Bond reporter

              NORTH CAROLINA
DEPARTMENT OF STATE TREASURER
Janet Cowell, Treasurer
CALENDAR OF SCHEDULED COMPETITIVE SALES*
February 2, 2010
TOWN OF CARRBORO $ 2,590,000
Street and Sidewalk, BANs
February 9, 2010
TOWN OF AHOSKIE $ 10,800,000
Water, BAN’s
February 17, 2010
COUNTY OF VANCE $ 4,500,000
Refunding, G.O. Bonds
February 23, 2010
COUNTY OF MECKLENBURG $ 100,000,000
Refunding, G.O. Bonds
February 24, 2010
COUNTY OF ORANGE $ 15,800,000
Refunding, G.O. Bonds
March 2, 2010
COUNTY OF CASWELL $ 4,500,000
Refunding, G.O. Bonds
March 9, 2010
COUNTY OF EDGECOMBE $ 3,430,000
School, G.O. Bonds
March 16, 2010
COUNTY OF WAKE $ 125,000,000
School, G.O. Bonds
March 24, 2010
STATE OF NORTH CAROLINA $ 487,700,000
Limited Obligation, G.O. Bonds
____________
*Subject to change.-
BOND
REPORTER
VOLUME XVII FEBRUARY 2010 No. 2
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. 2
February 2010
Calendar of Scheduled Competitive
Sales 1
Schedule of Negotiated Sales 3
Notice of Redemption 4-5
State and Local Unit Debt
Outstanding Balances 6
Results of Bond Referenda 6
PROPOSALS
General Obligation Bond 7
Revolving Loans 7
Industrial Revenue Bonds 8
North Carolina Capital
Facilities Finance 8
North Carolina Medical Care
Commission 9-10
Financing Agreements 11
REPORTS OF RECENT SALES
General Obligation Bonds 12-13
Revenue Bonds 14
OTHER INFORMATION
Bond Buyer’s Index 15
B
ON
D
REP
ORT
E
R
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 3
SCHEDULE OF NEGOTIATED SALES*
February 2, 2010
COUNTY OF STANLY $ 18,800,000
General Obligation Refunding Bonds, Series 2010
Stephens Inc. (Mgr.)
February 10, 2010
DURHAM COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL
AUTHORITY $ 25,000,000
Research Triangle Institute (Special Purpose Project)
Morgan Stanley & Co., Inc.
NORTH CAROLINA MEDICAL CARE COMMISSION $ 65,000,000
Mission Health System, Inc.
Merrill Lynch & Co. (Sr. Mgr.)
BB&T Capital Markets (Co-Mgr.)
Wells Fargo Securities (Co-Mgr.)
March 11, 2010
COUNTY OF GUILFORD $ 200,000,000
General Obligation Refunding Bonds, Series 2010A-D
Wells Fargo Securities (Co-Mgr.); BB&T Capital Markets (Co-Mgr.)
March 17, 2010
COUNTY OF NASH $ 35,000,000
Limited Obligation Bonds
BB&T Capital Markets (Sr. Mgr.)
Wells Fargo Securities (Co. Mgr.)
RBC Capital Markets (Co. Mgr.)
March 18, 2010
CITY OF RALEIGH $ 125,000,000
Limited Obligation Bonds
Wells Fargo Securities (Sr. Mgr.)
Citi (Co. Mgr.)
Stephens Inc. (Co. Mgr.)
CITY OF RALEIGH $ 100,000,000
Combined Enterprise System Revenue Refunding Bonds
Davenport & Company LLC (Sr.)
Citi
Loop Capital Markets, LLC
March 25, 2010
CITY OF WILMINGTON $ 24,000,000
Limited Obligation Bonds
BB&T Capital Markets (Sr. Mgr.)
Merrill Lynch & Co. (Co. Mgr.)
April 13, 2010
COUNTY OF GUILFORD $ 30,000,000
General Obligation School (QSCBs) Bonds
Wells Fargo Securities (Sr. Mgr.)
BB&T Capital Markets (Co. Mgr.)
____________
*Subject to change.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 4
NOTICE OF REDEMPTION
Issuer: City of Monroe, North Carolina, Combined Enterprise System Revenue
Bonds, Series 2008B
Amount: $450,000
Redemption Date: March 1, 2010
Redemption Price: 100%
CUSIP Numbers: N/A
Bond Number: R_1
Present for payment at: The Bank of New York Mellon Trust Company, N.A.
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
Redemption Date: March 1, 2010
Dated: December 23, 1998
Redemption Price: 100%
CUSIP Number: 921445AA0
Registered Bond: BOOK14_1
Present for payment at: U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1st Floor – Bond
Drop Window, St. Paul, MN 55107
Issuer: $16,910,000 City of Durham, North Carolina, Public Improvement Bonds,
Series 2000B
Amount: $ 800,000
Dated: October 15, 2009
Redemption Date: March 1, 2010
Redemption Price: 100%
CUSIP Numbers: 2667772G5, 266,7772H3, and 266772J9
Present for payment at: U.S. Bank National Association, Hearst Tower, 214 North Tryon Street, Suite
2700, Charlotte, North Carolina 28202, Attention: Corporate Trust Services
Issuer: City of Charlotte, North Carolina, Variable Rate Certificates of Participation,
(Central Yard Project), Series 2005A
Amount: $ 640,000
Dated: April 6, 2005
Redemption Date: March 1, 2010
Redemption Price: 100%
CUSIP Number: 161037QK5
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
February 2010 5
NOTICE OF REDEMPTION (Continued from page 4)
Issuer: The Gaston County Industrial Facilities & Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (Marlatex Corporation
Project), Series 2000
Amount: $40,000
Redemption Date: March 1, 2010
Dated: May 4, 2000
Redemption Price: 100%
CUSIP Numbers: 367302BA3
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: The Alamance County Industrial Facilities and Pollution Control Financing
Authority, Industrial Development Revenue Bonds, (CT-Nassau Corporation
Project), Series 1998
Amount: $35,000
Redemption Date: March 1, 2010
Dated: December 22, 1998
Redemption Price: 100%
CUSIP Number: 010737AJ3
Registered Bond: BOOK14_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
February 2010 6
STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES
JANUARY 31, 2010
Amount Population Per Capita
Local Units’ Debt $ 28,073,012,002 — —
State of North Carolina $ 6,874,805,000 9,386,573 $ 732.41
U.S. Public Debt $12,278,635,997,967 308,698,328 $ 39,775.52
􀂒􀂒􀂒􀂒
RESULTS OF BOND REFERENDA
District/
Town/County
Election Date Amount Purpose For Against Result
City of Greensboro November 3, 2009 $20,000,000 Natural Science
Center
20,490 13,005 PASSED*
*Unofficial Result.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 7
GENERAL OBLIGATION BOND PROPOSALS
APPROVED ON FEBRUARY 2, 2010
County: Orange
Population: 129,296
Amount: $27,000,000
Purpose: Refunding
Interest Rate: Fixed
Escrow Agent: Wells Fargo Bank, N.A.
Verification Agent: Barthe & Wahrman, P.A.
Financial Advisor: BB&T Capital Markets
Bond Counsel: Sanford Holshouser, LLP
County: Vance
Population: 43,706
Amount: $ 4,500,000
Purpose: Refunding
Interest Rate: Fixed
Financial Advisor: First Tryon Securities
Bond Counsel: Womble Carlyle Sandridge &
Rice PLLC
County: Caswell
Population: 23,422
Amount: $ 2,850,000
Purpose: Refunding
Interest Rate: Fixed
Financial Advisor: First Tryon Securities
Bond Counsel: Sands, Anderson, Marks &
Miller
County: Mecklenburg
Population: 935,304
Amount: $200,000,000
Purpose: Refunding
Interest Rate: Fixed
Financial Advisor: FirstSouthwest Company
Escrow Agent: Wells Fargo Bank, N.A.
Verification Agent: Barthe & Wahrman, P.A.
Bond Counsel: Robinson, Bradshaw & Hinson,
P.A.
Municipality: Town of Ahoskie
Population: 4,467
Amount: $ 1,336,000
Purpose: Water and Sewer
Bond Counsel: Hunton & Williams, LLP
􀂒􀂒􀂒􀂒
REVOLVING LOANS
APPROVED ON FEBRUARY 2, 2010
Municipality: Town of Navassa
Amount: $ 534,287
Purpose: Sewer
Interest Rate: Not to exceed 4%
Term: 20 years
Loan: State of North Carolina
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 8
INDUSTRIAL REVENUE BONDS
APPROVED ON FEBRUARY 2, 2010
Authority: Research Triangle Institute
(RTI)
Amount: $ 25,000,000
Purpose: Construction and equipping
a 120,000 square foot office
building and 500 space
parking deck on the
Institute’s campus similar
to 2007 financing.
Location: Research Triangle Park
Interest Rate: Fixed
Final Maturity: Not beyond 2025.
Term: Approximately 15 years.
Structure: Public offering in $5,000
denominations. Sale is
currently scheduled for week
of February 8th to not conflict
with other revenue bonds.
This issue will be rated by
S&P.
Underwriter: Morgan Stanley & Co., Inc.
Underwriter’s
Counsel: Parker Poe Adams &
Bernstein, LLP
Trustee/Registrar: U.S. Bank National
Association (DTC)
Bond Counsel: Parker Poe Adams and
Bernstein LLP
􀂒􀂒􀂒􀂒
NORTH CAROLINA CAPITAL FACILITIES FINANCE
APPROVED ON FEBRUARY 2, 2010
Issuer: Lincoln Charter School, Inc.
Amount: $ 5,200,000
Purpose: Educational Facilities
Revenue Bonds, Series 2010
Location: Denver (Lincoln County)
Interest Rate: Variable rate adjusted based
on 68% of one month LIBOR
+ 1.7875%, with no interest
rate floor or ceiling.
Structure: Approximately level debt
service payments. The Bank
has the ability, with six
months notice, to call the
bonds after five years for
payment in full without
penalty. Should the Bank call
the loan, the Borrower has
the option to find another
bank qualified loan provider,
or the Bank is required to pay
off the NCCFFA Bond and
enter into a taxable loan on
terms agreeable to the Bank
and the Borrower. The School
expects to enter into a floating
to fixed rate swap in
conjunction with this
financing.
Final Maturity: Not to extend beyond March
31, 2030
Borrower’s
Counsel: Pendleton & Pendleton P.A.
Bond Counsel: Hunton & Williams LLP
Purchaser: Branch Banking & Trust
Company
Bank’s Counsel: Moore & Van Allen PLLC
Financial Advisor: BB&T Capital Markets
Guarantor: The Foundation for
Education, Inc.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 9
NORTH CAROLINA MEDICAL CARE COMMISSION
APPROVED ON FEBRUARY 2, 2010
Issuer: Catholic Health East (Saint
Joseph of the Pines, Inc.
Amount: $ 36,000,000
Purpose: Health System Revenue
Bonds, Series 2010
Location: Southern Pines (Moore
County)
Term: Approximately 19 years.
Interest Rate: Fixed (serial, term)
Structure: Rated, public offering in
$5,000 denominations.
Scheduled for the week of
March 2, 2010, so as not to
conflict with any other
publicly offered revenue bond
sale. Part of a composite bond
sale covering eight issues in
seven states. Expected
ratings: Moody’s: A1;
Standard & Poors: A; Fitch:
A+
Final Maturity: Not beyond December 31,
2028.
Bond Counsel: Hawkins, Delafield & Woods
LLP
Underwriter: Merrill Lynch & Co. (Co-Sr.
Mgr.) and Goldman Sachs &
Co. (Co-Sr. Mgr.)
Underwriter’s
Counsel: Foley & Lardner LLP
Trustee: The Bank of New York Mellon
Trust Company, N.A. (DTC)
Hospital Counsel: Buchanan, Ingersoll &
Rooney PC
Financial Advisor: Kaufman Hall & Associates
Issuer: Mission Health Combined
Group
Amount: $ 65,000,000
Purpose: Health System Revenue
Bonds, Series 2010
Locations: Asheville (Buncombe County);
Spruce Pine (Mitchell County)
Term: Approximately 30 or less
years.
Interest Rate: Fixed (Term, Serial)
Structure: Rated, public offering in
$5,000 denominations.
Scheduled for February 10,
2010 so as to not conflict with
any other revenue bond sales.
Bonds are expected to have
the following underlying
ratings: Standard & Poor’s:
AA; Moody’s: Aa3; Fitch: AA
Final Maturity: Not to exceed October 31,
2041.
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Borrower
Counsel: Patla, Straus, Robinson &
Moore, P.A.
Underwriter’s
Counsel: McGuireWoods LLP
Underwriters: B of A Merrill Lynch (Sr.
Mgr.); BB&T Capital Markets
(Co.-Mgr.); Wells Fargo
Securities (Co-Mgr.)
Trustee: The Bank of New York Mellon
Trust Company, N.A. (DTC)
Agreed-upon
Procedures: KPMG LLP
(Continued on page 10)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 10
NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON FEBRUARY 2,
2010 (Continued from page 9)
Issuer: North Carolina Baptist
Hospital, Inc.
Amount: $375,000,000
Purpose: Refunding of the
outstanding balances on six
variable rate NCMCC bond
financings used for
renovation and
construction related to
Hospital facilities, for the
following NCMCC bond
issues: Series 1992B weekly
variable rate bonds; Series
1996 weekly variable rate
bonds; Series 2000 daily
variable rate bonds; Series
2009A weekly variable rate
bonds; Series 2009B weekly
variable rate bonds; Series
2009C weekly variable rate
bonds
Term: Approximately 24 years.
Interest Rate: Fixed (serial, term)
Final Maturity: Not to exceed September 30,
2034.
Structure: Rated, public offering in
$5,000 denominations.
Pricing is scheduled for
February 17, 2010, to not
conflict with any other
revenue bonds. Bonds are
expected to have the following
ratings: Standard & Poors:
AA-; Moody’s: Aa3
Bond Counsel: McGuireWoods LLP
Underwriters: Morgan Stanley & Co.
Incorporated (Sr. Mgr.);
Goldman Sachs & Co. (Co.
Mgr.) and BB&T Capital
Markets (Co. Mgr.)
Underwriter’s
Counsel: Hawkins, Delafield & Wood
LLP
Co-Underwriter’s
Counsel: Bode, Call & Stroupe, L.L.P.
Borrower’s
Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Trustee/Registrar: The Bank of New York Mellon
Trust Company, N.A. (DTC)
Agreed-Upon-
Procedures: Dixon Hughes PLLC
Issuer: United Methodist
Retirement Homes-Wesley
Pines
Amount: $ 16,000,000
Purpose: Retirement Facilities First
Mortgage Revenue Bonds,
series 2010A and Series
2010B
Term: Approximately 26 years.
Interest Rate: Initially Bank-Bought mode,
adjusted monthly.
Structure: Not-rated, private placement
as a bank qualified loan with
Branch Banking & Trust
Company that is currently
anticipated to close on
February 3, 2010.
Final Maturity: Not to exceed December 31,
2036.
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
Bank: Branch Banking & Trust
Company
Bank Counsel: Moore & Van Allen PLLC
Borrower’s
Counsel: Womble Carlyle Sandridge &
Rice PLLC
Agreed upon
Procedures: Dixon Hughes, PLLC
Trustee: U.S. Bank National
Association
Financial Advisor: BB&T Capital Markets
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 11
FINANCING AGREEMENTS
APPROVED ON FEBRUARY 2, 2010
Municipality: Town of Kenly
Population: 1,935
Amount: $ 210,000
Purpose: Flood and Erosion Control
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 7.43% (Taxable)
Term: 15 years
Payment: Annual
Bank: BB&T
Municipality: Town of Lillington
Population: 3,248
Amount: $ 1,300,000
Purpose: Recreation
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 2.84%
Term: 2 years
Payment: Interest Monthly
Bank: RBC
Municipality: City of Rocky Mount
Population: 59,228
Amount: $ 5,685,000
Purpose: Utilities and Storm Water
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
(Build America Bond)
Interest Rate: 4.91%
Term: 10 years
Payment: Semi-annual
Bank: RBC
Municipality: Town of Winterville
Population: 8,949
Amount: $ 1,486,980
Purpose: Recreation
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 4.77%
Term: 15 years
Payment: Annual
Bank: BB&T
County: Stokes
Population: 48,245
Amount: $ 9,823,137
Purpose: Schools
Amount: $ 1,676,863
Purpose: Community College
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 4.89%
Term: 20 years
Payment: Annual
Bank: Branch Banking & Trust
Company
County: Transylvania
Population: 30,991
Amount: $ 1,297,778
Purpose: School
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
(Qualified School
Construction Bonds)
Interest Rate: 2.09%
Term: 12 years
Payment: Annual
Bank: BB&T
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 12
REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS
Municipality: City of Mount Holly
Amount: $ 1,400,000
Purpose: General Obligation
Recreation Bonds, Series
2010
Dated: Date of Delivery
Sold on: January 12, 2010
Rates: 2.00s, 275M, 2011/2014;
2.25s, 75M, 2015;
3.00s, 150M, 2016/2017;
3.50s, 150M, 2018/2019;
3.75s, 550M, 2020/2026;
4.00s, 200M, 2027/2028. The
Bonds maturing on or before
February 1, 2020 are not
subject to redemption before
maturity. The Bonds
maturing after February 1,
2020 are subject to
redemption prior to maturity,
at the option of the City, 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 of 100% of
such principal amount, plus
interest accrued to the date
fixed for redemption.
True Interest Cost: 3.5746%
Average Life: 10.05 years
Winning Bidder: Raymond James &
Associates, Inc.
Bond Counsel: Parker Poe Adams &
Bernstein LLP
County: Lincoln
Amount: $ 8,500,000
Purpose: General Obligation School
Bonds, Series 2010B
Dated: Date of Delivery
Sold on: January 19, 2010
Rates: 2.00s, 300M, 2011;
2.50s, 600M, 2012/2013;
3.00s, 1,200M, 2014/2017;
3.50s, 300M, 2018;
4.00s, 300M, 2019;
3.25s, 300M, 2020;
3.40s, 300M, 2021;
3.50s, 300M, 2022;
3.60s, 300M, 2023;
3.65s, 750M, 2024;
3.70s, 750M, 2025;
3.75s, 750M, 2026;
3.85s, 750M, 2027;
4.00s, 1,600M, 2028/2029.
The Bonds maturing prior to
June 1, 2020 will not be
subject to redemption prior to
maturity. The Bonds
maturing on June 1, 2020
and thereafter will be
redeemable, at the option of
the County, 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 Bonds to be redeemed,
plus interest accrued to the
date fixed for redemption.
True Interest Cost: 3.6750%
Average Life: 12.43 years
Winning Bidder: Wachovia Bank, National
Association
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
County: Lincoln
Amount: $ 18,140,000
Purpose: General Obligation
Refunding Bonds, Series
2010A
Dated: Date of Delivery
Sold on: January 19, 2010
Rates: 2.00s, 1,290M, 2010/2011;
2.50s, 1,185M, 2012;
3.00s, 2,800M, 2013/2017;
3.50s, 130M, 2018;
4.00s, 1,870M, 2019/2020;
3.40s, 925M, 2021;
3.50s, 1,800M, 2022/2023;
3.625s, 2,085M, 2024;
3.70s, 2,050M, 2025;
3.75s, 2,020M, 2026;
3.85s, 1,985M, 2027. The
Bonds maturing on June 1,
2020 and thereafter will be
subject to redemption prior to
maturity, at the option of the
County, 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 bonds to be redeemed,
together with interest accrued
thereon to the date fixed for
redemption.
True Interest Cost: 3.5700%
Average Life: 10.97 years
Winning Bidder: Wachovia Bank, National
Association
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
(Continued on page 13)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 13
REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS (Continued from
page 12)
County: Surry
Amount: $ 8,145,000
Purpose: General Obligation
Refunding Bonds, Series
2010B
Dated: Date of Delivery
Sold on: January 19, 2010
Rates: 5.00s, 3,520M, 2010/2011;
2.00s, 4,625M, 2012/2015.
The Bonds will not be subject
to redemption prior to their
respective maturities.
True Interest Cost: 1.4262%
Average Life: 2.19 years
Winning Bidder: Robert W. Baird & Co., Inc.
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
County: Surry
Amount: $ 1,100,000
Purpose: General Obligation Public
Building Bonds, Series
2010A
Dated: Date of Delivery
Sold on: January 19, 2010
Rates: 2.00s, 220M, 2011/2014;
2.30s, 55M, 2015;
2.70s, 55M, 2016;
3.00s, 55M, 2017;
3.25s, 55M, 2018;
3.50s, 55M, 2019;
3.625s, 55M, 2020;
5.00s, 220M, 2021/2024;
4.00s, 260M, 2025/2028;
4.125s, 70M, 2029. The
Bonds maturing on or prior to
June 1, 2020, will not be
subject to redemption, at the
option of the County, 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, 2020, at a
redemption price equal to
100% of the principal amount
of the Bonds to be redeemed,
plus accrued interest to the
dated fixed for redemption.
True Interest Cost: 3.8940%
Average Life: 10.70 years
Winning Bidder: Davenport & Company LLC
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 14
REPORT OF RECENT SALE OF REVENUE BONDS
APPROVED ON JANUARY 5, 2010
Municipality: City of Charlotte (Charlotte
Douglas International
Airport) Series 2010B
Airport Refunding Revenue
Bonds
Amount: $67,770,000 (AMT)
Purpose: Refunding 1999B Bonds –
(Along with Series A
refunded all outstanding)
Savings: NPV = $3,599,374 or 5.39%
Rating(s): Moodys: A1; S&P: A+; Fitch:
A+
Dated: February 10, 2010
Underwriter(s): B of A Merrill Lynch; Wells
Fargo Securities
Sold on: BPA — January 13, 2010
Closing — February 10, 2010
Terms: Public sale $5,000
denominations.
Interest Rate(s): Fixed — (yield) if different
Maturities: July 1: Series B
10-2,770M, 1.25%, (1.10%);
11-2,665M, 3.00%; (1.66%);
12-2,750M, 3.00%; (2.36%);
13-2,830M, 3.25%; (2.84%);
14-2,920M, 3.50%; (3.23%);
15-3,025M, 3.50%; (3.67%);
16-3,125M, 4.00%; (4.13%);
17-3,255M, 5.00%, (4.41%);
18-3,160M, 5.25%; (4.69%);
18-260M, 4.50%; (4.69%);
19-2,550M, 5.25%; (4.91%);
19-1,050M, 4.75%; (4.91%);
20-3,780M, 5.00%; (5.02%);
21-3,970M, 5.00%; (5.10%);
22-4,170M, 5.00%; (5.16%);
23-2,600M, 5.50%; (5.24%);
23-1,350M, 5.125%; (5.24%);
24-2,810M, 5.50%; (5.31%);
24-1,350M, 5.25%; (5.31%).
$17,380,000 5.375% Term
Bonds due July 1, 2028 Yield
5.50%. Principal is payable on
July 1. Interest is payable on
January 1 and July 1,
beginning July 1, 2010.
Maturities callable July 1,
2020 at par. Mandatory
sinking fund redemptions July
1, 2025-2028.
Trustee/Registrar: U.S. Bank National
Association (DTC)
Feasibility
Consultant: Newton & Associates, Inc.
Financial Advisor: DEC Associates, Inc.
Bond Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter’s
Counsel: McGuireWoods LLP
Municipality: City of Charlotte (Charlotte
Douglas International
Airport) Series 2010A
Airport Revenue Bonds (Non-
AMT)
Amount: $130,100,000
Purpose: Airport Improvement -
$120,000,000 Third Parallel
Runway and Terminal
Complex Improvement;
$3,000,000 Refunding
Savings: NPV = $379,265 of $3,000,000
refunding portion
Rating(s): Moody’s: A1; S&P: A+; Fitch:
A+
Dated: February 10, 2010
Underwriter(s): B of A Merrill Lynch; Wells
Fargo Securities
Sold On: BPA – January 13, 2010
Closing – February 10, 2010
Terms: Public Offering - $5,000
denominations.
Interest Rate(s): Fixed – (yield) if different from
stated
Maturities: July 1: Series A
11-2,240M, 2.00%; (0.88%);
12-2,280M, 4.00%; (1.38%);
13-2,375M, 5.00%: (1.84%);
14-2,490M, 2.25%; (2.28%);
15-2,550M, 5.00%; (2.77%);
16-2,675M, 4.00; (3.28%);
17-2,785M, 3.50; (3.58%);
18-2,880M, 5.00%; (3.84%);
19-3,025M, 4.00%; (4.06%);
20-3,145M, 5.00%; (4.20%);
21-3,300M, 5.00%: (4.28%);
22-3,465M, 5.00%; (4.35%);
23-4,075M, 5.00%; (4.42%);
24-4,285M, 4.25%; (4.49%);
25-4,465M, 5.00; (4.61%);
26-4,690M, 4.50%; (4.68%);
27-4,900M, 5.00%; (4.72%);
28-5,165M, 4.75%; (4.77%);
29-4,810M, 4.75%; (4.81%).
$28,115,000 5.50% Term
Bonds due July 1, 2034 Yield
4.92%. $36,385,000 5.00%
Term Bonds due July 1, 2039
Yield 5.00%. Maturities
callable July 1, 2020 at par.
Mandatory sinking fund
redemptions July 1, 2030-
2039.
Trustee/Registrar: U.S. Bank National
Association (DTC)
Feasibility
Consultant: Newton & Associates, Inc.
Financial Advisor: DEC Associates, Inc.
Bond Counsel: Parker Poe Adams & Bernstein
LLP
Underwriter’s
Counsel: McGuireWoods LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
February 2010 15
BOND BUYER’S INDEX
20 G.O. Bonds
4.96 4.92
4.70 4.71
4.81
4.65
4.37
4.06
4.41
4.24 4.31 4.36
3.80
4.00
4.20
4.40
4.60
4.80
5.00
5.20
5.40
5.60
Mar 5 Apr 2 May 5 Jun 4 Jul 2 Aug 6 Sept 3 Oct 8 Nov 5 Dec 3 Jan 7 Feb 4
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