North Carolina defeases five series Infrastructure Finance COPs, bonds

By Marisa Wong

Madison, Wis., May 21 - The State of North Carolina defeased several series of its North Carolina Infrastructure Finance Corp. certificates of participation and revenue bonds on Wednesday, according to notices.

The issuer defeased the following:

• $6.79 million of series 2004 North Carolina Facilities Project lease-purchase revenue bonds maturing in the years 2016, 2017, 2023 and 2024, to be redeemed on Nov. 1 at par;

• $20 million of series 2005A State of North Carolina 2005 Capital Improvements certificates of participation due 2024 and 2025, to be redeemed on Feb. 1, 2015 at par;

• $45 million of series 2006A State of North Carolina Repair and Renovation Projects certificates of participation maturing in the years 2018 through 2026, to be redeemed on June 1, 2016 at par;

• $60 million of series 2006A State of North Carolina 2006 Capital Improvements certificates of participation due 2021 through 2026, to be redeemed on Feb. 1, 2017 at par; and

• $78.31 million of series 2007A State of North Carolina Capital Improvements certificates of participation due 2020 through 2026, to be redeemed on May 1, 2017 at par.

All of the bonds were refunded using proceeds from a $199.57 million issue of limited obligation refunding bonds, series 2014B.

U.S. Bank NA is the agent.

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