North Carolina looks to refund facilities, capital improvement bonds

By Marisa Wong

Madison, Wis., April 16 - The State of North Carolina is proposing to refund several series of North Carolina Infrastructure Finance Corp. securities, according to notices.

The state said it intends to issue one or more series of limited obligation bonds in May to refund the following:

• $650,000 of 3.625% North Carolina Facilities Project lease-purchase revenue bonds, series 2004, due Nov. 1, 2016;

• $500,000 of 3.75% North Carolina Facilities Project lease-purchase revenue bonds, series 2004, due Nov. 1, 2017;

• $2.32 million of 5% North Carolina Facilities Project lease-purchase revenue bonds, series 2004, due Nov. 1, 2023;

• $1.32 million of 5% North Carolina Facilities Project lease-purchase revenue bonds, series 2004, due Nov. 1, 2024;

• $500,000 of 4.25% North Carolina Facilities Project lease-purchase revenue bonds, series 2004, due Nov. 1, 2023;

• $1.5 million of 4.3% North Carolina Facilities Project lease-purchase revenue bonds, series 2004, due Nov. 1, 2024;

• $7,945,000 of 4.5% State of North Carolina Correctional Facilities Project certificates of participation, series 2004A, due Feb. 1, 2024;

• $10 million of 5% State of North Carolina 2005 Capital Improvements certificates of participation, series 2005A, due Feb. 1, 2024;

• $10 million of 5% State of North Carolina 2005 Capital Improvements certificates of participation, series 2005A, due Feb. 1, 2025;

• $10 million of 5% State of North Carolina 2006 Capital Improvements certificates of participation, series 2006A, due Feb. 1, 2021;

• $10 million of 5% State of North Carolina 2006 Capital Improvements certificates of participation, series 2006A, due Feb. 1, 2022;

• $10 million of 5% State of North Carolina 2006 Capital Improvements certificates of participation, series 2006A, due Feb. 1, 2023;

• $10 million of 5% State of North Carolina 2006 Capital Improvements certificates of participation, series 2006A, due Feb. 1, 2024;

• $10 million of 5% State of North Carolina 2006 Capital Improvements certificates of participation, series 2006A, due Feb. 1, 2025; and

• $10 million of 5% State of North Carolina 2006 Capital Improvements certificates of participation, series 2006A, due Feb. 1, 2026.

If refunded, the 2004A bonds would be redeemed on or after June 5; the 2004 bonds would be redeemed on or after Nov. 1, 2014; the 2005A bonds would be redeemed on or after Feb. 1, 2015; and the 2006A bonds would be redeemed on or after Feb. 1, 2017.

The state said there is no assurance that the refunding bonds will be priced and issued.

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