Town of Oak Island, N.C., to sell $50.31 million revenue bonds Wednesday

By Cristal Cody

Tupelo, Miss., March 6 - The Town of Oak Island in North Carolina plans to sell $50.31 million in revenue bonds on Wednesday, finance director Pat Galloway told Prospect News.

The series 2009 enterprise system bonds (Aa2/AAA/) have serial maturities from 2013 through 2029.

The bonds are insured by Assured Guaranty Corp.

BB&T Capital Markets is the senior manager of the negotiated sale. Wachovia Securities Inc. is the co-manager.

The proceeds will be used to complete the creation of a wastewater collection system and to pay for the insurance policy premium and interest on the bonds until Dec. 1, 2010.

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