Bond reporter

              NORTH CAROLINA
DEPARTMENT OF STATE TREASURER
Janet Cowell, Treasurer
CALENDAR OF SCHEDULED COMPETITIVE SALES*
July 21, 2009
COUNTY OF CALDWELL $ 8,600,000
Refunding, G. O. Bonds
July 22, 2009
COUNTY OF ALAMANCE $ 14,540,000
Refunding, G. O. Bonds
July 28, 2009
COUNTY OF GASTON $ 92,220,000
School & Refunding, G. O. Bonds
August 4, 2009
COUNTY OF MECKLENBURG $ 100,000,000
Public Improvement, G. O. Bonds
COUNTY OF GRANVILLE $ 14,735,000
Public Improvement & Refunding, G. O. Bonds
August 11, 2009
CITY OF WILSON $ 16,000,000
Refunding, G. O. Bonds
CITY OF LUMBERTON $ 4,375,000
Refunding, G. O. Bonds
August 12, 2009
COUNTY OF SCOTLAND $ 6,400,000
Refunding, G. O. Bonds
August 18, 2009
CITY OF RALEIGH $ 70,000,000
Public Improvement, G. O. Bonds
____________
* Subject to change.-
BOND
REPORTER
VOLUME XVI JULY 2009 No. 7
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
Janet Cowell, Treasurer
Electronically Published Monthly by
North Carolina
Department of State Treasurer
Albemarle Building
325 North Salisbury Street
Raleigh, North Carolina 27603- 1385
Janet Cowell, State Treasurer
( 919) 508- 5176
T. Vance Holloman, Deputy Treasurer
( 919) 807- 2351
Sharon Edmundson, Director, Fiscal Management
( 919) 807- 2380
Tim Romocki, Director, Debt Management
( 919) 807- 2360
Dora D. Fazzini, Director, North Carolina
Capital Facilities Finance Agency
( 919) 807- 2378
Robert C. Newman, Assistant Director
Debt Management
( 919) 807- 2365
Jim Baker, Assistant Director
Debt Management
( 919) 807- 2370
􀂒 􀂒 􀂒 􀂒
No data contained herein is designed or
recommended as being suitable for use by any
person in reaching a decision with respect to the
purchase or sale of any security. Information to
support such a decision should be obtained from the
issuer or its authorized representatives.
􀂒 􀂒 􀂒 􀂒
TABLE OF CONTENTS
VOLUME XVI No. 7
July 2009
Calendar of Scheduled Competitive
Sales 1
Schedule of Negotiated Sales 3
Notice of Redemption 4
Results of Bond Referenda 5
State and Local Unit Debt
Outstanding Balances 5
PROPOSALS
General Obligation Bond 6- 7
Revolving Loans 8- 10
Notes or Other Evidences
Of Indebtedness 10
Revenue Bonds 11
Industrial Revenue Bonds 12
North Carolina Medical Care
Commission 12
Financing Agreements 13- 16
REPORTS OF RECENT SALES
General Obligation Bonds 17- 18
Revenue Bonds 19
Certificates of Participation 20- 21
OTHER INFORMATION
Bond Buyer’s Index 22
B
ON
D
REP
ORT
E
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NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 3
SCHEDULE OF NEGOTIATED SALES*
July 14, 2009
NORTH CAROLINA TURNPIKE AUTHORITY $ 700,000,000
State Annual Appropriation Revenue Bonds
Triangle Expressway System Senior Lien Revenue Bonds
Merrill Lynch & Co. ( Senior Manager)
Banc of America Securities LLC ( Senior Manager)
Citi ( Co- Manager); Southwest Securities, Inc. ( Co- Manager)
Loop Capital Markets, LLC ( Co- Manager);
Siebert Brandford Shank & Co., LLC ( Co- Manager)
Wells Fargo Securities ( Co- Manager); RBC Capital Markets ( Co- Manager)
BB& T Capital Markets ( Co- Manager)
COUNTY OF NEW HANOVER $ 30,000,000
General Obligation Refunding Bonds
Stevens, Inc.
July 16, 2009
COUNTY OF UNION $ 40,000,000
General Obligation Refunding Bonds, Series 2009C
BB& T Capital Markets
Wachovia Bank, N. A.
July 17, 2009
COUNTY OF BUNCOMBE $ 21,225,000
Certificates of Participation
Wachovia Securities ( Sr. Mgr.)
Robert W. Baird & Co. ( Co- Mgr.)
CITY OF RALEIGH $ 50,000,000
General Obligation Refunding Bonds, Series 2009 D & E
Wells Fargo Securities
Davenport & Co., LLC
July 21, 2009
STATE OF NORTH CAROLINA $ 200,000,000
Grant Anticipation Revenue Variable Bonds, Series 2009
Merrill Lynch & Co. ( Sr. Mgr.)
Barclays Capital ( Co- Manager); Citi ( Co- Manager)
J. P. Morgan ( Co- Manager); Loop Capital Markets LLC ( Co- Manager)
Wells Fargo Securities ( Co- Manager)
July 22, 2009
COUNTY OF WAKE $ 165,000,000
Limited Obligation Bonds
Citigroup Global Markets ( Sr. Mgr.)
Merrill Lynch & Co. ( Co- Mgr.)
____________
* Subject to change.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 4
NOTICE OF REDEMPTION
Issuer: North Carolina Capital Facilities Finance Agency, Tax Exempt Educational
Facility Revenue Bonds ( the Downtown Middle School)
Amount: $ 100,000
Redemption Date: August 1, 2009
Redemption Price: 100%
Bond Number: FASBAL_ 1
CUSIP Number: 65818PEK1
Present for payment at: Regions Bank, 250 Riverchase Parkway East, 5th Floor, Hoover, Alabama
35244
Issuer: North Carolina Medical Care Commission, Variable Rate Demand Hospital
Revenue Bonds, ( WestCare Health System Obligated Group), Series 2002A
Amount: $ 1,700,000
Dated: November 14, 2002
Redemption Date: July 1, 2009
Redemption Price: 100%
CUSIP Number: 65820HVD2
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 Concord, North Carolina, Variable Rate Utilities Systems Refunding
Revenue Bonds, Series 2002B
Amount: $ 39,350,000
Redemption Date: July 9, 2009
Redemption Price: 100%
CUSIP Number: 206461DM4
Present for payment at: The Bank of New York Mellon Trust Company, N. A., Attn: Fiscal Agencies
Department, 101B- 7E, Post Office Box 11265, New York, New York 10286
Issuer: City of Kannapolis, North Carolina, Water and Sewer System Revenue Bonds,
Series 2002
Amount: $ 166,794.65
Dated: December 18, 2002
Redemption Date: August 1, 2009
Redemption Price: 100%
CUSIP Number: NC0058176
Registered Bond: BOOK11_ 1
Present for payment at: U. S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 5
RESULTS OF BOND REFERENDA
District/
Town/ County
Election Date Amount Purpose For Against Result
Village of Bald Head
Island
June 2, 2009 $ 17,000,000 Beach
Renourishment
140 24 PASSED*
____________
* Has not been approved by Local Government Commission.
􀂒 􀂒 􀂒 􀂒
STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES
JUNE 30, 2009
Amount Population Per Capita
Local Units’ Debt $ 27,153,496,387 — —
State of North Carolina $ 7,155,715,000 9,270,342 $ 771.89
U. S. Public Debt $ 11,545,275,346,431 306,969,512 $ 37,610.50
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 6
GENERAL OBLIGATION BOND PROPOSALS
APPROVED ON JULY 7, 2009
County: Granville
Population: 56,254
Amount: $ 1,600,000
Purpose: Library
Bond Counsel: Sanford Holshouser LLP
County: Scotland
Population: 36,830
Amount: $ 6,700,000
Purpose: Refunding
Financial Advisor: BB& T Capital Markets
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
County: Alamance
Population: 143,154
Amount: $ 20,000,000
Purpose: Refunding
Financial Advisor: BB& T Capital Markets
Bond Counsel: Robinson Bradshaw & Hinson
P. A.
County: Caldwell
Population: 79,376
Amount: $ 9,500,000
Purpose: Refunding
Financial Advisor: First Tryon Securities LLC
Bond Counsel: Robinson Bradshaw & Hinson
P. A.
County: Gaston
Population: 200,972
Amount: $ 15,000,000
Purpose: Refunding
Financial Advisor: Davenport and Company LLC
Escrow Agent: Branch Banking and Trust Co.
Verification Agent: The Arbitrage Group, Inc.
Bond Counsel: Robinson Bradshaw & Hinson
P. A.
Municipality: City of Lumberton
Population: 22,929
Amount: $ 5,000,000
Purpose: Refunding
Financial Advisor: BB& T Capital Markets
Bond Counsel: Sanford Holshouser LLP
County: Mecklenburg
Population: 902,803
Amount: $ 170,000,000
Purpose: Refunding
Sale: Negotiated
Underwriter: Citigroup Global Markets, Inc,
and Merrill Lynch, Pierce,
Fenner and Smith Inc.
Underwriter’s
Counsel: Parker Poe Adams & Bernstein,
LLP
Bond Counsel: Robinson Bradshaw & Hinson,
P. A.
County: Mecklenburg
Population: 902,803
Amount: $ 125,000,000
Purpose: Refunding
Sale: Negotiated
Underwriters: Citigroup Global Markets, Inc.
Underwriter’s
Counsel: Parker Poe Adams & Bernstein,
LLP
Remarketing Agent: Citigroup Global Markets, Inc.
Tender/ Paying
Agent: Regions Bank
Bond Counsel: Robinson Bradshaw & Hinson,
P. A.
County: New Hanover
Population: 192,925
Amount: $ 55,000,000
Purpose: Refunding
Sale: Negotiated
Underwriter: Stephens, Inc.
Underwriter’s
Counsel: Parker Poe Adams & Bernstein
LLP
Escrow Agent: First- Citizens Bank & Trust
Company
Verification Agent: The Arbitrage Group, Inc.
Bond Counsel: Dewey & LeBoeuf LLP
( Continued on page 7)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 7
GENERAL OBLIGATION BOND PROPOSALS APPROVED ON JULY 7, 2009 ( Continued from
page 6)
Municipality: City of Raleigh
Population: 389,667
Amount: $ 80,360,000
Purpose: Refunding
Sale: Negotiated
Underwriter: Wells Fargo
Underwriter’s
Counsel: Parker Poe Adams & Bernstein
LLP
Escrow Agent: Regions Bank
Escrow Bidding
Agent: Winters and Co., LLC
Verification Agent: Barthe and Wahrman, P. A.
Bond Counsel: Womble Carlyle Sandridge &
Rice PLLC
Municipality: City of Wilson
Population: 49,947
Amount: $ 16,500,000
Purpose: Refunding
Financial Advisor: Davenport & Company LLC
Bond Counsel: Robinson Bradshaw & Hinson
P. A.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 8
REVOLVING LOANS
APPROVED ON JULY 7, 2009
County: Anson
Amount: $ 2,438,190
Purpose: Water
Interest Rate: 0%.
Term: 20 years
Loan: State of North Carolina
Municipality: City of Jacksonville
Amount: $ 3,000,000
Purpose: Water
Interest Rate: 0%.
Term: 20 years
Loan: State of North Carolina
Municipality: Town of Lake Lure
Amount: $ 3,000,000
Purpose: Sewer
Interest Rate: 0%.
Term: 20 years
Loan: State of North Carolina
Municipality: Town of Robbins
Amount: $ 280,649
Purpose: Water
Interest Rate: 0%.
Term: 20 years
Loan: State of North Carolina
Municipality: City of Rocky Mount
Amount: $ 448,800
Purpose: Water
Interest Rate: 0%.
Term: 20 years
Loan: State of North Carolina
Municipality: City of Thomasville
Amount: $ 211,103
Purpose: Water
Interest Rate: 0%.
Term: 20 years
Loan: State of North Carolina
District: Roanoke Rapids Sanitary
District
Amount: $ 1,241,156
Purpose: Sewer
Interest Rate: Not to exceed 4%
Term: 20 years
Loan: State of North Carolina
Municipality: City of Asheville
Amount: $ 510,000
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Municipality: City of Bessemer City
Amount: $ 96,500
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Municipality: Town of Blowing rock
Amount: $ 2,200,000
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Municipality: City of Burlington
Amount: $ 101,400
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
( Continued on page 9)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 9
REVOLVING LOANS APPROVED ON JULY 7, 2009 ( Continued from page 8)
Authority: Cape Fear Public Utility
Authority
Amount: $ 3,000,000
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
District: Eastern Wayne Sanitary
District
Amount: $ 480,000
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Municipality: Town of Enfield
Amount: $ 125,418
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
District: Fork Township Sanitary
District
Amount: $ 902,000
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Issuer: Greenville Utilities
Amount: $ 6,644,280
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Issuer: Greenville Utilities
Amount: $ 57,848
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Municipality: Town of Littleton
Amount: $ 214,169
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Issuer: Mulberry- Fairplains Water
Association, Inc.
Amount: $ 167,046
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Municipality: Town of Newport
Amount: $ 29,500
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Authority: Onslow Water and Sewer
Authority
Amount: $ 778,950
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Authority: Onslow Water and Sewer
Authority
Amount: $ 451,000
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
( Continued on page 10)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 10
REVOLVING LOANS APPROVED ON JULY 7, 2009 ( Continued from page 9)
District: Roanoke Rapids Sanitary
District
Amount: $ 218,325
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Municipality: Town of Ronda
Amount: $ 1,493,484
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Authority: South Granville Water &
Sewer Authority
Amount: $ 235,565
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
County: Stanly
Amount: $ 270,946
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Municipality: Town of Surf City
Amount: $ 123,596
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Authority: Tuckaseigee Water & Sewer
Authority
Amount: $ 3,000,000
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
Municipality: Town of Warsaw
Amount: $ 1,650,000
Purpose: Water
Interest Rate: 0%
Term: 20 years
Loan: State of North Carolina
􀂒 􀂒 􀂒 􀂒
NOTES OR OTHER EVIDENCES OF INDEBTEDNESS
APPROVED ON JULY , 2009
Municipality: City of Charlotte
Amount: $ 102,000,000
Purpose: Interest Rate Swap
Agreement ( Synthetic Fixed
Rate) – ( NASCAR Taxable
2009 COP)
Bond Counsel: Parker Poe Adams & Bernstein
LLP
Term of Swap: Not to exceed 2035
Type of Swap: Taxable Synthetic fixed Rate;
Variable Rate received by City:
LIBOR ( 30 or 90 day); Fixed
Rate to be paid by City not to
exceed: 5.25% + ongoing fees
( currently estimated at 4.77% +
1.00%)
Swap Provider: Wachovia Bank, N. A.
Swap Advisor: DEC Associates, Inc.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 11
REVENUE BONDS
APPROVED ON JULY 7, 2009
Municipality: City of Charlotte
Amount: $ 105,000,000
Purpose: Water and Sewer System
Revenue Refunding Bonds,
Series 2009B
Term: Approximately 27 years
Interest Rate: Fixed
Final Maturity: Not beyond 2037
Structure: Public sale. Sale is scheduled
for the week of July 27 so as
not to conflict with any other
revenue bonds. Issue is
expected to be rated
Aa1/ AAA/ AAA by Moody’s,
S& P and Fitch.
Bond Counsel: Parker Poe Adams &
Bernstein LLP
Underwriters: Wells Fargo Securities ( Sr.),
Merrill Lynch, Pierce, Fenner
& Smith, Inc. ( Co- Sr.)
Underwriters’
Counsel: McGuireWoods LLP
Registrar/ Trustee: U. S. Bank, National
Association/ DTC
Financial Advisor: DEC Associates, Inc.
Financial
Consultant: Waters and Company LLC
Municipality: City of Gastonia
Amount: $ 25,025,000
Purpose: Combined Enterprise
System Revenue Refunding
Bonds
Structure: Public Sale. Sale is scheduled
for the week of July 20th not
to conflict with any other
revenue bonds. Bonds have
underling ratings of: Moody’s:
A2, S& P: AA-; Fitch: A+.
Issue may be partially or fully
insured for preferred
marketability. If insurance is
utilized Assured Guaranty will
be the provider and all
material terms have been
negotiated.
Term: Approximately 16 years.
Interest Rate: Fixed
Final Maturity: Not beyond 2020 ( no
extension of maturities)
Bond Counsel: Womble Carlyle Sandridge &
Rice PLLC
Underwriters: Wells Fargo Securities ( Sr.);
Stephens, Inc. ( Co- Mgr);
should the par amount
exceed $ 20 million.
Underwriters’
Counsel: Parker Poe Adams &
Bernstein, LLP
Trustee/ Registrar/
Escrow Agent: U. S. Bank National
Association ( DTC)
Insurance/ Surety: Assured Guaranty Corp. ( if
needed)
Financial Advisor: DEC Associates, Inc.
Verification Agent: Barthe and Wahman, P. A.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 12
INDUSTRIAL REVENUE BONDS
APPROVED ON JULY 7, 2009
Issuer: International Paper
Company ( Columbus
County)
Amount: $ 6,600,000
Purpose: Environmental
Improvement Revenue
Bonds
Structure: Public offering in $ 5,000
denominations. Will be rated
by Moody’s and S& P Baa2;
BBB. Sale is currently
scheduled for the week of
early August ( will be part of
composite sale for several
issues involving several
states). Underwriter chosen
by competitive bid process.
Interest Rate: Fixed
Bond Counsel: McGuireWoods LLP
Underwriter: JP Morgan Securities, Morgan
Stanley or Bank of America,
Morgan Keegan selected by
competitive bidding process
Underwriters’
Counsel: None ( competitive bid process)
Final Maturity: Not beyond 2033
Trustee/ Registrar: The Bank of New York Mellon
( DTC)
􀂒 􀂒 􀂒 􀂒
NORTH CAROLINA MEDICAL CARE COMMISSION
APPROVED ON JULY 7, 2009
Issuer: WakeMed
Amount: $ 85,000,000
Purpose: Health Care Facilities
Revenue Bonds, Series
2009C
Term: Approximately 17 and one
half years.
Structure: Limited public offering in
$ 100,000 denominations and
integral multiples of $ 5,000 in
excess thereof. Scheduled for
July 15, 2009, to not conflict
with other health care
revenue bonds. Bonds are
expected to have the following
ratings, based upon the credit
facility support of Wachovia
Bank, National Association, a
subsidiary of Wells Fargo &
Company: Moody’s:
Aaa/ VMIG 1; Fitch: AA/ F1+.
There are expected to be the
following underlying ratings:
Moody’s: A1; Fitch AA-.
Interest Rate: Series C: Variable ( initially
weekly)
Bond Counsel: Womble Carlyle Sandridge &
Rice PLLC
Underwriters: Citigroup Global Markets Inc.
Underwriter’s
Counsel: Parker Poe Adams &
Bernstein LLP
LOC Provider/
Remarketing
Agent: Wachovia Bank, National
Association, a subsidiary of
Wells Fargo & Company
LOC Provider
Counsel: Robinson Bradshaw &
Hinson, P. A.
Borrower’s Counsel: K & L Gates, LLP
Trustee/ Registrar: U. S. Bank National
Association ( DTC)
Agreed- Upon-
Procedures: Larson Allen LLP
Financial Advisor: Kaufman Hall
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 13
FINANCING AGREEMENTS
APPROVED ON JULY 7, 2009
County: Chatham
Population: 57,708
Amount: $ 13,190,562
Purpose: Community College
Amount: $ 3,859,438
Purpose: Library
Authority: G. S. 160A- 20 Installment
Purchase – Private Placement
Interest Rate: Advance 1: 4.02%; Advance
2: 5.10%
Term: Advance 1: 10 years;
Advance 2: 20 years
Payment: Annual
Lender: Capital Bank
Municipality: City of Dunn
Population: 10,100
Amount: $ 1,000,000
Purpose: Streets
Authority: G. S. 160A- 20 Installment
Purchase – Private Placement
Interest Rate: 3.93%
Term: 10 years
Payment: Annual
Bank: First- Citizens
Municipality: Town of Faison
Population: 763
Amount: $ 225,000
Purpose: Recreation
Authority: G. S. 160A- 20 Installment
Purchase - Private Placement
Interest Rate: 4.56%
Term: 15 years
Payment: Monthly
Bank: Southern Bank
Municipality: Town of Franklinton
Population: 2,495
Amount: $ 65,000
Purpose: Municipal Building
Authority: G. S. 160A- 20 Installment
Purchase – Private Placement
Interest Rate: 4.89%
Term: 15 years
Payment: Annual
Bank: BB& T
Municipality: Town of Halifax
Population: 354
Amount: $ 41,500
Purpose: Municipal Building
Authority: G. S. 160A- 20 Installment
Contract – Private Placement
Interest Rate: 0%
Term: 20 years
Payment: Annual
Lender: Halifax County
County: Jackson
Population: 36,815
Amount: $ 8,507,581
Purpose: Library
Amount: $ 3,287,865
Purpose: Community College
Authority: G. S. 160A- 20 Installment
Contract – Private Placement
Interest Rate: 4.63%
Term: 15 years
Payment: Semiannual
Bank: BB& T
Municipality: City of Kannapolis
Population: 42,806
Amount: $ 380,000
Purpose: Streets
Authority: G. S. 160A- 20 Installment
Purchase – Private Placement
Interest Rate: 4.38%
Term: 10 years
Payment: Semiannual
Bank: BB& T
( Continued on page 14)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 14
FINANCING AGREEMENTS APPROVED ON JULY 7, 2009 ( Continued from page 13)
Municipality: Town of Norwood
Population: 2,844
Amount: $ 250,000
Purpose: Sewer
Authority: G. S. 160A- 20 Installment
Contract – Private Placement
Interest Rate: 4.02%
Term: 15 years
Payment: Annual
Bank: Bank of Stanly
Municipality: Town of Stanfield
Population: 1,293
Amount: $ 200,000
Purpose: Municipal Building
Authority: G. S. 160A- 20 Installment
Contract – Private Placement
Interest Rate: 4.47%
Term: 20 years
Payment: Monthly
Bank: Bank of Stanly
Municipality: Town of Blowing Rock
Population: 1,425
Amount: $ 1,000,000
Purpose: Parking
Authority: G. S. 160A- 20 Installment
Contract – Private Placement
Interest Rate: 4.08%
Term: 15 years
Payment: Annual
Lender: First- Citizens Bank & Trust
Company
County: Buncombe
Population: 224,267
Amount: $ 6,754,532
Purpose: Refunding Interim Loan:
County Building
Amount: $ 2,701,813
Purpose: Equipment ( Data Security &
Telephone System)
Amount: $ 3,058,656
Purpose: Library
Authority: G. S. 160A- 20 Installment
Purchase – Public Placement
Effective Interest
Cost: 5.25% ( Not to exceed)
Final Maturity: 2029
Special Counsel: Parker Poe Adams &
Bernstein LLP; Martin L.
Nesbitt, Esq.
Underwriters: Wachovia Securities ( Sr.
Mgr.); Robert W. Baird &
Company ( Co- Mgr.)
Underwriters
Counsel: McGuireWoods LLP
Trustee: U. S. Bank National
Association
( Continued on page 15)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 15
FINANCING AGREEMENTS APPROVED ON JULY 7, 2009 ( Continued from page 14)
County: Buncombe
Population: 224,267
Amount: $ 8,710,000
Purpose: Refunding of Certificates of
Participation, Series 1998
Authority: G. S. 160A- 20 Installment
Purchase – Public Placement
Effective Interest
Cost: 3.64% ( Not to exceed)
Final Maturity: 2013
Special Counsel: Parker Poe Adams &
Bernstein LLP; Martin L.
Nesbitt, Esq.
Underwriters: Wachovia Securities ( Sr.
Mgr.); Robert W. Baird &
Company ( Co- Mgr.)
Underwriters
Counsel: McGuireWoods LLP
Trustee: Bank of New York Mellon
Trust Company, N. A.
Municipality: Town of Carrboro
Population: 19,178
Amount: $ 3,250,000
Purpose: Municipal Building ( Fire
Substation)
Authority: G. S. 160A- 20 Installment
Contract – Private Placement
Interest Rate: 4.07%
Term: 15 years
Payment: Semiannual
Bank: BB& T
County: Mecklenburg
Population: 902,803
Amount: $ 275,000,000
Purpose: Refunding of Selected
Series of Variable Rate
Certificates of Participation
(“ COPs”)
Authority: G. S. 160A- 20 Installment
Contract – Public Placement
True Interest Cost: 5.20%
Final Maturity: Not beyond 2027
Special Counsel: Robinson, Bradshaw &
Hinson, P. A.
Underwriters: Citigroup Global Markets, Inc.
( Sr. Manager); Merrill Lynch &
Co. ( Co- Manager)
Underwriters
Counsel: Parker Poe Adams &
Bernstein LLP
Trustee: Regions Bank
County: Onslow
Population: 161,000
Amount: $ 1,200,000
Purpose: Economic Development
( Shell Building) ( NC Eastern
Region)
Authority: G. S. 160A- 20 Installment
Purchase – Private Placement
Interest Rate: 3.50%
Term: 14 years
Payment: Quarterly
Bank: NC Eastern Region
County: Onslow
Population: 161,000
Amount: $ 400,000
Purpose: Economic Development
( Shell Building) ( You, Inc.)
Authority: G. S. 160A- 20 Installment
Purchase – Private Placement
Interest Rate: 0%
Term: 3 years
Payment: Balloon Payment
Lender: Y. O. U., Inc.
Municipality: City of Raleigh
Population: 385,507
Amount: $ 26,000,000 ( Taxable)
Purpose: Parking
Authority: G. S. 160A- 20 Installment
Purchase – Public Placement
Interest Rate: Variable ( Taxable)
Term: Not beyond 2034.
Special Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Financial Advisor: DEC Associates, Inc.
Underwriters: Wells Fargo Securities
Underwriters’
Counsel: Parker Poe Adams &
Bernstein LLP
Remarketing Agent: Wells Fargo Securities
Letter of Credit
Provider: Wachovia Bank, N. A.
Trustee: Regions Bank ( DTC)
( Continued on page 16)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 16
FINANCING AGREEMENTS APPROVED ON JULY 7, 2009 ( Continued from page 15)
County: Wake
Population: 866,410
Amount: $ 165,000,000
Purpose: Jail
Authority: G. S. 160A- 20 Installment
Contract – Public Placement
True Interest
Cost: 5.95% ( Not to exceed)
Final Maturity: 2036
Special Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Underwriters: Merrill Lynch & Co.; Citigroup
Global Markets, Inc.
Underwriters’
Counsel: Parker Poe Adams &
Bernstein LLP
Trustee: U. S. National Bank
Association
Financial Advisor: Waters and Company, LLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 17
REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS
Municipality: Town of Apex
Amount: $ 6,500,000
Purpose: General Obligation Street
and Sidewalk Improvement
Bonds, Series 2009
Dated: Date of Delivery
Sold on: June 9, 2009
Rates: 3.00s, 2,925M, 2010/ 2018;
3.15s, 325M, 2019;
3.25s, 325M, 2020;
3.375s, 325M, 2021;
3.625s, 325M, 2022;
3.75s, 325M, 2023;
3.85s, 325M, 2024;
4.00s, 975M, 2025/ 2027;
4.10s, 325M, 2028;
4.125s, 325M, 2029. The
Bonds maturing on or prior to
June 1, 2019, will not be
subject to redemption prior to
maturity. The Bonds
maturing on June 1, 2020
and thereafter will be subject
to redemption, at the option
of the Town, from any moneys
that may be made available
for such purpose, either in
whole or in part on any date
not earlier than June 1, 2019,
at a redemption price equal to
100% of the principal amount
of the Street Bonds to be
redeemed, plus accrued
interest to the dated fixed for
redemption.
True Interest Cost: 3.5531%
Average Life: 10.44 years
Winning Bidder: Morgan Keegan & Company,
Inc.
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Municipality: Town of Apex
Amount: $ 2,970,000
Purpose: General Obligation
Refunding Bonds, Series
2009
Dated: Date of Delivery
Sold on: June 9, 2009
Rates: 2.00s, 1,160M, 2010/ 2012;
2.50s, 360M, 2013;
2.75s, 350M, 2014;
3.00s, 1,100M, 2015/ 2018.
The Bonds will not be subject
to redemption prior to their
respective maturities.
True Interest Cost: 2.3641%
Average Life: 4.42 years
Winning Bidder: Morgan Keegan & Company,
Inc.
Bond Counsel: Womble Carlyle Sandridge &
Rice PLLC
Municipality: Town of Clayton
Amount: $ 5,000,000
Purpose: General Obligation Public
Improvement Bonds, Series
2009A
Dated: Date of Delivery
Sold on: June 30, 2009
Rates: 3.00s, 1,750M, 2010/ 2016;
3.125s, 250M, 2017;
3.75s, 250M, 2018;
4.00s, 2,000M, 2019/ 2026;
4.25s, 500M, 2027/ 2028;
4.375s, 250M, 2029. The
Bonds maturing prior to
August 1, 2020 will not be
subject to redemption prior to
maturity. The Bonds
maturing on August 1, 2020
and thereafter will be
redeemable, at the option of
the Town, from any moneys
that may be made available
for such purpose, either in
whole or in part on any date
not earlier than August 1,
2019, at a redemption price
equal to 100% of the principal
amount of the Bonds to be
redeemed, plus interest
accrued thereon to the date
fixed for redemption.
True Interest Cost: 3.8678%
Average Life: 10.52 years
Winning Bidder: Robert W. Baird & Co., Inc.
Bond Counsel: Hunton & Williams LLP
( Continued on page 18)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 18
REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS ( Continued from
page 17)
Municipality: Town of Clayton
Amount: $ 610,000
Purpose: General Obligation
Refunding Bonds, Series
2009B
Dated: Date of Delivery
Sold on: June 30, 2009
Rates: 1.00s, 135M, 2010;
1.30s, 130M, 2011;
1.70s, 130M, 2012;
2.20s, 135M, 2013;
2.60s, 80M, 2014. The Bonds
will not be subject to
redemption prior to maturity.
True Interest Cost: 2.2289%
Average Life: 2.68 years
Winning Bidder: Bernardi Securities, Inc.
Bond Counsel: Hunton & Williams LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2008 19
REPORT OF RECENT SALE OF REVENUE BONDS
APPROVED ON JUNE 2, 2009
Municipality: City of Concord ( Utilities
Systems Revenue Refunding
Bonds)
Amount: $ 40,925,000
Purpose Terminate Swap and Refund
Variable Rate 2002B Bonds
with a fixed rate refunding
( original issue synthetic
fixed rate).
Savings: Eliminate short- term problems
with liquidity market and
interest rate risk. Fixed Rate
Refunding.
Rating( s): S& P: AA-; Fitch: AA-;
Moody’s: A1
Dated: July 9, 2009
Underwriter( s): Citi ( Sr.); Wachovia Securities
Sold on: BPA – June 12, 2009
Closing – July 9, 2009
Terms: Public Offering - $ 5,000
Denominations
Interest Rate( s): Fixed – ( yield) if different from
stated
Maturities: December 1:
09- 610M, 3.00%; (. 78%);
10- 1,695M, 3.00%; ( 1.13%);
11- 1,735M, 3.00%; ( 1.78%);
12- 1,770M, 3.00%; ( 2.25%);
13- 1,810M, 3.00%; ( 2.73%);
14- 1,365M, 3.00%; ( 3.05%);
14- 2,125M, 3.50%; ( 3.05%);
15- 2,975M, 3.00%; ( 3.34%);
15- 600M, 3.50%; ( 3.34%);
16- 2,360M, 3.25%; ( 3.60%);
16- 1,300M, 4.00%; ( 3.60%);
17- 1,905M, 3.50%; ( 3.84%);
17- 1,850M, 4.00%; ( 3.84%);
18- 1,090M, 4.00%; ( 4.05%);
18- 2,785M, 5.00%; ( 4.05%);
19- 545M, 4.00%; ( 4.20%);
19- 3,480M, 5.00%; ( 4.20%);
20- 975M, 4.00%; ( 4.33%);
21- 2,365M, 4.375%; ( 4.44%);
22- 1,290M, 4.25%; ( 4.55%);
22- 4,975M, 5.00%; ( 4.55%).
Maturities callable December
1, 2019 at par.
Trustee/ Registrar: The Bank of New York Mellon
Trust Company, N. A. ( DTC)
Bond Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter’s
Counsel: Womble Carlyle Sandridge &
Rice, PLLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2008 20
REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION
APPROVED ON JUNE 2, 2009
County: County of Cabarrus
Population: 164,384
Amount: $ 85,170,000
Purpose: Construction and
acquisition of two
elementary schools and two
middle schools and the
expansion and renovation of
an elementary school and of
a high school.
Rating( s): Moodys: Aa3, S& P: AA, Fitch:
AA-Dated:
July 16, 2009
Underwriter( s): Southwest Securities, Inc. ( Sr.
Mgr.); Merrill Lynch & Co. ( Co-
Mgr.)
Sold on: BPA — June 24, 2009
Closing — July 16, 2009
Terms: Public sale $ 5,000
denominations.
Interest Rate( s): Fixed — ( yield) if different
Maturities: January 1:
12— 4,735M, 3.00% ( 2.25%);
13— 645M, 3.00%; ( 2.66%);
13— 2,590M, 4.00%; ( 2.66%);
13— 1,500M, 5.00%; ( 2.66%);
14— 1,235M, 4.00%; ( 3.04%);
14— 3,500M 5.00%; ( 3.04%);
15— 4,735M, 4.00% ( 3.28%);
16— 180M, 3.50%; ( 3.52%);
16— 4,555M, 5.00%; ( 3.52%);
17— 1,000M, 3.50%; ( 3.78%);
17— 700M, 4.00%; ( 3.78%);
17— 3,035M, 5.00%; ( 3.78%);
18— 20M, 4.00%; ( 3.98%);
18— 4,710M, 5.00%; ( 3.98%);
19— 50M, 4.00% ( 4.15%);
19— 4,680M, 5.00% ( 4.15%);
20— 50M, 4.25%; ( 4.33%);
20— 4,680M, 5.00%; ( 4.33%);
21— 575M, 4.375%; ( 4.47%);
21— 4,155M, 5.00%; ( 4.47%);
22— 2,000M, 4.25%; ( 4.57%);
22— 2,730M, 5.00%; ( 4.57%);
23— 1,000M, 4.50%; ( 4.67%);
23— 3,730M, 5.00%; ( 4.67%);
24— 4,230M, 4.50% ( 4.75%);
24— 500M, 5.00% ( 4.75%);
25— 4,730M, 5.00%; ( 4.84%);
26— 1,385M, 4.75% ( 4.90%);
26— 3,345M, 5.00% ( 4.90%);
27— 4,730M, 4.75%; ( 4.94%);
28— 4,730M, 4.75% ( 4.98%);
29— 4,730M, 5.00% ( 5.05%).
Certificates maturing on or
after 1/ 1/ 20 are callable on or
after 1/ 1/ 19 at 100%.
Effective Interest
Cost: 4.557567%
Trustee/ Registrar: Regions Bank ( DTC)
Special Counsel: McGuireWoods LLP
Underwriter’s
Counsel: Parker Poe Adams & Bernstein
LLP
Municipality: City of Charlotte
Population: 695,995
Amount: $ 37,295,000
Purpose: Permanent financing of
improvements to the
NASCAR Museum by
refunding portions of the
COPS Series 2007C
commercial paper and
funding of additional
improvements.
Rating( s): Moodys: Aa2, S& P: AA+, Fitch:
AA
Dated: June 25, 2009
Underwriter( s): Merrill Lynch & Co. ( Sr. Mgr.);
Wachovia Securities ( Co- Mgr.)
Sold on: BPA — June 11, 2009
Closing — June 25, 2009
Terms: Public sale $ 5,000
denominations.
Interest Rate( s): Fixed — ( yield) if different
Maturities: Mandatory sinking fund
redemptions of term
certificates June 1, 2035- 2039
in the amounts of ( 000’ s
omitted) $ 4,260; $ 7,665;
$ 8,050; $ 8,450 and $ 8,870
for each respective year.
Certificates maturing on or
after 6/ 1/ 20 are callable on or
after 6/ 1/ 19 at 100%.
Effective Interest
Cost: 5.250755%
Trustee/ Registrar: U. S. Bank, National
Association ( DTC)
Special Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter’s
Counsel: McGuireWoods LLP
( Continued on page 21)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2008 21
REPORT OF RECENT SALE OF CERTIFICATES OF PARTICIPATION APPROVED
ON JUNE 2, 2009 ( Continued from page 20)
Municipality: City of Charlotte
Population: 695,995
Amount: $ 78,755,000
Purpose: Funding of recurring
equipment and real estate
needs of the City.
Rating( s): Moodys: Aa2, S& P: AA+, Fitch:
AA
Dated: June 25, 2009
Underwriter( s): Merrill Lynch & Co. ( Sr. Mgr.);
Wachovia Securities ( Co- Mgr.)
Sold on: BPA — June 11, 2009
Closing — June 25, 2009
Terms: Public sale $ 5,000
denominations.
Interest Rate( s): Fixed — ( yield) if different
Maturities: June 1:
10— 8,380M, 3.00% (. 64%);
11— 9,220M, 4.00%; ( 1.55%);
12— 9,595M, 5.00% ( 2.07%);
13— 1,995M, 4.00%; ( 2.44%);
13— 8,075M, 5.00%; ( 2.44%);
14— 10,555M, 5.00%; ( 2.81%);
15— 1,700M, 3.00% ( 3.02%);
15— 790M, 4.00% ( 3.02%);
16— 470M, 3.25%; ( 3.33%);
16— 2,100M, 5.00%; ( 3.33%);
17— 455M, 4.00%; ( 3.55%);
17— 2,235M, 5.00%; ( 3.55%);
18— 2,820M, 5.00%; ( 3.74%);
19— 1,170M, 4.00% ( 3.91%);
19— 1,790M, 5.00% ( 3.91%);
20— 100M, 4.00%; ( 4.04%);
20— 1,315M, 5.00%; ( 4.04%);
21— 1,480M, 4.00%; ( 4.12%);
22— 130M, 4.00%; ( 4.29%);
22— 1,410M, 5.00%; ( 4.29%);
23— 1,615M, 4.125%; ( 4.41%);
24— 560M, 4.25% ( 4.49%);
24— 1,125M, 5.00% ( 4.49%);
25— 1,765M, 4.375%; ( 4.61%);
26— 650M, 4.50%; ( 4.70%);
26— 1,190M, 5.00% ( 4.70%);
27— 150M, 4.625% ( 4.75%).
$ 5,915,000 4.75% Term
Certificates due June 1, 2029
— Yield 4.87%. Certificates
maturing on and after 6/ 1/ 20
are callable on or after 6/ 1/ 19
at 100%. Mandatory sinking
fund redemptions of term
certificates June 1, 2027-
2029. Certificates maturing on
or after 6/ 1/ 20 are callable on
or after 6/ 1/ 19 at 100%.
Effective Interest
Cost: 3.805213%
Trustee/ Registrar: U. S. Bank, National
Association ( DTC)
Special Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter’s
Counsel: McGuireWoods LLP
Municipality: City of Charlotte
Population: 695,995
Amount: $ 30,620,000
Purpose: Permanent financing of
improvements to the
Convention Center by
refunding portions of the
COPS Series 2007C
commercial paper and
funding of additional
improvements.
Rating( s): Moodys: Aa2, S& P: AA+, Fitch:
AA
Dated: June 25, 2009
Underwriter( s): Merrill Lynch & Co. ( Sr. Mgr.);
Wachovia Securities ( Co- Mgr.)
Sold on: BPA — June 11, 2009
Closing — June 25, 2009
Terms: Public sale $ 5,000
denominations.
Interest Rate( s): Fixed — ( yield) if different
Maturities: June 1:
11— 785M, 2.00%; ( 1.65%);
12— 800M, 2.25% ( 2.07%);
13— 820M, 4.00%; ( 2.52%);
14— 850M, 5.00%; ( 2.89%);
15— 895M, 4.00% ( 3.12%);
16— 930M, 3.50%; ( 3.38%);
17— 960M, 4.00%; ( 3.60%);
18— 1,000M, 3.50%; ( 3.79%);
19— 1,035M, 5.00% ( 3.96%);
20— 1,090M, 4.00%; ( 4.09%);
21— 1,130M, 4.125%; ( 4.24%);
22— 1,180M, 4.125%; ( 4.33%);
23— 1,225M, 4.25%; ( 4.40%);
24— 1,280M, 4.375% ( 4.55%);
25— 1,335M, 4.50%; ( 4.64%);
26— 1,395M, 4.625% ( 4.75%);
27— 1,460M, 5.00%; ( 4.85%);
28— 1,530M, 4.75% ( 4.93%);
29— 1,605M, 5.00% ( 5.01%).
$ 9,315,000 5.00% Term
Certificates due June 1, 2034
— Yield 5.07%. Certificates
maturing on and after 6/ 1/ 20
are callable on or after 6/ 1/ 19
at 100%. Mandatory sinking
fund redemptions of term
certificates June 1, 2030-
2034. Certificates maturing on
or after 6/ 1/ 20 are callable on
or after 6/ 1/ 19 at 100%.
Effective Interest
Cost: 4.762231%
Trustee/ Registrar: U. S. Bank, National
Association ( DTC)
Special Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter’s
Counsel: McGuireWoods LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
July 2009 22
BOND BUYER’S INDEX
20 G. O. Bonds
4.75
4.62
5.36 5.35
5.58
5.02 4.96 4.96 4.92
4.70 4.71
4.81
3.80
4.00
4.20
4.40
4.60
4.80
5.00
5.20
5.40
5.60
Aug 7 Sep 8 Oct 2 Nov 1 Dec 4 Jan 8 Feb 5 Mar 5 Apr 2 May 5 Jun 4 Jul 2
DAY
Percent Rate
2008 2009
JANET COWELL
NORTH CAROLINA STATE TREASURER
325 NORTH SALISBURY STREET
RALEIGH, NORTH CAROLINA 27603- 1385
The Bond Reporter is now available for download from the World Wide Web:
http:// www. treasurer. state. nc. us
Bulk Rate
U. S. Postage Paid
Raleigh, N. C.
Permit 1998