuer: The Forsyth County
Industrial Facilities and
Pollution Control Financing
Authority (Arts Council,
Inc.)
Amount: $ 7,500,000
Purpose: Special Purpose Renovating
and enlarging the historic
Sawtooth Building to
provide for the Sawtooth
School for Visual Arts, art
exhibitions, receptions,
meetings and offices.
Interest Rate: 68% of the one-month LIBOR
plus 65% of 2.0% Monthly
Interest, Annual Principal
Maturity: Not beyond the year 2030
Purchaser: Branch Banking & Trust
Company
Structure: Private Sale to Branch
Banking and Trust Company
for its own portfolio.
Registration and transfer is
limited to bank, insurance
company or similar financial
institution without LGC
approval Single Bond.
Bond Counsel: Hunton & Williams LLP
Purchases: BB&T Capital Markets
Bank Counsel: Moore & Van Allen PLLC
Arts Council,
Inc. Counsel: Womble Carlyle Sandridge &
Rice, PLLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 14
NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY
APPROVED ON MAY 4, 2010
Issuer: Durham Academy,
Incorporated
Amount: $19,000,000
Purpose: Educational Facilities
Revenue Bonds, Series 2010
Location: Durham (Durham County)
Interest Rate: Variable rate, based on 65.7%
of 30 day LIBOR + 1.40%,
payable monthly.
Term: Approximately 16 years for
refunding and five years for
the $1,500,000 of new money.
Final Maturity: Not to extend beyond April
30, 2026
Structure: Approximately level principal
payments for the new money,
with the principal
amortization of the refunding
portion approximately level
and not extended. The Bond
has an initial term of five
years unless specifically
extended by the Bank. Should
the Bank not extend the
maturity date of the loan, the
Borrower has the option to
find another bank qualified
loan provider, convert to
another interest rate mode, or
the Bank is required to pay off
the NCCFFA Bond and enter
into a taxable loan on terms
agreeable to the Bank and the
Borrower. A portion of the
existing debt has a floating to
fixed rate swap already in
place and may be extended at
the expiration in January,
2011, with such swap
extension to comply with
NCCFFA policy.
Bond Counsel: Parker Poe Adams &
Bernstein LLP
Bank: Wells Fargo Bank, N.A.
Bank Counsel: Robinson Bradshaw & Hinson
P.A.
Trustee: Wells Fargo Bank, N.A.
Borrower’s
Counsel: Hunton & Williams LLP
Issuer: Franklin Academy, Inc.
Amount: $12,000,000
Purpose: Educational Facilities
Revenue Bonds, Series 2010
Location: Wake Forest (Wake County)
Term: Approximately 21 years.
Interest Rate: Variable rate, based on 65.7%
of 30 Day LIBOR + 1.64%,
payable monthly.
Final Maturity: Not to extend beyond July 31,
2031.
Structure: Interest only for the first year,
followed by approximately
level debt service for the
remaining 20 year term. The
Bond has an initial term of
five years unless specifically
extended by the Bank. Should
the Bank not extend the
maturity date of the loan, the
Borrower has the option to
find another bank qualified
loan provider, convert to
another interest rate mode, or
the Bank is required to pay off
the NCCFFA Bond and enter
into a taxable loan on terms
agreeable to the Bank and the
Borrower.
Borrower’s
Counsel: Wyrick, Robbins, Yates, &
Ponton LLP
Bond Counsel: Hunton & Williams LLP
Purchaser: Wells Fargo Bank, N.A.
Bank’s Counsel: McGuireWoods LLP
Guarantor: Robert Luddy
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 15
FINANCING AGREEMENTS
APPROVED ON MAY 4, 2010
Municipality: Town of Morehead City
Population: 8,763
Amount: $ 1,050,000
Purpose: Land
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Interest Rate: 4.57%
Term: 15 years
Payment: Semiannual
Bank: BB&T
Municipality: Town of Red Springs
Population: 3,509
Amount: $ 314,043
Purpose: Municipal Building
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 6.06%
Term: 15 years
Payment: Monthly
Bank: Southern Bank & Trust Co.
Municipality: Town of Selma
Population: 7,497
Amount: $ 655,688
Purpose: Municipal Building (Police
Station)
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 2.79%
Term: 2 years
Payment: Annual
Bank: BB&T
Municipality: Town of Troutman
Population: 2,229
Amount: $ 680,500
Purpose: Sewer
Authority: G.S. 160A-20 Installment
Purchase – Private Contract
(RZEDB)
Interest Rate: 6.21% taxable; 3.42% with
RZEDB subsidy
Term: 10 years
Payment: Quarterly
Bank: BB&T
County: Avery
Population: 21,098
Amount: $ 5,000,000
Purpose: School
Authority: G.S. 160A-20 Installment
Contract – Private Placement
(Qualified School
Construction Bond) (Build
America Bond)
Interest Rate: 6.73% (taxable) with subsidy:
0.90% QSCB; 4.37% BAB
Term: 15 years
Payment: Quarterly
Bank: Bank of America, N.A.
(Continued on page 16)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 16
FINANCING AGREEMENTS APPROVED ON MAY 4, 2010 (Continued from page 15)
Municipality: Town of Cary
Population: 139,808
Amount: $11,222,000
Purpose: Refunding (Town Hall)
Amount: $12,278,000
Purpose: Refunding (Streets)
Authority: G.S. 160A-20 Installment
Contract – Public Offering
(Limited Obligation Refunding
Bonds)
Effective Interest
Cost: 4.25%
Final Maturity: 2023
Special Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Underwriters: Citigroup Global Markets, Inc.
Underwriters
Counsel: Parker Poe Adams &
Bernstein LLP
Financial Advisor: Davenport & Company LLC
Trustee: Bank of New Your Mellon
Trust Company (DTC)
Co-Manager: Robert W. Baird & Co.
Municipality: City of Charlotte
Population: 695,995
Amount: $24,786,496
Purpose: Equipment
Amount: $15,213,504
Purpose: Municipal Buildings
Authority: G.S. 160A-20 Installment
Contract – Public Placement
(Certificates of Participation,
Series 2010A – Tax Exempt)
True Interest Cost: 3.75%
Final Maturity: Not beyond 2030
Bond Counsel: Parker Poe Adams &
Bernstein LLP
Underwriter
Counsel: McGuireWoods LLP
Underwriters: Wells Fargo Securities (Sr.
Manager); Merrill Lynch & Co.
(Co-Manager)
Trustee: US Bank National Association
Financial Advisor: DEC Associates, Inc.
County: Cleveland
Population: 98,250
Amount: $22,000,000
Purpose: Schools
Authority: G.S. 160A-20 Installment
Contract – Public Offering
(Limited Obligation Bonds
Taxable with Federal subsidy
– Recovery Zone Economic
Development Bonds, Qualified
School Construction Bonds)
Average Coupon
(Taxable): Recovery Zone Economic
Development Bonds – 6.46%
(3.74%)
Qualified School Construct
Bonds – 7.35%
Final Maturity: Not beyond 2030.
Special Counsel: Robinson, Bradshaw &
Hinson, P.A.
Underwriters: BB&T Capital Markets
Underwriters
Counsel: Parker Poe Adams &
Bernstein LLP
Trustee: Wells Fargo Bank, N.A. (DTC)
Insurer
(if available): Assured Guaranty
County: Cumberland
Population: 306,941
Amount: $ 4,325,000
Purpose: Auditorium
Authority: G.S. 160A-20 Installment
Contract – Private Placement
(Taxable with Federal subsidy
– Recovery Zone Economic
Development Bonds, Build
America Bonds)
Interest Rate: Taxable: 4.93%; (3.20%;
2.71%)
Term: 10 years
Payment for both: Principal – annual; interest –
semiannual
Bank: RBC Bank
(Continued on page 17)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 17
FINANCING AGREEMENTS APPROVED ON MAY 4, 2010 (Continued from page 16)
County: Gaston
Population: 204,972
Amount: $ 5,800,000
Purpose: Electric Generation Facility
Authority: G.S. 160A-20 Installment
Contract – Private Placement
(Recovery Zone Facilities
Bonds)
Interest Rate: 3.7669%
Payment: Semiannual
Term: 10 years
Bank: Bank of America, N.A.
County: Henderson
Population: 103,836
Amount: $ 1,807,500
Purpose: Schools
Authority: G.S. 160A-20 Installment
Contract – Private Placement
(Taxable with Federal subsidy
– Qualified Zone Academy
Bonds)
Interest Rate: (Taxable) 5.70%
Term: 10 years
Payment: Annual
Bank: RBC Bank
County: Henderson
Population: 103,836
Amount: $ 2,030,000
Purpose: Community College
Amount: $ 6,970,000
Purpose: Schools Limited Obligation
Bonds (Taxable with Federal
subsidy - Recovery Zone
Economic Development
Bonds)
Amount: $20,300,000
Purpose: Various County Projects
Refunding Limited
Obligation Bonds
Authority: G.S. 160A-20 Installment
Contract – Public Offering
Average Coupon
(Taxable): Recovery Zone Redevelopment
Bonds (45% Federal Coupon
Subsidy); Series A: 6.20%
(3.41%)
Effective Interest
Cost: Tax-Exempt Bonds; Series B:
3.95%
Final Maturity: Not beyond 2036.
Special Counsel: Parker Poe Adams &
Bernstein LLP
Underwriters: Stephens, Inc.
Underwriters
Counsel: Moore & Van Allen PLLC
Trustee: U.S. Bank, National
Association (DTC)
Insurer (if
available): Assured Guaranty
County: Lee
Population: 59,091
Amount: $22,678,064
Purpose: Schools
Authority: G.S. 160A-20 Installment
Contract – Private Placement
(Taxable with Federal
subsidy-Recovery Zone
Economic Development
Bonds, Qualified Zone
Academy Bonds, Qualified
School Construction Bonds)
Interest Rate
(Taxable): 6.40% (3.52% RZEDB)
Term: Not beyond 2025
Payment: Annual
Bank: Branch Banking & Trust
Company
(Continued on page 18)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 18
FINANCING AGREEMENTS APPROVED ON MAY 4, 2010 (Continued from page 17)
Municipality: Town of Mooresville
Population: 30,324
Amount: $ 9,478,500
Purpose: Municipal Buildings (Public
Works/Utilities Building)
Authority: G.S. 160A-20 Installment
Contract – Private Placement
(Taxable with Federal subsidy
– Recovery Zone Economic
Development Bonds)
Interest Rate: 6.48% (Taxable) (3.56%)
Term: 15 years
Payment: Semiannual
Bank: Bank of America, N.A.
County: New Hanover
Population: 192,235
Amount: $ 1,156,112
Purpose: Water (Refunding)
Amount: $ 1,387,348
Purpose: Sewer (Refunding)
Amount: $ 924,903
Purpose: Solid Waste Disposal
(Refunding)
Amount: $ 5,130,224
Purpose: Courthouse (Refunding)
Amount: $ 4,713,012
Purpose: Recreation (Refunding)
Amount: $15,461,342
Purpose: Jail (Refunding)
Amount: $ 2,236,085
Purpose: Parking (Refunding)
Amount: $ 795,479
Purpose: Library (Refunding)
Amount: $ 2,363,006
Purpose: Airport (Refunding)
Amount: $ 7,428,266
Purpose: County Building (Refunding)
Amount: $ 3,137,414
Purpose: Community College
(Refunding)
Amount: $ 5,266,808
Purpose: Telecom (Refunding)
Authority: G.S. 160A-20 Installment
Contract – Public Offering
Effective Interest
Cost: 4.00%
Final Maturity: Not beyond 2026
Special Counsel: Dewey & LeBoeuf LLP
Underwriters: Stephens, Inc. (Sr. Manager);
First Southwest (Co-Manager)
Underwriters
Counsel: Parker Poe Adams &
Bernstein LLP
Trustee: U.S. Bank, National
Association (DTC)
County: Surry
Amount: $ 1,400,000
Purpose: Guaranteed Energy Savings
Contract
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Interest Rate: 4.74%
Term: 15 years; Annual Payments
sized to accommodate the
savings realization patter.
Bank: Branch Banking & Trust
Company
Vendor: Johnson Controls, Inc.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 19
REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS
Municipality: Town of Fuquay-Varina
Amount: $ 2,300,000
Purpose: General Obligation Water
and Sewer Bonds, Series
2010
Dated: Date of Delivery
Sold on: April 27, 2010
Rates: 2.00s, 460M, 2011/2014;
4.00s, 230M, 2015/2016;
3.00s, 460M, 2017/2020;
3.50s, 115M, 2021;
4.00s, 1,035M, 2022/2030.
The Bonds maturing on
August 1, 2021 and thereafter
will be subject to redemption
prior to maturity, at the
Town’s option, from any
months that may be made
available for such purpose,
either in whole or in part on
any date not earlier than
August 1, 2020 at a
redemption price equal to
100% of the principal amount
of the Bonds to be redeemed,
plus interest accrued to the
date fixed for redemption.
True Interest Cost: 3.4711%
Average Life: 10.70 years
Winning Bidder: Robert W. Baird & Co., Inc.
Bond Counsel: Sanford Holshouser LLP
County: Wake
Amount: $383,420,000
Purpose: General Obligation
Refunding Bonds, Series
2010C
Dated: Date of Delivery
Sold on: April 29, 2010
Rates: 2.00s, 100M, 2013;
5.00s, 383,320M, 2014/2026.
The Bonds will not be subject
to redemption prior to their
maturity.
True Interest Cost: 3.1544%
Average Life: 11.39 years
Winning Bidder: Citigroup Global Markets Inc.
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
April 2010 20
REPORT OF RECENT SALES OF BOND ANTICIPATION NOTES
District: Columbus County Water and
Sewer District IV, North
Carolina
Amount: $ 4,113,000
Purpose: General Obligation Water
Bond Anticipation Notes
Dated: May 4, 2010
Maturing: October 13, 2010
Sold on: April 20, 2010
Net Interest Rate: .5811%
Winning Bidder: Robert W. Baird & Co., Inc.
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 21
REPORT OF RECENT SALE OF REVENUE BONDS
APPROVED ON APRIL 6, 2010
Municipality: Town of Mooresville
Amount: $4,660,000 Enterprise
Systems Revenue Bonds,
Series 2010A
Purpose: Lift Stations, Wastewater
Treatment Improvements,
Belt Dryer, and Water Plant
No. 10 Generations System
Dated: April 29, 2010
Underwriter(s): Wells Fargo Securities Co.
(Sr.); Davenport & Company,
Inc.
Sold on: BPA — April 16, 2010
Closing — April 29, 2010
Terms: Public Offering - $5,000
Denominations
Interest Rate(s): Fixed — (yield) if different from
stated
Maturities: May 1: Series A
11-680M, 3.00%; (.990%);
12-705M, 3.00%; (1.370%);
13-725M, 3.00%; (1.690%);
14-750M, 3.00%; (2.050%);
15-770M, 4.00%; (2.39%);
16-805M, 4.00%; (2.83%);
17-225M, 4.00%; (3.12%).
Series A – Non-callable
Bond Counsel: Parker, Poe, Adams &
Bernstein LLP
Underwriters’
Counsel: Robinson Bradshaw & Hinson,
P.A.
Municipality: Town of Mooresville
Amount: $20,825,000 Taxable
Enterprise Systems
Revenue Bonds (Recovery
Zone Economic
Development Bonds), Series
2010B
Purpose: Lift Stations, Wastewater
Treatment Improvements,
Belt Dryer, and Water Plant
No. 10 Generations System
Dated: April 29, 2010
Underwriter(s): Wells Fargo Securities Co.
(Sr.); Davenport & Company,
Inc.
Sold on: BPA — April 16, 2010
Closing — April 29, 2010
Terms: Public Offering - $5,000
Denominations
Interest Rate(s): Fixed — (yield) if different from
stated
Maturities: May 1: Series B (Taxable –
RZEDBs)
17-610M, 4.262%;
18-855M, 4.628%;
19-880M, 4.828%;
20-905M, 4.978%;
21-930M, 5.128%;
22-955M, 5.278%;
23-985M, 5.428%;
24-1,015M, 5.528%;
25-1,045M, 5.578%;
31-7,060M, 6.305%;
35-5,585M, 6.405%.
Maturities callable may 1,
2020 at 100%. Mandatory
sinking fund redemption May
1, 2026-2035.
Trustee/Registrar: U.S. Bank National
Association (DTC)
Feasibility
Consultant: Utility Advisor’s Network
Bond Counsel: Parker, Poe, Adams &
Bernstein LLP
Underwriters’
Counsel: Robinson Bradshaw & Hinson,
P.A.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
April 2010 22
REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION
APPROVED ON NOVEMBER 3, 2009
Unit: County of Sampson
Population: 64,522
Amount: $15,560,000
Purpose: Current refunding of
Certificates of Participation
Series 1999 originally
financing school projects to
realize a net present value
savings of $681,538
equaling 4.357% of the
refunded debt.
Rating(s): Insured by Assured Guaranty;
S&P: AAA; Underlying ratings
of S&P: A
Dated: April 21, 2010
Underwriter(s): Stephens Inc.
Sold on: BPA — April 8, 2010
Closing — April 21, 2010
Terms: Public sale $5,000
denominations.
Interest Rate(s): Fixed — (yield) if different
Maturities: June 1:
10— 1,280M, 2.00%; (0.50%);
11— 1,000M, 2.00%; (1.05%);
11— 100M, 1.00%; (1.05%);
12— 1,075M, 3.00%; (1.50%);
13— 1,060M, 3.00%; (1.85%);
14— 1,045M, 3.00%; (2.20%);
15— 1,030M , 4.00%; (2.55%);
16— 1,020M, 5.00%; (2.95%);
17— 1,020M, 4.00%; (3.25%);
18—3,105M, 5.00%; (4.11%);
18— 1,010M, 4.00%; (3.50%);
19— 1,000M, 4.00%; (3.70%);
20— 990M, 4.00%; (3.85%);
21— 980M, 5.00%; (4.00%).
$2,950,000 5.25% Term
Certificates due June 1, 2024
– Yield 4.15%. Mandatory
sinking fund redemptions of
term certificates June 1,
2022-2024. Certificates are
not subject to call.
Effective Interest
Cost: 3.8999%
Trustee/Registrar: Branch Banking & Trust
Company (DTC)
Credit Enhancement to
be provided by: Insurance – Assured Guaranty
Special Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter’s
Counsel: Moore & Van Allen PLLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
May 2010 23
BOND BUYER’S INDEX
20 G.O. Bonds
4.70 4.71
4.81
4.65
4.37
4.06
4.41
4.24 4.31 4.36 4.34
4.45
3.80
4.00
4.20
4.40
4.60
4.80
5.00
5.20
5.40
5.60
May 5 Jun 4 Jul 2 Aug 6 Sept 3 Oct 8 Nov 5 Dec 3 Jan 7 Feb 4 Mar 4 Apr 8
DAY
Percent Rate
2009 2010
JANET COWELL
NORTH CAROLINA STATE TREASURER
325 NORTH SALISBURY STREET
RALEIGH, NORTH CAROLINA 27603-1385
The Bond Reporter is now available for download from the World Wide Web:
http://www.treasurer.state.nc.us
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Permit 1998