Bond reporter

              NORTH CAROLINA
DEPARTMENT OF STATE TREASURER
Janet Cowell, Treasurer
CALENDAR OF SCHEDULED COMPETITIVE SALES*
October 5, 2010
TOWN OF GARNER $ 6,050,000
Public Improvement, G.O. Bonds
October 12, 2010
COUNTY OF JOHNSTON $ 34,050,000
Refunding, G.O. Bonds
TOWN OF CARRBORO $ 2,590,000
Street & Sidewalk, G.O. BAN’s
October 19, 2010
COUNTY OF FRANKLIN $ 24,000,000
School, G.O. Bonds
October 26, 2010
TOWN OF FUQUAY-VARINA $ 2,360,000
Refunding, G.O. Bonds
November 2, 2010
TOWN OF AHOSKIE $ 10,800,000
Sanitary Sewer, G.O. BAN’s
DECEMBER 14, 2010
COUNTY OF WILSON $ 10,000,000
Refunding, G.O. Bonds
____________
*Subject to change.-
BOND
REPORTER
VOLUME XVII OCTOBER 2010 No. 10
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
Janet Cowell, Treasurer
Electronically Published Monthly by
North Carolina
Department of State Treasurer
Albemarle Building
325 North Salisbury Street
Raleigh, North Carolina 27603-1385
Janet Cowell, State Treasurer
(919) 508-5176
T. Vance Holloman, Deputy Treasurer
(919) 807-2351
Sharon Edmundson, Director, Fiscal Management
(919) 807-2380
Tim Romocki, Director, Debt Management
(919) 807-2360
Dora D. Fazzini, Director, North Carolina
Capital Facilities Finance Agency
(919) 807-2378
Robert C. Newman, Assistant Director
Debt Management
(919) 807-2365
Jim Baker, Assistant Director
Debt Management
(919) 807-2370
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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.
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TABLE OF CONTENTS
VOLUME XVII No. 10
October 2010
Calendar of Scheduled Competitive
Sales 1
Schedule of Negotiated Sales 3
Notice of Redemption 4-7
State and Local Unit Debt
Outstanding Balances 8
PROPOSALS
Revolving Loans 8
General Obligation Bond 9
Revenue Bonds 10-11
Notes or Other Evidences
of Indebtedness 11
North Carolina Capital Facilities
Finance Agency 12
Industrial Revenue Bonds 13-14
North Carolina Medical Care
Commission 15
Financing Agreements 16-19
REPORTS OF RECENT SALES
Anticipation Notes 19
General Obligation Bonds 20
Revenue 22
OTHER INFORMATION
Bond Buyer’s Index 23
B
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NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 3
SCHEDULE OF NEGOTIATED SALES*
October 6, 2010
NORTH CAROLINA MEDICAL CARE COMMISSION $ 180,000,000
Rex Hospital, Inc.
Health Care Facilities Revenue and Revenue Refunding Bonds, Series 2010
Bank of America Merrill Lynch (Sr. Mgr.); BB&T Capital Markets; and
Wells Fargo Bank N.A. (Co. Mgr.)
CITY OF DURHAM $ 43,000,000
General Obligation Bonds, Series 2010A
Taxable General Obligation Bonds, Series 2010B
Wells Fargo Securities (Sr. Mgr.); BB&T Capital Markets (Co. Mgr.)
October 7, 2010
COUNTY OF CABARRUS $ 42,000,000
Refunding Certificates of Participation
Southwest Securities (Sr. Mgr.); Robert W. Baird & Co. (Co. Mgr.)
October 13, 2010
CITY OF GREENSBORO $ 56,000,000
Tax-Exempt General Obligation Public Improvement Bonds, Series 2010A
Taxable General Obligation Public Improvement Bonds, Series 2010B (BABs)
Tax-Exempt General Obligation Refunding Bonds, Series 2010C
Wells Fargo Securities (Sr. Mgr.)
CITY OF GASTONIA $ 16,000,000
Tax-Exempt Limited Obligation Bonds, Series 2010A
Taxable Limited Obligation Bonds (RZEDBs), Series 2010B
Bank of America Merrill Lynch (Sr. Mgr.)
October 14, 2010
NORTH CAROLINA TURNPIKE AUTHORITY $ 500,000,000
Monroe Connector System State Appropriation Revenue Bonds,
Series 2010A and 2010B
Bank of America Merrill Lynch (Sr. Mgr.); Citigroup Global Markets (Co. Mgr.)
JP Morgan (Co. Mgr.); Piper Jaffray (Co. Mgr.); Loop Capital (Co. Mgr.); Siebert
Brandford (Co. Mgr.); Wells Fargo Securities (Co. Mgr.); RBC Capital Markets (Co. Mgr.);
Southwest Securities (Co. Mgr.); and BB&T Capital Markets (Co. Mgr.)
October 20, 2010
CITY OF WINSTON-SALEM $ 150,000,000
Water and Sewer System Revenue Bonds and Revenue Refunding Bonds
Citigroup Global Markets, Inc. (Sr. Mgr.), BB&T Capital Markets (Co. Mgr.),
Loop Capital Markets (Co. Mgr.)
October 21, 2010
NORTH CAROLINA CARE COMMISSION $ 280,000,000
Novant Health Inc.
JP Morgan Securities (Sr. Mgr.), Bank of America Merrill Lynch (Co. Mgr.),
Wells Fargo Securities (Co. Mgr.), BB&T Capital Markets (Co. Mgr.),
Citigroup Capital Markets (Co. Mgr.) and SunTrust Bank (Co. Mgr.)
COUNTY OF JOHNSTON $ 28,000,000
Tax-Exempt Refunding Limited obligation Bonds, Series 2010
Citigroup Global Markets Inc. (Sr. Mgr.), Robert W. Baird & Co. (Co. Mgr.)
October 27, 2010
COUNTY OF DURHAM $ 60,000,000
General Obligation Bonds, Series 2010A
Taxable General Obligation Bonds, Series 2010B, (BABs)
Merrill Lynch (Sr. Mgr.); Stephens, Inc. (Co-Mgr.)
____________
*Subject to change.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 4
NOTICE OF REDEMPTION
Issuer: North Carolina Medical Care Commission HealthCare Facilities, Revenue
Bonds, (Stanly Memorial Hospital Project), Series 1999
Amount: $330,000
Dated: October 15, 1999
Redemption Date: October 1, 2010
Redemption Price: 100%
CUSIP Numbers: 657902WG3
Registered Bond: FASBAL_7
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: The Wilson County Industrial Facilities and Pollution Control Financing
Authority, Variable Rate Demand Industrial Development Revenue Bonds,
Series 2000, (Supreme/Murphy Truck Bodies, Inc. Project)
Amount: $200,000
Dated: October 11, 2000
Redemption Date: October 1, 2010
Redemption Price: 100%
CUSIP Numbers: 972167AE0
Bond Number: FASBAL_1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: North Carolina Medical Care Commission, Health Care Facilities Revenue
Refunding Bonds, (WakeMed), Series 2009C
Amount: $3,540,000
Dated: July 16, 2009
Redemption Date: October 1, 2010
CUSIP Number: 65821DCW9
Redemption Price: 100%
Registered Bond: 1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: The Sampson County Industrial Facilities and Pollution Control Financing
Authority, Industrial Revenue Bonds, (DuBose Strapping, Inc. Project), Series
2003
Amount: $90,000
Dated: October 1, 2003
Redemption Date: October 1, 2010
CUSIP Number: 79588KAA7
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
(Continued on page 5)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 5
NOTICE OF REDEMPTION (Continued on from page 4)
Issuer: The Sampson County Industrial Facilities and Pollution Control Financing
Authority, Industrial Revenue Bonds, (DuBose Strapping, Inc. Project), Series
2001
Amount: $70,000
Dated: December 1, 2001
Redemption Date: October 1, 2010
CUSIP Number: 795877AE9
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: $40,000,000 County of New Hanover, North Carolina, Series 2008A, Variable
Rate Hospital Revenue Bonds (New Hanover Regional Medical Center
Project), Series 2008A
Amount: $370,000
Dated: November 6, 2008
Redemption Date: October 1, 2010
CUSIP Number: 644804CF1
Registered Bond: FASBAL_1
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: North Carolina Medical Care, $91,885,000 Commission Health Care Facilities
First Mortgage Revenue Bonds, Series 2001, (The Presbyterian Homes, Inc.
Project)
Amounts: $1,625,000, $1,725,000, $21,835,000, $46,060,000
Dated: April 1, 2006
Redemption Date: October 1, 2010
CUSIP Numbers: 657902WV0, 657902WW8, 657902WX6, 657902WY4
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: North Carolina Capital Facilities Finance Agency, Tax-Exempt Adjustable
Mode Capital Facilities Revenue Bonds, (Montessori School of Raleigh
Project), Series 2003
Amount: $200,000
Dated: March 1, 2003
Redemption Date: October 1, 2010
Redemption Price: 100%
CUSIP Number: 65818SAC7
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
(Continued on page 6)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 6
NOTICE OF REDEMPTION (Continued on from page 5)
Issuer: $40,000,000 County of New Hanover, North Carolina, Variable Rate Hospital
Revenue Bonds, (New Hanover Regional Medical Center Project), Series
2008B
Amount: $370,000
Dated: November 6, 2008
Redemption Date: October 1, 2010
CUSIP Number: 644804CG9
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: Buncombe County North Carolina Industrial Facilities & Pollution Control
Financing Authority, Tax Exempt Adjustable Mode Industrial Development
Revenue Bonds, (Medical Actions Industries, Inc. Project), Series 1997
Amount: $90,000
Dated: July 9, 1997
Redemption Date: October 1, 2010
CUSIP Number: 120520AJ0
Registered Bond: BOOK16_1
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: State of North Carolina Department of State Treasurer, $70,000,000 North
Carolina Capital Facilities Finance Agency, Education Facilities Revenue
Bonds, (Campbell University), Series 2009
Amount: $870,000
Dated: August 20, 2009
Redemption Date: October 1, 2010
CUSIP Number: 65818PHH5
Registered Bond: FASBAL_1
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 Robeson County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (Rempac Foam
Corporation Project), Series 1999
Amount: $25,000
Dated: January 28, 1999
Redemption Date: October 1, 2010
CUSIP Number: 770657AU8
Registered Bond: R3_1
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: North Carolina Medical Care Commission, $7,700,000 Health Care Facilities
Revenue Bonds, (Carolina Village Inc. Project), Series 1998
Amount: $400,000
Dated: October 1, 1998
Redemption Date: October 1, 2010
CUSIP Number: 657902US9
Redemption Price: 100%
Registered Bond: RR_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 7)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 7
NOTICE OF REDEMPTION (Continued on from page 6)
Issuer: North Carolina Medical Care Commission, Hospital Revenue Bonds,
(Transylvania Community Hospital, Inc.), Series 1997
Amount: $230,000
Dated: November 1, 1997
Redemption Date: October 1, 2010
CUSIP Number: 65820HGH0
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 Henderson, North Carolina, Hospital Revenue Refunding Bond,
(Margaret R. Pardee Memorial Hospital Project), Series 2008
Amount: $685,000
Dated: June 11, 2008
Redemption Date: October 1, 2010
CUSIP Number: N/A
Registered Bond: BOOK_1
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: North Carolina Medical Care Commission, Variable Rate Retirement Facilities
First Mortgage Revenue Bonds, (Carolina Village Project), Series 2008B
Amount: $10,000,000
Dated: February 28, 2008
Redemption Date: October 12, 2010
CUSIP Number: 65820YHT6
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
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 8
STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES
SEPTEMBER 30, 2010
Amount Population Per Capita
Local Units’ Debt $ 28,346,576,906 — —
State of North Carolina $ 6,899,685,000 9,386,573 $ 735.06
U.S. Public Debt $13,561,623,030,892 305,903,144 $ 44,333.06
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REVOLVING LOANS
APPROVED ON OCTOBER 5, 2010
Municipality: Town of Clarkton
Amount: $1,044,615
Purpose: Wastewater
Term: 20 years
Interest Rate: Not to exceed 4%.
Loan from: State of North Carolina
Municipality: City of Newton
Amount: $ 1,950,000
Purpose: Wastewater
Term: 19 years
Interest Rate: Not to exceed 4%.
Loan from: State of North Carolina
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 9
GENERAL OBLIGATION BOND PROPOSALS
APPROVED ON OCTOBER 5, 2010
County: Carteret
Population: 63,520
Amount: $ 5,500,000
Purpose: Refunding
Bond Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter: Southwest Securities, Inc. (if
negotiated)
Escrow Agent: Bank of New York Mellon Trust
Co.
Verification Agent: Grant Thornton LLP
County: Durham
Population: 267,849
Amount: $70,000,000
Purpose: Refunding
Sale: Negotiated
Interest Rate: Fixed not to exceed 4.00% (TIC)
Bond Counsel: Robinson Bradshaw & Hinson
P.A.
Underwriters: Stephens, Inc. and Bank of
America Merrill Lynch
Underwriters
Counsel: Parker Poe Adams & Bernstein
LLP
Escrow Agent: Wells Fargo Bank, National
Association
Financial Advisor: DEC Associates, Inc.
Verification Agent: The Arbitrage Group
Municipality: Town of Fuquay-Varina
Population: 17,002
Amount: $ 3,000,000
Purpose: Refunding
Bond Counsel: Sanford Holshouser LLP
Interest Rate: Fixed
Financial Advisor: Davenport & Company LLP
Escrow Agent: Branch Banking & Trust Co.
Verification Agent: The Arbitrage Group
Municipality: City of Greensboro
Population: 263,920
Amount: $18,000,000
Purpose: Refunding
Interest Rate: Fixed not to exceed 3.00%
(TIC)
Sale: Negotiated
Co-Bond Counsel: Sidley Austin LLP and The
Steve Allen Law Firm
Underwriter: Wells Fargo Securities
Underwriter’s
Counsel: Womble Carlyle Sandridge &
Rice PLLC
Escrow Agent: U.S. Bank National Association
Financial Advisor: DEC Associates, Inc.
Verification Agent: Grant Thornton LLP
County: Rowan
Population: 140,518
Amount: $12,000,000
Purpose: Community College
Improvements
Bond Counsel: Dewey & LeBoeuf LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 10
REVENUE BONDS
APPROVED ON OCTOBER 5, 2010
Municipality: City of Salisbury
Amount: $ 24,900,000
Purpose: (Combined Enterprise
System Revenue Refunding
Bonds)
Term: Approximately 17 years
Interest Rate: Fixed
Final Maturity: Not beyond 2028
Structure: Public Sale. Sale is scheduled
for the week of October 25th
so as to not conflict with any
other revenue bonds. Issue
expected to be rated by
Moody’s; and Fitch current
ratings are Aa3 and AA-.
Issue will be insured by
Assured Guaranty
Corporation for preferred
marketability and rated Aa3
by Moody’s.
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
Underwriter: RW Baird
Underwriter’s
Counsel: Parker Poe Adams &
Bernstein, LLP
Registrar/Trustee/
Escrow Agent: US Bank, National
Association (DTC)
Verification Agent: The Arbitrage Group, Inc.
Insurance/Surety: Assured Guaranty Corp.
Financial Advisor: First Tryon Advisors
Authority: North Carolina Turnpike
Authority
Amount: $500,000,000
Purpose: State Appropriation
Revenue Bonds (Series
2010A Federally Taxable –
Build America Bonds and
Series 2010 Tax Exempt
Bonds)
Interest Rate: Series A: fixed rate, federally
taxable Build America Bonds,
with interest capitalized
through July 1, 2014, then
interest is payable January 1st
and July 1st of each year, with
principal payments
commencing January 1,
2021. Expected All in TIC
Rate: 3.66% (Issued at the
same time as Series B Bonds.
Series B Bonds: fixed rate tax
exempt bonds, with interest
capitalized through July 1,
2014, then interest is payable
January 1st and July 1st of
each year, with principal
payments commencing
January 1, 2016. Expected All
in TIC Rate: 2.63% (Issued at
the same time as Series A
Bonds).
Structure: Rated public offering, in
$5,000 denominations or any
whole multiple thereof.
Pricing of the Series 2010A
and 2010B is scheduled for
October 14, 2010, so as to not
conflict with any other North
Carolina revenue bonds. The
long-term ratings of Series
2010A and 2010B Bonds are
expected to be rated at least:
S&P: AA; Moody’s: Aa2;
Fitch: AA-Final
Maturity: Series A and Series B not to
exceed January 31, 2041.
Bond Counsel: Hunton & Williams LLP
Underwriters: Bank of America Merrill
Lynch, (Senior Manager) Co-
Managers: Citigroup Global
Markets, Inc.; J. P. Morgan
Securities, Inc.; Wachovia
Securities; RBC Capital
Markets; B B & T Capital
Markets; Southwest
Securities, Inc.; Loop Capital
Markets, LLC; Siebert
Brandford Shank & Co., LLC
Underwriters’
Counsel: Bode, Call & Stroup, L.L.P.
Trustee/Registrar/
Paying Agent: Wells Fargo Bank N.A. (DTC)
Borrower’s
Counsel: Ebony Pittman, Esquire with
North Carolina Attorney
General’s Office (North
Carolina Turnpike Authority
Counsel) Katherine White,
Esquire with North Carolina
Attorney General’s Office
(NCDOT Counsel)
Financial Advisor: Public Financial Management,
Inc.
Traffic Consultant: Wilbur Smith Associates
General
Engineering
Consultant: HNTB Corporation
Insurance provider: Assured Guaranty Corp. (if
market conditions warrant)
(Continued on page 11)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 11
REVENUE BONDS APPROVED ON OCTOBER 5, 2010 (Continued from page 10)
Municipality: City of Winston-Salem
Amount: $150,000,000
Purpose: Water and Sewer Revenue
and Revenue Refunding
Bonds, Series 2010A, B, C,
D and Series 2011A
Interest Rate: Fixed (Serial, Term)
Term: Approximately 30 years.
Structure: Series 2010A, B, C, D and
Series 2011A are rated, public
offerings in $5,000
denominations. Pricing is
currently scheduled for
October 20, 2010, to not
conflict with any other
revenue bonds. Expected
ratings: S&P: AAA; Moody’s:
Aa1; Fitch: AA+
Final Maturity: Not beyond June 30, 2040.
Bond Counsel: Parker Poe Adams &
Bernstein, LLP
Underwriters: Citigroup Global Markets, Inc.
(Sr. Mgr.); BBB&T Capital
Markets (Co. Mgr.); Loop
Capital Markets, LLC (Co.
Mgr.)
Borrower’s
Counsel: Angela Carmon, Esquire
Underwriters’
Counsel: Moore & Van Allen PLLC
Registrar/Trustee: The Bank of New York Mellon
Trust Company, N..A. (DTC)
Agreed Upon
Procedures: Raftelis Financial
Consultants, Inc.
Financial Advisor: DEC Associates, Inc.
Verification Agent: Barthe & Wahrman, PA
NOTES OR OTHER EVIDENCES OF INDEBTEDNESS
APPROVED ON OCTOBER 5, 2010
Authority: Charlotte-Mecklenburg
Hospital Authority
Amount: $ 2,400,000
Purpose: Letter of Credit (G.S. 131E-
26(b) Construction
Deductibles
Term: One year rolling (renewed in 1
year increments)
Amount of Letter
of Credit: Not to exceed $2,400,000
Letter of Credit
Provider: Wells Fargo Bank, N.A.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 12
NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY
APPROVED ON OCTOBER 5, 2010
Issuer: Sugar Creek Charter School
Amount: $ 5,500,000
Purpose: Educational Facilities
Revenue Bonds, Series 2010
Location: Charlotte (Mecklenburg
County)
Interest Rate: Variable rate adjusted based
on 68% of one month LIBOR
+ 1.7875%
Term: Approximately 20 years.
Final Maturity: Not to extend beyond
December 31, 2031
Structure: Private placement as a bank
qualified loan with Branch
Banking and Trust Company.
The bond issue is currently
anticipated to close on
October 27, 2010. Transfer to
Qualified Institutional Buyers
(QIBs) is permitted.
Borrower’s
Counsel: Robinson, Bradshaw &
Hinson, P.A.
Bond Counsel: Hunton & Williams LLP
Purchaser: Branch Banking and Trust
Company
Bank’s Counsel: Moore & Van Allen PLLC
Swap Advisor: Derivatives Advisory Group
Issuer: Thales Academy
Amount: $10,500,000
Purpose: Educational Facilities
Revenue Bonds, Series 2010
Location: Wake Forest, Apex, Raleigh
(Wake County)
Term: Approximately 21 years.
Interest Rate: Variable rate, based on 68%
of one month LIBOR + 1.14%,
payable monthly.
Structure: Private placement as a bank
qualified loan with Branch
Banking and Trust Company.
The financing is expected to
close on October 19, 2010.
Transfer to Qualified
Institution Investors (QIBs) is
permitted.
Final Maturity: Not to extend beyond
December 31, 2031.
Bond Counsel: Hunton & Williams LLP
Bank: Branch Banking and Trust
Company
Bank Counsel: Moore & Van Allen PLLC
Borrower’s
Counsel: Parker Poe Adams &
Bernstein LLP
Swap Advisor: To be determined
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 13
INDUSTRIAL REVENUE BONDS
APPROVED ON OCTOBER 5, 2010
Issuer: Thompson Child & Family
Focus (Mecklenburg County)
Amount: $11,560,000 (Special
Purpose)
Purpose: Proceeds of loan A will pay
off the Series 2000 Bond
used to finance the
construction and equipping
of an approximately 21,464
square foot administration
building and the renovation
and equipping of four
residential cottages located
on the borrower’s campus
on St. Peter’s Lane, in the
Town of Matthews. Proceeds
of loan B will be used to
construct an approximately
23,000 square foot child
development facility on
4.02 acres of land in
Charlotte and 16,000
square foot residential
treatment facility will be
constructed on the
Matthews campus.
Location: Mecklenburg County
Interest Rate: Loan A: 68% of the one-month
LIBOR plus 1.14%;
Loan B: 68% of the one-month
LIBOR plus 1.14%
Final Maturity: Not beyond the year 2035
(Bullet)
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 for
each loan. The Bank has the
ability, with six months
notice, to call the bond after 5
years for payment in full
without penalty. Should the
Bank call the loan, the Bank
is required to pay off the
Authority Bond and enter into
a taxable loan with terms
agreeable to the Borrower and
Bank.
Bond Counsel: Hunton & Williams LLP
Purchaser: BB&T Capital Markets
Bank Counsel: Moore & Van Allen PLLC
Borrower’s
Counsel: McGuireWoods LLP
Issuer: The Family Violence
Prevention Center, Inc. DBA
InterAct (Wake County)
Amount: $ 4,825,000
Purpose: Proceeds of the loan will
repay two existing taxable
loans, the proceeds of
which were used to finance
approximately 3.54 acres of
land and a 61,500 square
foot facility on Oberlin Road
in Raleigh.
Location: Raleigh
Interest Rate: 68% of the one-month LIBOR
plus 1.30%.
Final Maturity: Not beyond the year 2030
(Bullet).
Bond Counsel: Hunton & Williams LLP
Purchaser: BB&T Capital Markets
Bank Counsel: Moore & Van Allen PLLC
Borrowers
Counsel: Parker Poe Adams &
Bernstein LLP
Issuer Counsel: Smith Anderson, Blout,
Dorsett, Mitchell & Jernigan,
LLP
(Continued on page 14)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 14
INDUSTRIAL REVENUE BONDS APPROVED ON OCTOBER 5, 2010 (Continued from page
13)
Issuer: Northeast Foods, Inc./H&S
Bakery, Inc. and Automatic
Rolls of North Carolina, LLC
(Project) Johnston County
Amount: $32,510,000
Purpose: Acquisition, construction
and equipping of an
approximately 90,000
square foot commercial
bakery and storage facility.
(Special Purpose Recovery
Zone Facility Bond)
Location: Clayton
Interest Rate: 68% of the one-month LIBOR
plus 1.625%
Final Maturity; Not beyond the year 2030
(Bullet).
Structure: Private Sale to PNC Bank and
Capital Markets Group for its
own portfolio. The Bank has
the ability, with six months
notice, to call the bond after
11 years for payment in full
without penalty. Should the
Bank call the loan, the
Borrower has the option to
find another bank qualified
loan provider, or convert to
another mode, transfer is
restricted to bank, insurance
company, similar financial
institution or a qualified
institutional investor, (QIBs),
or the Bank is required to pay
off the Authority Bond and
enter into a taxable loan on
terms agreeable to the
Borrower and Bank.
Bond Counsel: Hunton & Williams LLP
Purchases: PNC Bank and Capital
Markets
Bank Counsel: Hunton and Williams LLP
Borrowers
External
Counsel: Parker Poe Adams &
Bernstein LLP
Borrower: PNC Bank & Capital Markets
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 15
NORTH CAROLINA MEDICAL CARE COMMISSION
APPROVED ON OCTOBER 5, 2010
Issuer: Ashe Memorial Hospital,
Inc.
Amount: $ 1,500,000
Purpose: Purchase and installation of
various energy-savings
improvements and
equipment, including HVAC
and air handling upgrades
and improvements, water
conservation and lighting
improvements, boiler and
gas line replacements and
upgrades, kitchen and pool
improvements and other
related equipment.
Term: Approximately twelve years.
Interest Rates: Not to exceed 6.5%
Final Maturity: Not beyond December 31,
2022.
Structure: Private placement with
PNCEF, LLC. Transfer is
limited to qualified
institutional buyers (QIBs).
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Lessor: PNCEF, LLC
Lessor Counsel: Chapman & Cutler
Hospital Counsel: Johnston and Johnston,
Attorneys
Escrow Agent: U.S. Bank, National
Association
Placement Agent: Saulsbury Hill Financial, LLC
Vendor: Johnson Controls, Inc.
Issuer: Chapel Hill Residential
Retirement Center, Inc.
(dba Carol Woods
Retirement Community)
Amount: $30,000,000
Purpose: Proceeds of the financing
will be used to (1) refund
the NCMCC Health Care
Facilities Revenue Bonds,
Series 2001, the proceeds of
which were used to refund
the NCMCC Series 1991,
which were issued to fund a
60 bed health care
center/nursing home and
50 garden apartments, as
well as other improvements
to the original campus; fund
new construction and
equipping of 12
independent living cottages
and 24 assisted living units,
renovations to the dining
hall and multi-purpose
building, building, and other
campus improvements.
Term: Approximately 25 years.
Interest Rate: Variable rate, adjusted
monthly, based on 68% of 30
Day LIBOR + 1.1375%.
Final Maturity: Not to exceed June 30, 2035.
Structure: Private placements as a bank
qualified loan with Branch
Banking and Trust Company.
The bond issue is expected to
close on October 22, 2010.
Transfer is restricted to other
qualified institutional
investors (QIBs). Borrower
has an A rating by S&P.
Bond Counsel: McGuireWoods LLP
Borrower Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Bank Purchaser: Branch Banking and Trust
Company
Bank Counsel: Moore & Van Allen PLLC
Trustee: Bank of New York Mellon
Trust Company, N.A. (DTC)
Structuring Agent: BB&T Capital Markets
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 16
FINANCING AGREEMENTS
APPROVED ON OCTOBER 5, 2010
County: Camden
Population: 9,730
Amount: $ 725,000
Purpose: County Building
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Interest Rate: 4.43%
Term: 20 years
Payment: Annual
Bank: BB&T
County: Lenoir
Population: 58,000
Amount: $ 18,500,000
Purpose: Jail
Interest Rate: 6.15%
Authority: G.S. 160A-20 Installment
Contract – Private Placement
(Taxable with Federal
subsidy-Recovery Zone
Economic Development
Bonds)
Term: 20 years
Payment: Annual
Bank: Branch Banking & Trust
Company
Municipality: Town of Seaboard
Population: 982
Amount: $ 452,500
Purpose: Town Hall, Police and Water
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 2.08%
Term: 18 months
Payment: Semiannual interest
Bank: RBC
County: Vance
Population: 43,583
Amount: $ 3,924,320
Purpose: Schools
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Qualified School Construction
Bond
Interest Rate: 5.09% (not to exceed 2%
subsidized)
Term: 15 years (not to exceed 19
years)
Payment: Annual
Bank: BB&T
County: Wilkes
Population: 67,297
Amount: $ 13,400,000
Purpose: Refunding: Schools
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Interest Rate: 3.41%
Term: 11 years
Payment: Annual
Lender: Branch Banking & Trust
Company
County: Ashe
Population: 26,319
Amount: $ 2,896,202
Purpose: Schools
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Qualified School Construction
Bond
Interest Rate: 5.49% taxable (not to exceed
2% subsidized
Term: 15 years (not to exceed 19
years)
Payment: Annual
Bank: BB&T
County: Cabarrus
Population: 164,384
Amount: $ 14,637,157
Purpose: Schools
Authority: G.S. 160A-20 Installment
Contract – Private Placement
(Taxable with Qualified school
Construction Bonds
(“QSCBs”)
Term: 19 years
Effective Interest
Cost: Not to exceed 2.00%
Payments: Annual extinguishment
contributions and semi-annual
interest payments
Bank: Branch Banking & Trust
Company
(Continued on page 17)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 17
FINANCING AGREEMENTS APPROVED ON OCTOBER 5, 2010 (Continued from page 16)
County: Cabarrus
Population: 164,384
Amount: $ 41,080,000
Purpose: Refunding Certificates of
Participation – Schools &
County Buildings
Authority: G.S. 160A-20 Installment
Purchase – Public Placement
Effective Interest
Rate: 4.290%
Final Maturity: Not beyond 2024.
Special Counsel: McGuireWoods LLP
Underwriters: Southwest Securities, Inc. (Sr.
Mgr.); Robert W. Baird & Co.
(Co. Mgr.)
Underwriters
Counsel: Parker Poe Adams &
Bernstein LLP
Trustee: Regions Bank
County: Craven
Population: 100,271
Amount: $ 2,163,000
Purpose: Schools
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Qualified School Construction
Bond
Interest Rate: 4.72% (taxable before
subsidy) – not to exceed 2%
with subsidy)
Term: 10 years (not to exceed 19
years)
Payment: Annual
Bank: BB&T
Municipality: Town of Duck
Population: 504
Amount: $ 3,000,000
Purpose: Municipal Building
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 3.21% (Interest rate on the
existing loan will be reduced
from 3.98% to 3.21% for the
remaining term of 12 years.
Term: 15 years
Payment: Semiannual
Bank: BB&T
Municipality: City of Gastonia
Population: 74,518
Amount: $ 7,550,000
Purpose: Conference Center
Amount: $ 778,987
Purpose: Museum
Amount: $ 2,741,562
Purpose: Parks
Amount: $ 5,929,450
Purpose: Refunding: Municipal
Buildings
Authority: G.S. 160A-20 Installment
Purchase – Public Offering
Effective Interest
Cost: Series A (Tax-Exempt):
3.40%; Series B (Recovery
Zone Economic Development
Bond): 4.54%
Final Maturity: Not beyond 2033.
Special Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Underwriters: Bank of America Merrill
Lynch
Underwriters
Counsel: Parker Poe Adams &
Bernstein LLP
Trustee: U.S. Bank, National
Association (DTC)
Financial Advisor: DEC Associates, Inc.
County: Haywood
Amount: $ 11,200,000
Purpose: Community College
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Interest Rate: 3.14%
Term: 15 years
Payment: Semiannual
Lender: Bank of America Merrill
Lynch
(Continued on page 18)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 18
FINANCING AGREEMENTS APPROVED ON OCTOBER 5, 2010 (Continued from page 17)
County: Hyde
Population: 5,181
Amount: $ 3,002,692
Purpose: Schools
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
(Qualified School
Construction Bonds (QSCB))
Interest Rate: 0.93% (Bonds will also receive
tax credits; 4.85% as of
September 28, 2010.
Term: 15 years (not to exceed 19
years)
Payment: Annual
Bank: BB&T
County: Johnston
Population: 162,746
Amount: $ 32,000,000
Purpose: Refunding: Schools
Authority: G.S. 160A-20 Installment
Contract – Public Offering
Effective Interest
Rate: 3.750%
Final Maturity: Not beyond 2027.
Special Counsel: McGuireWoods LLP
Underwriters: Citigroup Global Markets Inc.
(Sr. Manager); Robert W.
Baird & Co. (Co. Manager)
Underwriters
Counsel: Parker Poe Adams &
Bernstein LLP
Financial Advisor: Davenport & Company LLC
Trustee: The Bank of New York Mellon
Trust Company, N.A. (DTC)
County: Jones
Population: 10,381
Amount: $ 2,500,000
Purpose: School
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Qualified School Construction
Bond
Interest Rate: $2,200,000 0.00%; $300,000
1.35% (supplemental coupon)
Term: 15 years (not to exceed 19
years @ 2% subsidized rate)
Payment: Annual
Bank: BB&T
County: Macon
Population: 32,395
Amount: $ 14,500,000
Purpose: Schools
Authority: G.S. 160A-20 Installment
Contract – Private Placement
(Taxable with Qualified School
Construction Bonds
(“QSCBs”) and a Tax Exempt
borrowing for the balance of
the financing.
Interest Rate: (Taxable): 5.49% (not to
exceed 2% subsidized rate);
(Tax Exempt): 4.00%
Term: Taxable: 19 years; Tax
Exempt: 20 years
Payment: (For all) Annual with
payments structured as
straight-line for each issue.
Bank: Branch Banking & Trust
Company
County: Pitt
Population: 158,575
Amount: $ 22,560,000
Purpose: Community College
Amount: $ 5,946,488
Purpose: Refunding: Courthouse
Amount: $ 2,200,365
Purpose: Refunding: County
Buildings
Amount: $ 12,342,630
Purpose: Refunding: Schools
Amount: $ 2,757,517
Purpose: Refunding: Municipal
Buildings
Authority: G.S. 160A-20 Installment
Contract – Public Offering
Effective Interest
Cost: Series A (Tax-Exempt):
3.63%; Series B (Build
America Bonds): 4.54%;
Series C (Tax-Exempt): 3.85%
Final Maturity: Series A & B: Not beyond
2035; Series C: Not beyond
2026
Special Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Underwriters: Citigroup Global Markets Inc.
(Sr. Manager); BB&T Capital
Markets (Co-Manager)
Underwriters
Counsel: Parker Poe Adams &
Bernstein LLP
Trustee: The Bank of New York Mellon
Trust Company, N.A. (DTC)
(Continued on page 19)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 19
FINANCING AGREEMENTS APPROVED ON OCTOBER 5, 2010 (Continued from page 18)
County: Pitt
Population: 158,575
Amount: $ 5,952,500
Purpose: Schools
Authority: G.S. 160A-20 Installment
Contract – Private Placement
(Taxable with Qualified School
Construction Bonds
(“QSCBs”).
Effective Rate: Not to exceed 2.00%.
Term: Not to exceed 19 years.
Payments: Annual extinguishment
contributions and semi-annual
interest payments.
Bank: Branch Banking & Trust
Company
County: Robeson
Population: 131,988
Amount: $ 10,524,093
Purpose: Schools
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Qualified School Construction
Bond, Qualified Zone
Academy Bonds.
Interest Rate: 5.21% (taxable) (not to exceed
2% subsidized rate)
Term: 15 years (not to exceed 19
years)
Payment: Semiannual
Bank: BB&T
County: Rowan
Population: 140,518
Amount: $ 6,270,000
Purpose: Jail
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Build America Bond
Interest Rate: 3.28% (taxable)
Term: 10 years
Payment: Semiannual
Bank: RBC Bank
􀂒􉈀􀂒􉈀􀂒􉈀􀂒􉈠
REPORT OF RECENT SALE OF BOND ANTICIPATION NOTES
Municipality: Town of Carrboro
Amount: $ 2,590,000
Purpose: General Obligation Sidewalk
Bond Anticipation Notes,
Series 2010B
Dated: October 26, 2010
Maturing: July 20, 2011
Sold on: October 12, 2010
Net Interest Cost: .7818%
Winning Bidder: Wells Fargo Bank, National
Association
Bond Counsel: Sanford Holshouser LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 20
REPORT OF RECENT SALE OF GENERAL OBLIGATION BONDS
Municipality: Town of Cary
Amount: $ 14,670,000
Purpose: General Obligation Public
Improvement Refunding
Bonds, Series 2010B
Dated: Date of Delivery
Sold on: September 14, 2010
Interest Rate: 2.3273%
Rates: 4.00s, 14,670M, 2017/2022.
The bonds will not be subject
to redemption prior to their
maturity.
Average Life: 9.31 years
Winning Bidder: Citigroup Global Markets Inc.
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Municipality: Town of Garner
Amount: $ 6,050,000
Purpose: General Obligation Public
Improvement Bonds, Series
2010 (Taxable Build America
Bonds)
Dated: Date of Delivery
Sold on: October 5, 2010
Interest Rate: 4.4520% (BAB TIC 2.9062%)
Rates: Taxable BAB Serials
1.05s, 115M, 2012;
1.25s, 120M, 2013;
1.50s, 120M, 2014;
2.00s, 160M, 2015;
2.25s, 175M, 2016;
2.70s, 175M, 2017;
3.05s, 175M, 2018;
3.40s, 175M, 2019;
3.65s, 175M, 2020;
3.85s, 175M, 2021;
4.05s, 445M, 2022;
4.75s, 450M, 2026;
5.00s, 450M, 2029;
5.20s, 450M, 2030;
5.25s, 450M, 2031;
2025 Taxable BAB Term
Bond
4.25s, 1,340M, 2025;
2028 Taxable BAB Term
Bond
4.70s, 900M, 2028.
The Bonds maturing on or
prior to February 1, 2020, will
not be subject to redemption
prior to maturity. The Bonds
maturing on February 1, 2021
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 February 1, 2020,
at a redemption price equal to
100% of the principal amount
of the Bonds to be redeemed,
plus accrued interest to the
date fixed for redemption.
Average Life: 13.28 years.
Winning Bidder: Morgan Keegan & Company,
Inc.
Bond Counsel: Hunton & Williams LLP
County: Johnston
Amount: $ 30,400,000
Purpose: General Obligation
Refunding Bonds, Series
2010B
Dated: Date of Delivery
Sold on: October 12, 2010
Interest Rate: 2.3567%
Rates: 2.00s, 2,810M, 2013/2015;
3.00s, 5,360M, 2016/2017;
2.00s, 3,645M, 2018;
4.00s, 4,075M, 2019;
3.00s, 4,070M, 2020;
4.00s, 5,530M, 2021/2022;
5.00s, 2,000M, 2023;
4.00s, 2,910M, 2024/2025.
The bonds are not subject to
redemption prior to maturity.
Average Life: 8.61 years
Winning Bidder: Robert W. Baird & Co., Inc.
Bond Counsel: McGuireWoods LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 21
REPORT OF RECENT SALE OF LIMITED OBLIGATION BONDS
APPROVED ON NOVEMBER 3, 2009
Unit: County of Cabarrus
Population: 164,384
Amount: $18,920,000
Purpose: Advance refunding of Series
2001 Certificates of
Participation. The
refunding realizes a Net
Present Value savings of
$2,094,341 or 10.47% of the
refunded debt.
Rating(s): S&P: AA
Dated: September 22, 2010
Underwriter(s): Southwest Securities, Inc.
Sold on: BPA — September 2, 2010
Closing — September 22,
2010
Terms: Public sale $5,000
denominations.
Final Maturity: 2021
Effective Interest
Cost: 2.390058%
Trustee/Registrar: Regions Bank
Special Counsel: McGuire Woods, LLP
Underwriter’s
Counsel: Parker Poe Adams & Bernstein
LLP
APPROVED ON SEPTEMBER 7, 2010
Unit: Greensboro
Population: 263,920
Amount: $ 7,000,000
Purpose: Construction of a
competitive swim facility at
the Greensboro Coliseum
Complex.
Rating(s): S&P: AA+; Moody’s: Aa2;
Fitch: AA
Dated: September 30, 2010
Underwriter(s): Wells Fargo Securities
Sold on: BPA — September 17, 2010
Closing — September 30,
2010
Terms: Public sale $5,000
denominations.
Final Maturity: 2031
Effective Interest
Cost: 4.211613%
Trustee/Registrar: U.S. Bank, National
Association (DTC)
Special Counsel: Sidley Austin LLP
Underwriter’s
Counsel: Womble Carlyle Sandridge &
Rice PLLC
Unit: County of Moore
Population: 86,754
Amount: $38,420,000
Purpose: Construction and
acquisition of a new public
safety and detention center,
installation of an elevated
water tank, installation of
the final phase of remote-read
water meters and sewer
rehabilitation in the Village
of Pinehurst and at Lake
Pinehurst.
Rating(s): S&P: AA-; Moody’s: Aa3
Dated: October 7, 2010
Underwriter(s): Wells Fargo Securities (Sr.
Mgr.); BB&T Capital Markets
(Co-Mgr.)
Sold on: BPA — October 1, 2010
Closing — October 7, 2010
Terms: Public sale $5,000
denominations.
Final Maturity: 2031
Effective Interest
Cost: 3.505777%
Trustee/Registrar: U.S. Bank, National
Association (DTC)
Special Counsel: Womble Carlyle Sandridge &
Rice PLLC
Underwriter’s
Counsel: Hunton & Williams LLP
APPROVED ON SEPTEMBER 13, 2010
Unit: City of Concord
Population: 79,264
Amount: $ 9,235,000
Purpose: Advance refunding of
certain maturities of Series
2001 Certificates of
Participation originally
financing various projects.
The refunding realizes a Net
Present Value savings of
$779,763 or 8.49% of the
refunded debt.
Rating(s): S&P: AA-; Moody’s: Aa2; Fitch:
AA
Dated: October 5, 2010
Underwriter(s): Robert W. Baird & Co.
Sold on: BPA — September 24, 2010
Closing — October 5, 2010
Terms: Public sale $5,000
denominations.
Final Maturity: 2021
Effective Interest
Cost: 2.759358%
Trustee/Registrar: Regions Bank
Special Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter’s
Counsel: McGuire Woods, LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 22
REPORT OF RECENT SALE OF REVENUE BONDS
APPROVED ON SEPTEMBER 7, 2010
Issuer: Orange Water and Sewer
Authority
Amount: $ 21,645,000
NPV Savings: $1,911,874 or 8.34%
Purpose: Partial Advance Refunding
of Series 2001 and 2004A
Bonds for savings.
Rating(s): Moody’s: Aa1; S&P: AA+;
Fitch: AA+
Dated: September 30, 2010
Underwriter(s): Wells Fargo Bank, National
Association
Sold on: BPA – September 23, 2010
Closing – September 30, 2010
Terms: Public Offering - $5,000
denominations
Interest Rate(s): Fixed – (yield) if different from
stated
Maturities: July 1
EIC: 2.95%
TIC: 2.88%
Trustee/Registrar/
Escrow Agent: The Bank of New York Mellon
Trust Company, N.A. (DTC)
Verification: Grant Thornton LLP
Bond Counsel: McGuireWoods LLP
Underwriter’s
Counsel: Womble Carlyle Sandridge &
Rice, PLLC
APPROVED ON AUGUST 3, 2010
Issuer: North Carolina Municipal
Power Agency
Amount: $146,145,000
NPV Savings: $25,272,787 or 13.22%
Purpose: Partial Current Refunding of
Series 1993B for savings
Ratings: S&P: A-; Moody’s: Baa1;
Fitch: BBB+
Dated: Date of Delivery
Underwriters: Citi (Sr. Mgr.); Barclays
Capital, B of A Merrill Lynch,
Edward Jones, Morgan
Keegan, Morgan Stanley, Wells
Fargo Securities
Sold on: September 8, 2010
Terms: Public Offering - $5,000
denominations
Interest Rates: Fixed
TIC: 2.9534%
Maturity: Average Life 7.78 years
Trustee/Registrar/
Escrow Agent: BONY Mellon Trust Co. (DTC)
Bond Counsel: Hawkins Delafield & Wood LLP
Underwriters’
Counsel: Sidley Austin LLP
General Counsel: Poyner & Spruill LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
October 2010 23
BOND BUYER’S INDEX
20 G.O. Bonds
4.06
4.41
4.24 4.31 4.36 4.34
4.45 4.37
4.28
4.38
4.21
3.86
3.80
4.00
4.20
4.40
4.60
4.80
5.00
5.20
5.40
5.60
Oct 8 Nov 5 Dec 3 Jan 7 Feb 4 Mar 4 Apr 8 May 6 Jun 3 Jul 8 Aug 5 Sept 2
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