B O N D R E P O R T E R NORTH CAROLINA DEPARTMENT OF STATE TREASURER. Janet Cowell, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES*

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1 Janet Cowell, Treasurer CALENDAR OF SCHEDULED COMPETITIVE SALES* December 14, 2010 COUNTY OF WILSON $ 10,200,000 Refunding, G.O. Bonds January 25, 2011 COUNTY OF LINCOLN $ 30,200,000 School & Refunding, G.O. Bonds B O N D February 2, 2011 STATE OF NORTH CAROLINA $ 500,000,000 Limited Obligation Bonds *Subject to change.- R E P O R T E R VOLUME XVII DECEMBER 2010 No. 12

2 Janet Cowell, Treasurer Electronically Published Monthly by North Carolina Department of State Treasurer Albemarle Building 325 North Salisbury Street Raleigh, North Carolina Janet Cowell, State Treasurer (919) T. Vance Holloman, Deputy Treasurer (919) Sharon Edmundson, Director, Fiscal Management (919) Tim Romocki, Director, Debt Management (919) Dora D. Fazzini, Director, North Carolina Capital Facilities Finance Agency (919) Robert C. Newman, Assistant Director Debt Management (919) Jim Baker, Assistant Director Debt Management (919) 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. B O N D R E P O R T E R TABLE OF CONTENTS VOLUME XVII No. 12 December 2010 Calendar of Scheduled Competitive Sales 1 Schedule of Negotiated Sales 3 Notice of Redemption 4-5 Results of Bond Referenda 5 State and Local Unit Debt Outstanding Balances 6 PROPOSALS Revenue Bonds 7-8 North Carolina Capital Facilities Finance Agency 9 Industrial Revenue Bonds North Carolina Medical Care Commission 12 Financing Agreements REPORTS OF RECENT SALES Anticipation Notes 15 General Obligation Bonds 15 Negotiated Bond 16 Limited Obligation Bonds 17 Revenue 18 OTHER INFORMATION Bond Buyer s Index 19

3 December December 2, 2010 SCHEDULE OF NEGOTIATED SALES* COUNTY OF BUNCOMBE $ 3,800,000 Limited Obligation Bonds (Qualified Zone Academy Bonds) Robert W. Baird & Co., Inc. December 8, 2010 CITY OF SANFORD $ 58,350,000 Enterprise Systems Revenue Bonds Wells Fargo Securities (Sr.); BB&T Capital Markets; Morgan Keegan & Company, Inc. December 9, 2010 COUNTY OF ORANGE $ 55,000,000 Limited Obligation Refunding Bonds BB&T Capital Markets (Sr. Mgr.) Wells Fargo Securities (Co. Mgr.) December 15, 2010 CITY OF BURLINGTON $ 23,700,000 Combined Enterprise System Revenue Bonds Wells Fargo Securities (Sr.); BB&T Capital Markets COUNTY OF CUMBERLAND $ 55,000,000 Limited Obligation Bonds Stephens, Inc. (Sr. Mgr.) Wells Fargo Securities (Co. Mgr.) Jackson Securities, LLC (Co. Mgr.) December 16, 2010 CITY OF KANNAPOLIS $ 35,000,000 Limited Obligation Bonds Wells Fargo Securities (Sr. Mgr.) Bank of America Merrill Lynch (Co. Mgr.) January 20, 2011 NORTH CAROLINA MEDICAL CARE COMMISSION $ 35,000,000 Appalachian Regional Healthcare System Lancaster Pollard & Co. (Senior Manager) To Be Determined (Co. Manager) TOWN OF OAK ISLAND $ 11,285,000 Enterprise System Revenue Bonds BB&T Capital Markets January 26, 2011 NORTH CAROLINA MEDICAL CARE COMMISSION $ 265,000,000 Moses Cone Health System Morgan Stanley (Sr. Mgr.) B of A Merrill Lynch (Co. Mgr.); BB&T Capital Markets; Edward Jones & Co., L.P.; J P Morgan Securities LLC; Wells Fargo Securities COUNTY OF DARE $ 25,000,000 Utility Systems Revenue Bonds Southwest Securities *Subject to change.

4 December NOTICE OF REDEMPTION County of New Hanover, North Carolina, Hospital Revenue Bonds, (New Hanover Regional Medical Center Project), Series 1999 Amount: $122,395,000 Dated: March 4, 1999 Redemption Date: Redemption Price: December 6, % CUSIP Numbers: BT2, BU9, BV7, BW5, BY1, and BX3 Bond Numbers: R-12, R-13, R-14, R-15, R-16, and R-17 U.S. Bank National Association, as Trustee County of Buncombe, North Carolina, General Obligation School Bonds, Series 2000B Amount: $16,000,000 Dated: October 6, 2009 Redemption Date: Redemption Price: December 1, % CUSIP Numbers: SQ4, SR2, SS0, and ST8 U.S. Bank National Association, as Escrow Agent Certificates of Participation (Convention Facility Project), Series 2000B, Evidencing Proportionate Undivided, Interests in Rights to Receive Certain Revenues, Pursuant to an Amended and Restated Installment Purchase Contract, Between New Charlotte Corporation and the City of Charlotte, North Carolina Amount: $13,425,000 Dated: August 1, 1993 Redemption Date: December 1, 2010 CUSIP Numbers: HN9, HP4, HQ2, HR0, HS8, HT6, and HU3 Redemption Price: 101% U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN The Catawba County Industrial Facilities and Pollution Control Financing authority, Industrial Development Revenue Bonds, (VON Drehle Properties, LLC Project) 2001 Amount: $185,000 Redemption Date: CUSIP Number: December 1, AP9 Redemption Price: 100% Bond Number: BOOK The Bank of New York Mellon Trust Company, N.A., as Trustee or Agent (Continued on page 5)

5 December NOTICE OF REDEMPTION (Continued on from page 4) Certificates of Participation (Convention Facility Project), Series 2000A, Evidencing Proportionate Undivided, Interests in Rights to Receive Certain Revenues, Pursuant to an Amended and Restated Installment Purchase Contract, Between New Charlotte Corporation and the City of Charlotte, North Carolina Amount: $27,775,000 Dated: August 1, 1993 Redemption Date: December 1, 2010 CUSIP Numbers: HD1, HE9, HF6, HG4, HH2, HJ8, and HK5 Redemption Price: 101% U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN The Vance County Industrial Facilities and Pollution Control Financing Authority, Industrial Development Revenue Bonds, (HHHunt Manufacturing Facilities, LLC Project), Series 1998 Amount: $ 80,000 Dated: December 1, 1998 CUSIP Number: Redemption Price: AA0 100% Redemption Date: December 1, 2010 Registered Bond: BOOK17_1 U.S. Bank, Corporation Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN The Alamance County Industrial Facilities and Pollution Control Financing Authority, Industrial Development Revenue Bonds (DT-Nassau Corporation Project), Series 1998 Amount: Dated: $ 35,000 December 1, 1998 Redemption Date: December 1, 2010 Redemption Price: CUSIP Number: 100% AJ3 Registered Bond; R17_1 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Pau, MN City of Durham, North Carolina, Water and Sewer Utility System Revenue Bonds, Series 1994 Amount: $ 900,000 Dated: December 5, 1994 Redemption Date: Redemption Price: December 1, % CUSIP Number: AL6 Registered Bond: BOOK_1 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN (Continued on page 6)

6 December NOTICE OF REDEMPTION (Continued on from page 5) City of Charlotte, North Carolina, Variable Rate Airport Revenue Bonds, Series 2007B Amount: $ 3,670,000 Redemption Date: Redemption Price: December 1, % CUSIP Number: EZ7 U.S. Bank National Association, As Trustee The Montgomery County Industrial Facilities and Pollution Control Financing Authority, Exempt Facility Revenue Bonds, Republic Services Amount: Dated: $ 15,000,000 December 18, 2000 Redemption Date: November 30, 2010 CUSIP Number: AA1 Redemption Price: 100% U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN Harnett County Public Facilities Corporation, Certificates of Participation, Series 2000 Amounts: Dated: $1,605,000, $1,660,000, and $1,710,000 July 1, 2000 Redemption Date: December 1, 2010 Redemption Price: 101% CUSIP Numbers: CH6, CJ2, and CK9 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN North Carolina Medical Care Commission, North Carolina Medical Care Commission Health Care Facilities Revenue Bonds, (Pungo District Hospital Corporation Project) Amount: $ 200,000 Dated: December 1, 1997 Redemption Date: Redemption Price: December 1, % Registered Bond: R1_1 CUSIP Number: QQ8 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN County of New Hanover, North Carolina, Certificates of Participation, Series 2000 Amounts: $1,115,000, $1,115,000, $1,110,000, $1,110,000, and $6,660,000 Dated: Redemption Date: December 1, 2000 December 1, 2010 Redemption Price: 101% CUSIP Numbers: BC3, BD1, BE9, BF6, and BG4 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN (Continued on page 7)

7 December NOTICE OF REDEMPTION (Continued on from page 6) Harnett County Public Facilities Corporation, Certificates of Participation, Series 2000 Amounts: $1,770,000, $1,830,000, and $1,225,000 Dated: Redemption Date: July 1, 2000 December 1, 2010 Redemption Price: 101% CUSIP Numbers: CL7, CM5, and CN3 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN North Carolina Capital Facilities Finance Agency, $8,000,000 Variable Rate Educational Facilities Revenue Bonds, (Gardner-Webb University), Series 2003 Amount: Dated: $ 6,090,000 December 10, 2003 Redemption Date: December 15, 2010 Redemption Price: Registered Bond: 100% FASBAL_1 CUSIP Number: 65818PDW6 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN County of Mecklenburg, North Carolina, Multifamily Housing Revenue Bonds, (Sycamore Green Apartments), Series 2001 Amount: $ 11,765,000 Dated: May 18, 2005 Redemption Date: Redemption Price: December 17, % CUSIP Number: 58400RAG9 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul. MN North Carolina Capital Facilities Finance Agency, Variable Rate Educational Facilities Revenue Bonds, (Mars Hill College), Series 2006 Amount: $ 31,000,000 Dated: December 1, 2006 Redemption Date: Redemption Price: December 9, % CUSIP Number: 65818PEQ8 U.S. Bank, Corporate Trust Services, 60 Livingston Avenue, 1 st Floor Bond Drop Window, St. Paul, MN 55107

8 December STATE AND LOCAL UNIT DEBT OUTSTANDING BALANCES NOVEMBER 30, 2010 Amount Population Per Capita Local Units Debt $ 28, 619,899,799 State of North Carolina $ 6,899,685,000 9,386,573 $ U.S. Public Debt $13,860,773,759, ,949,907 $ 44, GENERAL OBLIGATION BOND PROPOSALS APPROVED ON DECEMBER 7, 2010 District: Grays Creek Water & Sewer District (Cumberland County) Amount: $ 21,000,000 Water Distribution System Bond Counsel: The Charleston Group and Hunton & Williams Wilson Amount: $ 11,000,000 General Obligation Refunding Bonds Bond Counsel: Dewey & LeBoeuf LLP Interest Rate: Fixed: Financial Advisor: First Tryon Securities LLC Escrow Agent: Branch Banking & Trust Co. Verification Agent: Barthe and Wahrman, P.A.

9 December REVENUE BONDS APPROVED ON DECEMBER 7, 2010 Municipality: City of Burlington Amount: $ 23,700,000 (Combined Enterprise System Revenue Bonds) Approximately 25 years. Interest Rate: Fixed Final Maturity: Not beyond Public Sale. Sale is scheduled for the week of December 13 th so as not to conflict with any other revenue bonds. City has stand alone revenue bond rating of Moody s: Aa3 and S&P: AA. Expect 2 series taxexempt and taxable (BABs). Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Underwriters: Wells Fargo Securities; BB&T Capital Markets Underwriters Counsel: Sands Anderson PC Trustee/Registrar/ Escrow Agent: U.S. Bank National Association (DTC) Feasibility: Raftelis Financial Consultants, Inc. Financial Advisor: Davenport & Company LLC Verification Agent: The Arbitrage Group, Inc. Catawba Amount: $ 23,000,000 (Catawba Valley Medical Center Project) Hospital Revenue Bonds, Series 2010 Interest Rate: Fixed at 4.96% as Tax- Exempt Bank Qualified Bond. Approximately 20 years. non-rated, private placement as a bank qualified loan with Branch Banking & Trust Company that is expected to close on December 15, Registration and transfer is limited to banks, insurance companies and similar financial institutions unless bond is rated investment grade. Final Maturity: Not to exceed December 31, Bond Counsel: McGuireWoods LLP Branch Banking & Trust Company Bank Counsel: Moore & Van Allen PLLC Hospital Counsel: Patrick Harper Dixon LLP County Attorney: Trustee: Agreed Upon Procedures: Structuring Agent: Debra Bechtel, Esquire Branch Banking and Trust Company Dixon Hughes PLLC BB&T Capital Markets Municipality: City of Sanford Amount: $ 58,350,000 (Combined Enterprise System Revenue Bonds) Approximately 25 years. Interest Rate: Fixed Public Sale. Sale is scheduled for the week of December 6 th so as not to conflict with any other revenue bonds. City has revenue bond standalone rating of Moody s: Aa3 and Fitch: AA-. Expect to be sold in two Series Tax-exempt and Taxable (RZEDB & BABs) Bond Counsel: Parker Poe Adams & Bernstein LLP Underwriters: Wells Fargo Securities; BB&T Capital markets; Morgan Keegan & Company, Inc. Underwriters Counsel: McGuireWoods LLP Trustee/Registrar: Regions Bank (DTC) Feasibility: Raftelis Financial Consultants, Inc. Financial Advisor: First Southwest Company

10 December NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY APPROVED ON DECEMBER 7, 2010 Pine Lake Preparatory, Inc. Amount: $20,000,000 Educational Facilities Revenue Bonds, Series 2010A-1, Series 2010A-2 and Series 2010B Location: Mooresville (Iredell County) Interest Rates: Series A and B: Variable rate adjusted monthly, based % of one month LIBOR %. Series B has an interest rate floor of 2.45%. Approximately 20 years for Series A and 7 years for Series B. Final Maturity: Not to extend beyond December 31, Private placement as a bank qualified loan with Regions Equipment Finance Corporation. The bond issue is currently anticipated to close in December, Transfer to Qualified Institutional Buyers (QIBs) is permitted. Borrower s Counsel: Parker Poe Adams & Bernstein LLP Co-Borrower s Counsel: Pope McMillan Kutteh Privette Edwards & Schieck, P.A. Bond Counsel: Pope Ziegler, LLC Purchaser: Regions Equipment Finance Corporation Bank s Counsel: Presley Burton & Collier, LLC Swap Advisor: Kensington Capital Advisors the week of December 12, Bond Counsel: Womble Carlyle Sandridge & Rice, PLLC Borrower s Counsel: Robbins May & Rich LLP Purchaser: Wells Fargo Bank, N.A. Bank s Counsel: Robinson, Bradshaw & Hinson, P.A. Trustee: Wells Fargo Bank, N.A. Ravenscroft School Amount: $ 8,000,000 Educational Facilities Refunding Revenue Bonds, Series 2010 Location: Raleigh (Wake County) Approximately 10 years. Interest Rate: Fixed tax-exempt bank qualified rate of 2.52%. Final Maturity: Not to extend beyond December 31, 2020 Private placement as a bank qualified loan with Fifth Third Bank. The financing is currently anticipated to close on December 14, Transfer is restricted to qualified financial institutions (QIBs). Borrower s Counsel: Burns, Day & Presnell, P.A. Bond Counsel: Hunton & Williams LLP Purchaser: Fifth Third Bank Bank s Counsel: Parker Poe Adams & Bernstein LLP The O Neal School Amount: $ 8,890,000 Educational Facilities Revenue Refunding Bonds, The O Neal School Series 2010 Location: Southern Pines (Moore County) Approximately 19 years. Interest Rate: Variable rate, based on 65.7% of 30 Day LIBOR %. Final Maturity: Not to extend beyond Private placement as a bank qualified loan with Wells Fargo Bank, N.A. The financing is expected to close

11 December INDUSTRIAL REVENUE BONDS APPROVED ON DECEMBER 7, 2010 The Durham County Industrial Facilities and Pollution Control Financing Authority (Tax-exempt Issuer) Lark Capital, LLC (Borrower) Amount: $65,000,000 consisting of: Series A Bonds - $30,000,000 (approximately); Series B Bonds - $17,500,000 (approximately); Series C Bonds - $17,500,000 (approximately) Special Purpose Recovery Zone Facility Bonds (RZFB) Location: Interest Rate: Final Maturity: City of Durham Fixed rate to be determined at purchase not to exceed 9%. RZFB bonds expected average rate between 6% and 8%. Series A Bonds 30 years (not to exceed 2041); Series B Bonds 7 years (not to exceed 2018); Series C Bonds 2 years (not to exceed 2013) Stone & Youngberg will serve as underwriter/placement agent for the bond issue proposed to finance Series A Bonds 30 year bullet maturity with mandatory sinking fund payments; Series B and C will be replaced with tax credit financing. Sale limited to QIB in $100,000 denominations unless rated. Bond Counsel: Hunton & Williams LLP Issuer Counsel: Carol Hammett (Deputy County Attorney) Borrower: Lark Capital LLC (Chesterfield Partners LLC) Borrower Counsel: Womble Carlyle Sandridge & Placement Agent: Placement Agent Counsel: Tax Credit Rice PLLC Stone & Youngberg McGuireWoods Investors: U.S. Bank, Nationwide Insurance Trustee/Registrar: U.S. Bank National Association Trustee Counsel: Parker Poe, Adams & Bernstein, LLP Borrower: Lee County IRB Authority Lee Iron & Metal Company, Inc. Amount: $8,300,000 Acquisition, construction and equipping of a scrap metal recycling facility, initially centered around a shredding plant. Location: Interest Rate: Sanford (Lee County) 68% of the one-month LIBOR plus 1.95% (RZFB). Final Maturity: Not beyond December 31, 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. The Bank has the ability, with six months notice, to call the bond after 8 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 Purchases: BB&T Capital Markets Bank Counsel: Moore & Van Allen PLLC Borrowers Counsel: Harrington, Gilleland, Winstead, Feindel & Lucas, LLP (Continued on page 12)

12 December INDUSTRIAL REVENUE BONDS APPROVED ON DECEMBER 7, 2010 (Continued from page 11) Mecklenburg County IRB Authority Borrower: Red City Properties, LLC Amount: $ 6,480,000 Acquisition, renovation and equipping of an approximately 88,000 square foot office building for use as a headquarters for Redf Marketing, LLC, and affiliate of Red City Properties, LLC, as the physical hub for entrepreneurship with civic, governmental, academic and private sector partnership. This building will be the world headquarters for Red City s three companies. The project is expected to create approximately 60 new jobs. Location: Charlotte (Mecklenburg County) Interest Rate: 68% of the one-month LIBOR plus 1.56% (RZFB) Final Maturity; Not beyond December 31, 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. The Bank has the ability, with six months notice, to call the bond after 6 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 Borrowers Counsel: K & L Gates Pender County IRB Authority Borrower: Borrower: Avant & Nunn, L.L.C (Project: Woodbury Wellness Center) Amount: $ 7,000,000 Acquisition, construction and equipping of an approximately 2,500 square foot wellness and therapy addition to the existing skilled nursing facility and an approximately 45,000 square foot 100 bed assisted living facility adjacent to the existing skilled nursing facility. Location: Hampstead (Pender County) Interest Rate; 67% of the one-month LIBOR plus 2.45% (RZFB) Ceiling Rate: 12% Final Maturity: Not beyond December 31, Private Sale to SunTrust Bank. Registration and transfer is limited to bank, insurance company or similar financial institution without LGC approval. 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 Borrower has the option to find another bank qualified loan provider, 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 and Williams LLP Purchases: SunTrust Bank Counsel: Parker Poe Adams & Bernstein, LLP Borrowers Counsel: Nicholls & Crampton, P.A. Trustee: Bank of New York Mellon Trust Company, N.A. APPROVED ON DECEMBER 15, 2010 Ingles Markets, Inc. (Buncombe County) Amount: $99,740,000 Acquisition, construction and equipping a 830,000 square foot cold storage and distribution facility adjacent to current distribution facility in Black Mountain; construction of ,000 square foot grocery store in Asheville. Private placement with a Continuing Covenant Agreement between the Company and the Bank. Transfer is limited to banks, insurance companies, similar financial institutions without LGC approval. Bank has the ability, with six months notice, to call the bond after 7 years for payment in full without penalty. If the loan is called and another buyer is not found, the Bank is required to pay off the Authority Bond and enter into a negotiated taxable loan with the Company. The bond documents include options to convert the bonds to other variable interest rate modes if a credit facility is provided for remarketing the bonds. Interest Rate: 65.7% of LIBOR plus 1.971%, initial rate less than 6%. Bullet Maturity: Not beyond the year Bond Counsel: Initial Purchaser: Bank Counsel: Company Counsel: Trustee/Registrar: Hunton & Williams LLP Wells Fargo Bank, National Association in participation with SunTrust Bank and BB&T McGuireWoods LLP Spielman & Hicks LLC Branch Banking and Trust Company

13 December NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON DECEMBER 7, 2010 Rutherford Incorporated Hospital, Amount: $23,000,000 Health Revenue Care and Facilities Revenue Refunding Bonds, Series 2010 Locations: Rutherfordton (Rutherford County) Interest Rates: Approximately 20 years. Adjusted monthly, based on 68% of one month LIBOR %. Final Maturity: Not to exceed December 31, 2030 Non-rated, private placement bank qualified loan with Branch Banking & Trust Company that is currently anticipated to close in December, Transfer is restricted to qualified financial institutions (QIBs). Bond Counsel: Robinson Bradshaw & Hinson, P.A. Branch Banking & Trust Company Bank Counsel: Moore & Van Allen PLLC Borrower s Counsel: Parker Poe Adams & Bernstein LLP Agreed-Upon- Procedures: Structuring Agent: Trustee: LarsonAllen LLP BB&T Capital Markets The Bank of New York Mellon Trust Company, N.A. Hospice & Palliative Care Charlotte Region (d/b/a Hospice of Charlotte, d/b/a Hospice of Lincoln County and d/b/a Hospice of Lake Norman) Amount: $ 5,300,000 (Health Care Facilities Revenue Refunding Bonds) Location: Huntersville (Mecklenburg County) Approximately 15 years. Interest Rate: Variable rate adjusted monthly, based on 68% of one month LIBOR %. Private placement as a bank qualified loan with Branch Banking and Trust Company. The financing is currently anticipated to close on December 21, Transfer is restricted to qualified financial institutions (QIBs). Final Maturity: Not to exceed December 31, Bond Counsel: Robinson, Bradshaw & Hinson, P.A. Branch Banking Company & Trust Bank Counsel: Moore & Van Allen PLLC Borrower s Counsel: McGuireWoods LLP Trustee: Branch Banking and Trust Company Structuring Agent: BB&T Capital Markets Amount: $25,000,000 United Church Homes and Services (Retirement Facilities First Mortgage Revenue Bonds) Locations: Newton, Thomasville and Lexington, North Carolina, City of Suffolk, Virginia Approximately 27 years. Interest Rate: Adjusted monthly, based on 67% of one month LIBOR +.95%. Final Maturity: Not to exceed January 31, Non-rated, private placement bank qualified loan with SunTrust Bank that is currently anticipated to close in December Transfer is restricted to qualified financial institutions (QIBs). Bond Counsel: McGuireWoods LLP SunTrust Bank Bank Counsel: Parker Poe Bernstein LLP Adams & Borrower s Counsel: Ellinger & Carr, PLLC Trustee/Registrar: The Bank of New York Mellon Trust Company, N.A. Structuring Agent: Agreed Upon Procedures: BB&T Capital Markets Dixon Hughes PLLC (Continued on page 14)

14 December NORTH CAROLINA MEDICAL CARE COMMISSION APPROVED ON DECEMBER 7, 2010 (Continued from page 13) Lutheran Services for the Aging, Inc. (Continuing Care Retirement Community) Amount: $ 10,000,000 Health Care Facility Revenue Bonds, Series 2010 Locations: Various in 10 locations Interest Rate: Approximately 27 years. Adjusted monthly, based on 68% of one month LIBOR %. Non-rated, private placement as a bank qualified loan with Branch Banking & Trust Company that is currently anticipated to close on December 16, Transfer is restricted to qualified financial institutions (QIBs). Final Maturity: Not to exceed December 31, Bond Counsel: McGuireWoods LLP Branch Banking & Trust Company Bank Counsel: Moore & Van Allen PLLC Borrower s Counsel: Young, Morphis, Bach and Taylor Agreed Upon Procedures: Structuring Agent: Davidson, Holland, Whitesell & Co., PLLC BB&T Capital Markets Presbyterian Homes, Inc. and Glenaire, Inc. Amount: $ 15,500,000 Healthcare Facilities First Mortgage Revenue Bonds Locations: High Point (Guilford County), Cary (Wake County), Laurinburg (Scotland County) Interest Rate: Approximate 21 years. Adjusted monthly, based on 68% of one month LIBOR %. Non-rated, private placement as a bank qualified loan with First Tennessee Bank that is currently anticipated to close on December 17, Transfer is restricted to qualified financial institutions (QIBs). Final Maturity: Not to exceed December 31, Bond Counsel: Parker Poe Adams & Bernstein LLP First Tennessee Bank, National Association Bank Counsel: Womble Carlyle Sandridge & Rice, PLLC Borrower Counsel: Wyatt, Early, Harris & Wheeler, LLP Trustee: U.S. Bank, National Association Financial Advisor: REVOLVING LOANS APPROVED ON DECEMBER 7, 2010 First Tryon Securities, LLC Municipality: Town of Belmont Amount: $ 901,920 Wastewater 20 years Interest Rate: Not to exceed 4%. Loan from: State of North Carolina Durham Amount: $ 3,323,740 Wastewater 20 years Interest Rate: Not to exceed 4%. Loan from: State of North Carolina Municipality: Town of Stantonsburg Amount: $ 1,616,251 Wastewater 20 years Interest Rate: Not to exceed 4%. Loan from: State of North Carolina Durham Amount: $ 11,589,000 Wastewater 20 years Interest Rate: Not to exceed 4%. Loan from: State of North Carolina

15 December NORTH CAROLINA HOUSING FINANCE AGENCY APPROVED ON DECEMBER 7, 2010 North Carolina Housing Finance Agency (NCHFA) Amount: $ 14,200,000 Multi-family Pendergraph 2010 Rural Development Housing Revenue Bonds Three year maturity until December 31, 2013, but bonds to be redeemed upon the completion of each project closing on long-term RD financing. Interest Rate: Variable Final Maturity: Not beyond December 31, Private purchase by Bank of America. Transfer is restricted to a bank, insurance company or similar financial institution or to any other entity approved by the LGC. Bond Counsel: Womble Carlyle Sandridge & Rice PLLC Financial Advisor: Raymond James & Associates, Inc. Purchaser: Private Placement with Banc of America Public Capital Corporation Tax Credit Investor: Community Purchaser s Counsel: Affordable Housing Equity Corporation (CAHEC). Eichner & Norris PLLC and Robinson & Cole LLP Placement Agent: Merchant Capital, LLC Financial Advisor: Raymond James & Associates, Inc. Trustee/Paying Agent: Trustee s Counsel: The Bank of New York Mellon Trust Company, N.A. Moore & Van Allen PLLC

16 December FINANCING AGREEMENTS APPROVED ON DECEMBER 7, 2010 Municipality: Town of Archer Lodge Population: 3,400 Amount: $ 250,000 Municipal Building Contract Private Placement Interest Rate: 4.35% 20 years Annual Four Oaks Bank Underwriters: Wells Fargo Securities (Sr. Manager); Bank of America Merrill Lynch (Co-Manager) Underwriters Counsel: Parker Poe Bernstein LLP Adams & Co-Financial Advisors: Trustee: Davenport & Company LLC & First Southwest Regions Bank (DTC) Cherokee Population: 30,357 Amount: $ 1,282,886 School Interest Rate: 0.00% At closing a fixed interest rate equal to the QTCB rate, resulting in a net interest rate of 0%. Qualified School Construction Bond 15 years Semi-annual Bank of America Cherokee Population: 30,357 Amount: $ 8,158,780 Courthouse Interest Rate: 3.27% 15 years Semi-annual BB&T Pasquotank Population: 41,844 Amount: $ 2,000,000 Schools Contract Private Placement (QSCB) Interest Rate: (Taxable) 3.98% 10 years Annual RBC Bank (USA) Municipality: Town of Seven Devils Population: 130 Amount: $ 183,750 Streets Amount: $ 450,060 Water Build America Bond Interest Rate: 5.37% 10 years Semiannual RBC Municipality: City of Kannapolis Population: 44,315 Amount: $ 16,142,808 Municipal Buildings (Health Center) Amount: $ 18,857,192 Economic Development Contract Public Offering (Tax-Exempt or Build America Bonds) Effective Interest Cost: 6.559% Final Maturity: Not beyond Special Counsel: McGuireWoods LLP Stokes County Board of Education Amount: $ 4,370,000 Guaranteed Energy Savings Guaranteed Energy Savings Contract Interest Rate: 3.38% 14 years; monthly payments sized to accommodate the savings realization pattern. Lender: SunTrust Equipment Financing & Leasing Corp. Vendor: Johnson Controls, Inc. (Continued on page 17)

17 December FINANCING AGREEMENTS APPROVED ON DECEMBER 7, 2010 (Continued from page 16) Alleghany Population: 11,000 Amount: $ 418,230 School (Taxable with Qualified School Contraction Bonds ( QSCB ) Interest Rate: Taxable 5.29% 14 years Annual BB&T Municipality: Town of Cornelius Population: 24,847 Amount: $ 800,000 Park Amount: $ 110,000 Vehicles Build America Bonds Interest Rate: 2.34% 5 years Semiannual RBC Cumberland Population: 321,071 Series A: Amount: $ 24,621,276 Refunding: Schools Amount: $ 18,578,724 Refunding: County Building Effective Interest Cost: 4.00% Final Maturity: Not beyond Series B: Amount: $ 14,805,000 Effective Interest Rate: Schools The County will receive a subsidy from the U.S. Treasury that is the lesser of the rate as calculated using the Treasury methodology or the Bank s interest rate. The resulting effective rate will be substantially less than otherwise available in the conventional market. Final Maturity: Not beyond Special Counsel: Hunton & Williams LLP Underwriters: Stephens, Inc. (Sr. Mgr.); Wells Fargo Bank, N.A. (Co- Mgr.); Jackson Securities LLC (Co-Mgr.) Underwriters Counsel: Trustee: Financial Advisor: Womble Carlyle Sandridge & Rice, PLLC Regions Bank (DTC) DEC Associates, Inc. Municipality: Town of Indian Trail Amount: $ 1,750,000 Land Interest Rate: 3.39% 15 years Semiannual BB&T (Continued on page 18)

18 December FINANCING AGREEMENTS APPROVED ON DECEMBER 7, 2010 (Continued from page 17) Municipality: Population: City of Jacksonville 81,612 Amount: $ 4,100,000 Authority: Storm Water Improvements G.S. 160A-20 Installment Contract Private Placement (Taxable with Federal subsidy Build America Bonds) Interest Rate: Taxable 4.93% 10 years Semiannual RBC Bank Municipality: Population: Town of Midway 4,623 Amount: $ 933,500 Authority: Sewer Line G.S. 160A-20 Installment Interest Rate: 3.39% 10 years Quarterly Home Trust Bank New Hanover Population: 199,351 Amount: $ 4,925,744 Schools Contract Private Placement Interest Rate: QTB Rate + 0% at close resulting in an approximate effective rate of 0%. 15 years Semiannual Bank of America, N.A. Orange Population: 131,123 Amount: $ 879,053 Equipment Amount: $ 1,120,947 Telecommunication Contract Private Placement Interest Rate: 2.57% 7 years Annual Branch Banking & Trust Company Orange Population: 131,123 Refunding: Amount: $ 9,130,813 Courthouse Amount: $ 2,316,153 County Buildings Amount: $ 31,408,909 Schools Amount: $ 1,263,772 Equipment Amount: $ 182,826 Solid Waste Amount: $ 5,610,031 Parks & Recreation Amount: $ 3,702,121 Community College Amount: $ 537,088 Jail Amount: $ 490,257 Land Amount: $ 179,014 Water Amount: $ 179,014 Sewer Purchase Public Offering (Tax-Exempt) Refunding Multiple County Projects Effective Interest Cost: 3.50% Final Maturity: Not beyond 2027, or depending on the debt refunded, the final payment date of the refunded debt with the longest term. Special Counsel: Sanford Holshouser Underwriters: BB&T Capital Markets (Sr. Manager); Wells Fargo Securities (Co-Manager) Underwriters Counsel: Robinson Bradshaw Hinson, P.A. & Financial Advisor: Trustee: Davenport & Company LLC The Bank of New York Mellon Trust Company, N.A. (DTC) (Continued on page 19)

19 December FINANCING AGREEMENTS APPROVED ON DECEMBER 7, 2010 (Continued from page 18) Municipality: Town of Pine Knoll Shores Population: 1,605 Amount: $ 480,000 Land Interest Rate: 6.00% 12 years Monthly Owner Financed Municipality: Town of Pine Level Population: 1,978 Amount: $ 725,000 Town Hall Interest Rate: 3.75% variable (cap of 6.75%) 13 months KS Bank Polk Population: 19,355 Amount: $ 1,850,000 County Buildings (Human Services) Contract Private Placement Interest Rate: 3.56% 15 years Annual Branch Banking & Trust Company Municipality: Town of Southern Pines Population: 12,717 Amount: $ 3,500,000 Water Build America Bond Interest Rate: 3.40% 10 years Semiannual RBC Municipality: City of Statesville Population: 58,000 Amount: $ 1,869,556 Municipal Buildings (City Hall) Amount: $ 2,800,588 Streets Amount: $ 1,650,582 Electric Amount: $ 339,637 Water Amount: $ 339,637 Sewer Contract Private Placement (Taxable with Federal subsidy Recovery Zone Economic Development Bonds) Interest Rate: 3.50% (Taxable) 10 years Annual principal and semiannual interest. Branch Banking & Trust Company Swain Population: 13,353 Amount: $ 1,825,000 School (Taxable with Qualified School Construction Bonds ( QSCBs ) Interest Rate: 5.43% (Taxable) 15 years Annual BB&T

20 December FINANCING AGREEMENTS APPROVED ON DECEMBER 7, 2010 (Continued from page 19) Municipality: Village of Walnut Creek Population: 920 Amount: $ 613,666 Sewer Interest Rate: 3.06% 10 years Quarterly BB&T Municipality: City of Washington Population: 10,114 Amount: $ 5,000,025 Storm Water Amount: $ 39,975 Fire Station Recovery Zone Economic Development Bond Interest Rate: 4.90% 15 years Semiannual Bank of America

21 December REPORT OF RECENT SALE OF GENERAL OBLIGATION BONDS Wilson Amount: $ 10,200,000 General Refunding Obligation Bonds, Series 2010 Dated: Sold on: Date of Delivery December 14, 2010 True Interest Rate: % Rates: 2.00s, 2,285M, 2012/2013; 3.00s, 2,095M, 2014; 4.00s, 2,065M, 2015; 2.00s, 2,055M, 2016; 2.25s, 1,700M, The Bonds will not be subject to redemption prior to maturity. Average Life: 4.12 years Winning Bidder: Hutchinson, Shockey, Erley & Co. Bond Counsel: Dewey & LeBoeuf LLP

22 December REPORT OF RECENT SALE OF LIMITED OBLIGATION BONDS APPROVED ON NOVEMBER 2, 2010 Buncombe Population: 227,914 Amount: $ 51,920,000 Construction of improvements to the County courthouse; a public safety training facility; acquisition of communications equipment; acquisition, construction or improvement of various County facilities. Rating(s): Moody s: Aa2, S&P: AA Dated: December 16, 2010 Underwriter(s): Robert W. Baird & Co. (Sr. Mgr.); RBC Capital Markets (Co-Mgr.) Sold on: BPA November 19, 2010 Closing December 16, 2010 Terms: Public sale $5,000 denominations. Series A: $31,500,000 Tax Exempt Financing a portion of the current projects. Final Maturity: 2022 Effective Interest Cost: % Series B: $20,420,000 Taxable Financing a portion of the current projects Build America Bonds based on a 35% Federal rate subsidy. Final Maturity: 2030 Effective Interest Cost (after subsidy): % Combined Effective Interest Cost (after subsidy): % Trustee/Registrar: U.S. Bank National Special Counsel: Underwriter s Counsel: Association Parker Poe Adams & Bernstein LLP McGuireWoods, LLP Buncombe Population: 227,914 Amount: $ 3,800,000 Renovations and improvements at Asheville High School. Rating(s): Moody s: Aa2, S&P: AA Dated: December 16, 2010 Underwriter(s): Robert W. Baird & Co. Sold on: BPA December 2, 2010 Closing December 16, 2010 Terms: Public sale $5,000 denominations. Series C: $3,800,000 Taxable Qualified school Construction Bonds Financing the current projects. Final Maturity: 2025 Effective Interest Cost: % Trustee/Registrar: U.S. Bank National Special Counsel: Underwriter s Counsel: Association Parker Poe Adams & Bernstein LLP McGuireWoods, LLP

23 December REPORT OF RECENT SALE OF REVENUE BONDS APPROVED ON DECEMBER 7, 2010 Municipality: City of Sanford (Enterprise Systems Revenue Bonds) Amount: $18,230,000 Series 2010A (Tax-exempt) $34,585,000 Series 2010B (Taxable) ($32,000,000 RZED; $2,585,000 BABs) Expansion of Wastewater Plant and refunding to remove liens NPV savings of refunding - $192,816 or 1.5% (not done for savings) $12,903, refunded (bank obligations/installment purchases) Rating(s): Moody s: Aa3; Fitch: AA- Dated: December 22, 2010 Underwriter(s): Wells Fargo Bank, National Association (Sr.); BB&T Capital Markets; Morgan Keegan & Co. Sold on: BPA December 9, 2010 Closing December 22, 2010 Terms: Public Offering - $5,000 denominations Interest Rate(s): Fixed (yield after subsidy) TIC: 3.43% EIC: 3.51% Final Maturity: Trustee/Registrar: Feasibility Consultant: Financial Advisor: Bond Counsel: Underwriters Counsel: June 1, Maturities callable June 1, 2020 at par. Mandatory sinking fund redemptions June 1, Regions Bank (DTC) Raftelis Financial Consultants, Inc. First SouthWest Company Parker Poe Adams & Bernstein, LLP McGuireWoods, LLP

24 December BOND BUYER S INDEX 20 G.O. Bonds Percent Rate Dec 3 Jan 7 Feb 4 Mar 4 Apr 8 May 6 Jun 3 Jul 8 Aug 5 Sept 2 Oct 7 Nov 4 DAY The Bond Reporter is now available for download from the World Wide Web: JANET COWELL NORTH CAROLINA STATE TREASURER 325 NORTH SALISBURY STREET RALEIGH, NORTH CAROLINA Bulk Rate U.S. Postage Paid Raleigh, N.C. Permit 1998