NORTH CAROLINA
DEPARTMENT OF STATE TREASURER
Janet Cowell, Treasurer
CALENDAR OF SCHEDULED COMPETITIVE SALES*
March 2, 2010
COUNTY OF CASWELL $ 2,540,000
Refunding, G.O. Bonds
March 9, 2010
COUNTY OF EDGECOMBE $ 3,430,000
School, G.O. Bonds
March 16, 2010
COUNTY OF WAKE $ 125,800,000
Public Improvement, G.O. Bonds
March 31, 2010
STATE OF NORTH CAROLINA $ 487,700,000
Public Improvement, G.O. Bonds
April 6, 2010
CITY OF GOLDSBORO $ 12,745,000
Sanitary Sewer & Refunding, G.O. Bonds
April 20, 2010
COUNTY OF JOHNSTON $ 54,000,000
Refunding, G.O. Bonds
April 28, 2010
COUNTY OF WAKE $ 400,000,000
Refunding, G.O. Bonds
April 27, 2010
TOWN OF FUQUAY-VARINA $ 2,300,000
Water & Sewer, G.O. Bonds
June 15, 2010
CITY OF HIGH POINT $ 16,000,000
Public Improvement, G.O. Bonds
____________
*Subject to change.-
BOND
REPORTER
VOLUME XVII MARCH 2010 No. 3
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. 3
March 2010
Calendar of Scheduled Competitive
Sales 1
Schedule of Negotiated Sales 3
Notice of Redemption 4
State and Local Unit Debt
Outstanding Balances 5
PROPOSALS
General Obligation Bond 5
Industrial Revenue Bonds 6-7
North Carolina Capital
Facilities Finance 7
Revenue Bonds 8
Financing Agreements 9-10
REPORTS OF RECENT SALES
General Obligation Bonds 11-12
General Obligation Bond
Anticipation Notes 12
Revenue Bonds 13
Special Purpose Revenue Bonds
Thru IRB Authority 14
OTHER INFORMATION
Bond Buyer’s Index 15
B
ON
D
REP
ORT
E
R
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 3
SCHEDULE OF NEGOTIATED SALES*
March 11, 2010
COUNTY OF GUILFORD $ 300,990,000
General Obligation Public Improvement
General Obligation Refunding
Wells Fargo Securities (Sr. 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 $ 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 7, 2010
COUNTY OF SAMPSON $ 16,000,000
Certificates of Participation
Stephens Inc. (Mgr.)
April 15, 2010
TOWN OF MOORESVILLE $ 25,000,000
Enterprise System Revenue Bonds
Wells Fargo Securities (Sr.); Davenport & Company LLC
April 21, 2010
NORTH CAROLINA MEDICAL CARE COMMISSION $ 132,000,000
Duke University Health System
Citigroup Global Markets (Senior Manager), Wells Fargo Securities (Co. Mgr.)
Band of America Merrill (Co. Mgr.), J. P. Morgan (Co. Mgr.) SunTrust (Co. Mgr.
COUNTY OF CLEVELAND $ 26,000,000
Certificates of Participation
BB&T Capital Markets (Mgr.)
____________
*Subject to change.
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 4
NOTICE OF REDEMPTION
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 15, 2003
Redemption Date: April 1, 2010
Redemption Price: 100%
CUSIP Numbers: 79588KAA7
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: April 1, 2010
Redemption Price: 100%
CUSIP Number: 120520AJ0
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: The Sampson County Industrial Facilities and Pollution Control Financing
Authority, Industrial Revenue Bonds, (DuBose Strapping, Inc. Project), Series
2001
Amount: $ 70,000
Dated: December 12, 2001
Redemption Date: April 1, 2010
Redemption Price: 100%
CUSIP Number: 795877AE9
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: North Carolina Capital Facilities Finance Agency, Variable Rate Educational
Facilities Revenue Bonds (Peace College), Series 2004
Amount: $ 355,000
Dated: August 11, 2004
Redemption Date: April 1, 2010
Redemption Price: 100%
CUSIP Number: 65818PDZ9
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
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 5
STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES
FEBRUARY 28 2010
Amount Population Per Capita
Local Units’ Debt $ 28,054,868,283 — —
State of North Carolina $ 6,934,875,000 9,386,573 $ 738.81
U.S. Public Debt $12,440,068,020,714 308,929,853 $ 40,268.26
􀂒􀂒􀂒􀂒
GENERAL OBLIGATION BOND PROPOSALS
APPROVED ON MARCH 2, 2010
County: Edgecombe
Population: 51,800
Amount: $ 3,430,000
Purpose: Schools
Bond Counsel: Parker Poe Adams & Bernstein
LLP
County: Guilford
Population: 484,940
Amount: $200,000,000
Purpose: Refunding
Sale: Negotiated
Interest Rate: Fixed
Underwriter: Wells Fargo Securities
Co-Underwriter: BB&T Capital Markets
Verification: Grant Thornton
Swap Advisor: Davenport & Company, Inc.
Underwriters’
Counsel: Womble Carlyle Sandridge &
Rice PLLC
Bond Counsel: Robinson Bradshaw & Hinson
P.A.
Municipality: City of Goldsboro
Population: 37,661
Amount: $10,000,000
Purpose: Refunding
Interest Rate: Fixed
Financial Advisor: Davenport & Company LLC
Bond Counsel: Sidley Austin LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 6
INDUSTRIAL REVENUE BONDS
APPROVED ON MARCH 2, 2010
Authority: The Columbus County
Industrial Facilities and
Pollution Control Financing
Authority (International
Paper Company)
Amount: $ 20,000,000
Purpose: Special Purpose Project
Location: Columbus County
Interest Rate: Fixed
Final Maturity: Not beyond 2034 (bullet)
Structure: Public offering in $5,000
denominations. Will be rated
by Moody’s and S&P,
currently rated Baa3; BBB.
Will be part of composite sale
for several issues involving
several states. Underwriter
chosen by competitive bid
process.
Underwriter: JP Morgan Securities, Morgan
Stanley, Bank of America
(Merrill Lynch) or Morgan
Keegan selected by
competitive bidding process.
Underwriter’s
Counsel: None (competitive bid process)
Trustee/Registrar: Regions Bank (DTC)
Bond Counsel: McGuireWoods LLP
Authority: Special Purpose Project The
Durham County Industrial
Facilities and Pollution
Control Financing Authority
(Durham-Chapel Hill Jewish
Federation)
Amount: $ 7,018,800
Purpose: Special Purpose Project
Location: Durham
Interest Rate: Variable (Based on 1-mth
LIBOR with a floor) (Tax-exempt
(68% of LIBOR) +
1.625% -- (Currently less
than 2%))
Final Maturity: Not beyond the year 2035
(monthly payments of
principal and interest)
Structure: Private Sale to Branch
Banking and Trust Company
for its own portfolio.
Registration and transfer is
limited to bank, insurance
company or similar financial
institution without LGC
approval. Single Bond. Bond
amortization is front-loaded
with minimum annual
principal payments of
$1,075,000 2010, $1,080,000
2011, $385,000 in 2012,
$290,000 in 2013 then
approximately level debt
service. The bank as in their
other non-profit portfolio
purchases has the ability to
require the borrower to
prepay the entire balance with
180 days notice anytime after
four years from purchase. In
any accelerated prepayment
by the bank, the
Authority’s/existing bonds
would be redeemed (paid-off)
and be replaced by a loan
from the Bank taxable with all
details to be determined at
that time (work-out loan) –
same as bank commercial
loans (the non-profit’s
alternative).
Term: Approximately 25 years (4-5
years heavily front loaded;
approximately level debt
service for 20)
Bond Counsel: Hunton & Williams LLP
Purchaser: Branch Banking and Trust
Company
Purchaser’s
Counsel: Moore & Van Allen PLLC
Borrower’s
Counsel: Wyrick Robbins Yates &
Ponton LLP
Registrar: Branch Banking and Trust
Company
Escrow Agent: Branch Banking and Trust
Company
(Continued on page 7)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 7
INDUSTRIAL REVENUE BONDS APPROVED ON MARCH 2, 2010 (Continued from page 6)
Authority: The Rowan County
Industrial Facilities and
Pollution Control Financing
Authority (YMCA of Rowan
County, N.C., Inc.)
Amount: $ 2,600,000
Purpose: Special Purpose Project
Location: Town of Cleveland and City of
Salisbury
Interest Rate: Variable .657 X (3 mth.
LIBOR + 2.5%) (currently less
than 2.0%) (bank qualified)
Term: Approximately 18 (Final
maturity to be extended to
2030)
Structure: Private purchase by Wachovia
Bank, National Association for
its own portfolio. Despite the
Bonds having a final maturity
of 2030, the bank will put the
bonds back the borrower after
5 years (subsequent
extensions for duration
periods to be determined
would have similar put
ability). If at the 5 year put
date, the YMCA can not pay
off the Bonds or is unable to
obtain a LOC or Investment
Grade Rating to remarket the
bonds, the bank will make the
YMCA a taxable loan to
redeem the 2010 Bonds
leaving them with a loan to
the Bank and the Authority’s
loan to the Borrower and the
Bonds paid off.
Final Maturity: Not beyond 2030 (bank has
ability to put Bonds back to
borrower after 5 years). (Bank
Purchase – multimodal
documents ability to remarket
with Investment Grade Rating
or Letter of Credit.)
Bond Counsel: McGuireWoods LLP
Purchaser: Wachovia Bank, National
Association
Purchaser’s
Counsel: Parker Poe Adams &
Bernstein LLP
Trustee/Registrar: Wells Fargo Bank, N.A. (DTC)
􀂒􀂒􀂒􀂒
NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY
APPROVED ON MARCH 2, 2010
Issuer: Laura Holland Uzzell
Foundation (d/b/a Sterling
Montessori Academy and
Charter School)
Amount: $ 10,730,000
Purpose: Educational Facilities
Revenue Bonds, Series 2010
Location: Morrisville (Wake County)
Term: Approximately 21 years.
Interest Rate: Variable (weekly initially)
Structure: Limited public offering in
$100,000 denominations and
integral multiples of $5,000
thereafter. Pricing is
scheduled for March 18,
2010, so as not to conflict
with any other revenue
bonds. The bonds will be
rated Aa2/VMIG1 by Moody’s,
based on the rating of the
letter of credit provider.
Final Maturity: Not to extend beyond June
30, 2031.
Borrower’s
Counsel: Parker Poe Adams &
Bernstein LLP
Bond Counsel: Hunton & Williams LLP
LOC Provider: Branch Banking & Trust
Company
LOC Provider’s
Counsel: Moore & Van Allen PLLC
Underwriter/
Remarketing
Agent: Zions First National Bank
Underwriter’s
Counsel: Hinckley, Allen & Snyder, LLP
Trustee/Registrar/
Paying Agent: Branch Banking & Trust
Company (DTC)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 8
REVENUE BOND
APPROVED ON MARCH 2, 2010
District: Eastover Sanitary District
(Cumberland County)
Amount: $ 6,177,000
Purpose: Water
Interest Rate: RBAN – Not to exceed 6%;
R Bond - $4,971,000 @
4.125%; $1,206,000 @ 3.25%.
Term: RBAN: 17 months; RB: 40
years
Final Maturity: RBAN: No later than August
3, 2011; RB: No later than
December 31, 2051
Structure: USDA commitment to
purchase the bonds on
substantial completion of the
project.
Bond Counsel: Sanford Holshouser LLP
Purchaser: Revenue BAN: Financial
institution to be approved by
the Secretary; Revenue Bond:
USDA Rural Development
Registrar: Finance Officer
Issuer: Lower Cape Fear Water and
Sewer Authority
Amount: $ 3,000,000
Purpose: (Combined Enterprise
System Revenue Bonds)
Term: Approximately 10 years.
Interest Rate: Fixed (Taxable-Non-Bank
Qualified)
Structure: Private sale to RBC Bank
(USA). No rating or Official
Statement therefore
registration and transfer is
limited to banks, insurance
companies and similar
financial institutions. Bonds
will be taxable Build America
Bonds with the unit getting a
35% subsidy/rebate, on
interest or Recovery Zone
Economic Development with
45% subsidy. 1% penalty call
on the bonds if the Build
America Program is
terminated and the interest
rebate not distributed, to
reduce that risk to the unit.
Bonds are essentially non-callable
for economic reasons
due to short-maturity and
bank purchase.
Final Maturity: Not beyond 2020.
Bond Counsel: Parker Poe Adams &
Bernstein LLP
Purchaser: RBC Bank (USA)
Registrar/Paying
Agent: Lower Cape Fear Water &
Sewer Authority
Purchaser’s
Counsel: Hunton & Williams LLP
Financial Advisor: BB&T Capital Markets, Inc.
Trustee: U.S. Bank, National
Association
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 9
FINANCING AGREEMENTS
APPROVED ON MARCH 2, 2010
Municipality: Town of Lillington
Population: 3,248
Amount: $ 212,458
Purpose: Sewer
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 3.78%
Term: 10 years
Payment: Semiannual
Bank: RBC
Municipality: City of New Bern
Population: 28,170
Amount: $ 660,460
Purpose: Recreation
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 3.73%
Term: 10 years
Payment: Semiannual
Bank: BB&T
Municipality: Town of Pilot Mountain
Population: 1,400
Amount: $ 270,000
Purpose: Building
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 3.01%
Term: 15 years
Payment: Semiannual
Lender: Surry County
County: Alamance
Population: 141,466
Amount: $ 3,000,000
Purpose: County Buildings
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
(Recovery Zone Economic
Development Bond)
Amount: $ 2,900,000
Purpose: Build America Bond
Interest Rate: 5.41%
Term: 10 years
Payment: Semiannual
Bank: RBC
Municipality: City of Burlington
Population: 13,670
Amount: $ 2,810,300
Purpose: Streets
Amount: $ 88,700
Purpose: Equipment
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
(Recovery Zone Economic
Development Bond)
Interest Rate: 5.89%
Term: 15 years
Payment: Semiannual
Bank: Bank of America
County: Durham
Population: 265,670
Amount: $104,355,625
Purpose: Justice Center
Amount: $12,481,356
Purpose: Jail Current Refunding
Amount: $ 5,139,678
Purpose: County Storage Facility
Amount: $ 2,217,116
Purpose: Judicial Building
Renovation
Amount: $ 806,225
Purpose: Fiber Optic Backbone
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: Variable on Amounts Drawn
of SIFMA plus 85 Basis points
(Cap 18%) An Unused Fee of
25 Basis Points will be
charged for amounts not yet
drawn of the $125,000,000
Contract.
Term: Final Maturity not beyond
2013 (expected fixed rate
refunding in two/three years)
Lender: Wachovia Bank, National
Association
Special Counsel: Robinson, Bradshaw &
Hinson
Financial Advisor: DEC Associates, Inc.
Placement Bank: Wachovia Bank, National
Association
Bank Counsel: Kutak Rock
(Continued on page 10)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 10
FINANCING AGREEMENTS APPROVED ON MARCH 2, 2010 (Continued from page 9)
County: Nash
Population: 95,163
Amount: $ 30,065,505
Purpose: Schools
Amounts: $ 1,934,495
Purpose: County Buildings
Authority: G.S. 160A-20 Installment
Contract – Public Offering
Effective Interest
Cost: 5.260%
Final Maturity: Not beyond 2031.
Special Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Underwriters: BB&T Capital markets (Sr.
Manager); RBC Capital
Markets (Co-Manager); Wells
Fargo Securities (Co-Manager)
Underwriters
Counsel: Parker Poe Adams &
Bernstein L.L.P.
Financial Advisor: Davenport & Company LLC
Insurer (if utilized): Assured Guaranty
Trustee: Branch Banking & Trust
Company
Municipality: Town of Pineville
Population: 7,300
Amount: $ 4,500,000
Purpose: Police Headquarters
Authority: G.S. 160A-20 Installment
Purchase – Private Placement
Interest Rate: 3.58%
Term: 10 years
Payment: Semi-annual
Bank: Sun Trust Equipment
Municipality: City of Statesville
Population: 27,048
Amount: $ 1,947,000
Purpose: Municipal Buildings (Fire
Station)
Authority: G.S. 160A-20 Installment
Contract – Private Placement
Interest Rate: 5.03% (Taxable – Recovery
Zone Economic Development
Bond)
Term: 10 years
Payment: Semi-annual interest
payments; annual principal
payments.
Bank: Bank of America, N.A.
Municipality: City of Wilmington
Population: 101,526
Amount: $ 6,619,061
Purpose: Municipal Building
Amount: $ 7,024,169
Purpose: Recreation
Amount: $ 7,912,809
Purpose: Streets
Amount: $ 2,036,634
Purpose: Equipment
Amount: $ 407,327
Purpose: Transit (Multi-modal site)
Amount: $ 9,100,000
Purpose: Refunding 2008C COPs
Authority: G.S. 160A-20 Installment
Contract – Public Offering
Effective Interest
Cost: Series A & B – New Projects
4.30%; Series B – Refunding
3.95%
Special Counsel: Parker Poe Adams &
Bernstein LLP
Underwriters: BB&T Capital markets (Sr.
Manager); Merrill Lynch & Co.
(Co-Manager)
Co-Underwriters
Counsel: McGuireWoods LLP; Pope
Zeigler, LLC
Financial Advisor: Waters & Company, LLC
Trustee: U.S. Bank. National
Association
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 11
REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS
County: Vance
Amount: $ 4,140,000
Purpose: General Obligation
Refunding Bonds, Series
2010
Dated: Date of Delivery
Sold on: February 17, 2010
Rates: 2.00s, 1,935M, 2011/2014;
2.50s, 455M, 2015;
3.00s, 1,750M, 2016/2019.
The Bonds will not be subject
to redemption prior to
maturity.
True Interest Cost: 2.334%
Average Life: 4.75 years
Winning Bidder: SunTrust Robinson
Humphrey
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
County: Mecklenburg
Amount: $114,940,000
Purpose: General Obligation
Refunding Bonds, Series
2010
Dated: Date of Delivery
Sold on: February 23, 2010
Rates: 2.00s, 2,890M, 2011/2017;
2.50s, 7,985M, 2018;
5.00s, 55,430M, 2019/2021;
3.00s, 8,190M, 2022;
4.00s, 25,355M, 2023/2024;
3.25s, 7,610M, 2025;
3.50s, 7,480M, 2026. The
Bonds will not be subject to
redemption prior to maturity.
True Interest Cost: 3.1098%
Average Life: 11.21 years
Winning Bidder: Banc of America Merrill Lynch
Bond Counsel: Robinson, Bradshaw &
Hinson, P.A.
County: Orange
Amount: $ 22,455,000
Purpose: General Obligation
Refunding Bonds, Series
2010
Dated: Date of Delivery
Sold on: February 24, 2010
Rates: 2.00s, 2,060M, 2011/2013;
3.50s, 1,570M, 2014;
4.00s, 1,990M, 2015;
3.00s, 1,980M, 2016;
4.00s, 13,110M, 2107/2021;
3.00s, 1,745M, 2022. The
Bonds maturing prior to
February 1, 2020 will not be
subject to redemption prior to
maturity. The Bonds
maturing on February 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 February 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: 2.6461%
Average Life: 7.67 years
Winning Bidder: Robert W. Baird & Co., Inc.
Bond Counsel: Sanford Holshouser LLP
County: Caswell
Amount: $ 2,560,000
Purpose: General Obligation
Refunding Bonds, Series
2010
Dated: Date of Delivery
Sold on: March 2, 2010
Rates: 2.00s, 1,260M, 2011/2015;
3.00s, 1,100M, 2016/2020;
3.25s, 200M, 2021. The
Bonds will not be subject to
redemption prior to maturity.
True Interest Cost: 2.6286%
Average Life: 5.54 years
Winning Bidder: Morgan Keegan & Company,
Inc.
Bond Counsel: Sands Anderson Marks &
Miller
(Continued on page 12)
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 12
REPORT OF RECENT SALES OF GENERAL OBLIGATION BONDS (Continued from
page 11)
County: Edgecombe
Amount: $ 3,430,000
Purpose: General Obligation School
Bonds, Series 2010
Dated: Date of Delivery
Sold on: March 9, 2010
Rates: 3.00s, 1,560M, 2011/2019;
3.25s, 170M, 2020;
3.50s, 680M, 2021/2024;
3.75s, 170M, 2025;
4.00s, 680M, 2026/2029;
4.25s, 170M, 2030. The
Bonds maturing on or prior to
April 1, 2020, will not be
subject to redemption prior to
maturity. The Bonds
maturing on April 1, 2021
and thereafter will 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 April
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. The entire issue
is insured by Assured
Guaranty Municipal Corp.
True Interest Cost: 3.6012%
Average Life: 10.46 years
Winning Bidder: Wachovia Bank, National
Association
Bond Counsel: Parker Poe Adams &
Bernstein LLP
􀂒􀂒􀂒􀂒
GENERAL OBLIGATION BOND ANTICIPATION NOTES
Municipality: Town of Carrboro
Amount: $ 2,590,000
Purpose: General Obligation Sidewalk
Bond Anticipation Notes,
Series 2010A
Dated: February 16, 2010
Maturing: October 27, 2010
Sale Date: February 2, 2010
Interest Rate: 1.25%
Winning Bidder: Oppenheimer & Co., Inc.
Bond Counsel: Sanford Holshouser LLP
Municipality: Town of Ahoskie
Amount: $ 10,800,000
Purpose: General Obligation
Wastewater Bond
Anticipation Notes
Dated: February 23, 2010
Maturing: November 17, 2010
Sale Date: February 9, 2010
Interest Rate: 1.00%
Winning Bidder: Robert W. Baird & Co., Inc.
Bond Counsel: Hunton & Williams LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 13
REPORT OF RECENT SALE OF REVENUE BONDS
APPROVED ON FEBRUARY 2, 2010
Issuer: North Carolina Medical Care
Commission Health Care
Facilities Revenue Bonds
North Carolina Baptist
Hospital, Series 2010
Amount: $322,750,000
Purpose: Refunding
Rating(s): Moody’s: Aa3; S&P: AA-;
Dated: March 1, 2010
Underwriter(s): Morgan Stanley & Co.
Incorporated (Sr.), Goldman,
Sachs & Co. (Co-Mgr.), and
BB & T Capital Markets (Co-
Mgr.)
Sold on: BPA — February 18, 2010
Closing — March 1, 2010
Terms: Public Offering - $5,000
Denominations
Interest Rate(s): Fixed — (yield) if different
Maturities: June 1:
11-7,705M, 2.00%; (.086%);
12-7,860M, 4.00%; (1.32%);
13-4,515M, 3.00%; (1.67%);
13-3,660M, 5.00%; (1.67%);
14-8,495M, 5.00%; (1.98%);
15-4,525M, 4.00%; (2.43%);
15-4,395M, 5.00%; (2.43%);
16-6,615M, 4.00%; (2.92%);
16-2,705M, 5.00%; (2.92%);
17-9,720M, 5.00%; (3.28%);
18-10,205M, 5.00%; (3.60%);
19-6,805M, 4.00%; (3.80%);
19-3,910M, 5.00%; (3.80%);
20-11,185M, 5.00%; (3.93%);
21-11,740M, 5.00%; (4.06%);
22-12,330M, 5.00%; (4.15%);
25-9,695M, 4.375%; (4.40%);
25-31,130M, 5.25%; (4.40%);
27-16,385M, 4.75%; (4.85%);
29-43,075M, 5.25%; (4.85%);
30-23,510M, 4.75%; (4.95%);
34-82,585M, 5.00%; (5.04%).
Maturities callable June 1,
2020 or later at par.
Trustee/Registrar: The Bank of New York Mellon
Trust Company, N.A. (DTC)
Bond Counsel: McGuireWoods LLP
Underwriters’
Counsel: Hawkins Delafield & Wood LLP
and Bode, Call & Stroupe,
L.L.P. as co-counsel
Issuer: North Carolina Medical Care
Commission Health Care
Facilities Revenue Bonds
Mission Health Combined
Group, Series 2010
Amount: $ 65,000,000
Purpose: Construction
Rating(s): Moody’s: Aa3; S&P: AA;
Fitch: AA
Dated: February 24, 2010
Underwriter(s): BofA Merrill Lynch (Sr.), Wells
Fargo Securities (Co-Mgr.),
and BB&T Capital markets
(Co-Mgr.)
Sold On: BPA – February 11, 2010
Closing – February 24, 2010
Terms: Public Offering - $5,000
denominations.
Interest Rate(s): Fixed – (yield) if different from
stated
Maturities: October 1:
11-1,595M, 2.00%; (.095%);
12-1,625M, 3.00%; (1.38%);
13-1,675M, 3.00%; (1.75%);
14-1,725M, 3.00%; (2.08%);
15-1,775M, 3.00%; (2.52%);
16-1,830M, 4.00%; (2.98%);
17-1,900M, 5.00%; (3.34%);
18-1,995M, 4.00%; (3.60%);
19-2,075M, 4.00%; (3.80%);
20-2,160M, 5.00%: (3.94%);
21-2,270M, 4.00%; (4.04%);
22-2,360M, 4.00%: (4.13%);
23-2,455M, 4.10%; (4.23%);
24-2,555M, 4.20%; (4.31%);
25-2,660M, 4.25%; (4.40%);
30-15,215M, 4.625%; (4.75%);
35-19,130M, 4.75%; (4.87%).
Maturities callable October 1,
2019 or later at par.
Trustee/Registrar: The Bank of New York Mellon
Trust Company, N.A. (DTC)
Bond Counsel: Womble Carlyle Sandridge &
Rice, PLLC
Underwriter’s
Counsel: McGuireWoods LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 2010 14
REPORT OF RECENT SALE OF SPECIAL PURPOSE
REVENUE BONDS THRU IRB AUTHORITY
Issuer: Durham County Industrial
Facilities and Pollution
Control Financing Authority
Borrower: Research Triangle Institute
Amount: $ 23,045,000
Purpose: Special Purpose – Office
Building & Parking Lot
Rating(s): S&P: AA-Dated:
February 18, 2010
Underwriter(s): Morgan Stanley
Sold on: BPA – February 11, 2010
Closing – February 18, 2010
Terms: Public Offering - $5,000
Denominations
Interest Rate(s): Fixed – (yield) if different from
stated
Maturities: February 1:
11-1,165M, 2.00%, (0.45%);
12-1,195M, 3.00%; (0.85%);
13-1,235M, 3.00; (1.14%);
14-1,280M, 4.00% (1.48%);
15-1,330M, 4.00%; (1.87%);
16-1,385M, 4.00%; (2.29%);
17-1,440M, 4.00%; (2.60%);
18-1,500M, 4.00%; (2.90%);
19-1,555M, 3.00%; (3.12%);
20-1,615M, 5.00%; (3.32%);
21-1,690M, 4.00%: (3.43%);
22-1,770M, 5.00%: (3.52%);
23-1,850M, 4.00%, (3.61%0;
24-2,000M, 5.00%; (3.70%);
25-2,035M, 5.00%: (3.79%).
Non-callable.
Trustee/Registrar: U.S. Bank National
Association (DTC)
Bond Counsel: Hunton & Williams LLP
Underwriter’s
Counsel: Parker Poe Adams & Bernstein
LLP
NORTH CAROLINA
DEPARTMENT OF STATE TREASURER BOND REPORTER
March 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