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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 Bulk Rate U.S. Postage Paid Raleigh, N.C. Permit 1998
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Title | Bond reporter |
Date | 2010-05 |
Description | Volume 17, No. 5, (May 2010) |
Digital Characteristics-A | 186 KB; 23 p. |
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Full Text | 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 Bulk Rate U.S. Postage Paid Raleigh, N.C. Permit 1998 |
OCLC number | 23123426 |