Wake County, N.C., delays sale of $524.37 million G.O., variable-rate bonds

By Cristal Cody

Tupelo, Miss. Sept. 23 - Wake County of North Carolina delayed the sale of $524.365 million bonds, the issuer said Tuesday.

The county planned to bring $424.365 million in general obligation bonds through a competitive sale on Tuesday.

The bonds will price when the market normalizes, said Cheryl Spivey, debt manager.

The $354.5 million series 2008A general obligation public improvement bonds have serial maturities from 2016 through 2026.

The $69.865 million series 2008B general obligation refunding bonds have serial maturities from 2010 through 2015.

The county also plans to sell $100 million in series 2008C and 2008D variable-rate school bonds.

Waters and Co. is the county's financial adviser.

Proceeds will be used to refund the $71 million outstanding from the series 1998 public improvement bonds and to finance the acquisition, construction, expansion and renovation of library, school and community college facilities and other county improvement projects.

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