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MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />JOHN WITHERSPOON <br />COUNTY MANAGER <br /> <br />FINANCE DIRECTOR <br /> <br />DATE: MARCH 25, 1992 <br /> <br />SUBJECT: SALE OF SIX MILLION CODDLE CREEK BONDS <br /> <br /> On March 24, 1992, Cabarrus County offered for sale six (6) million Coddle <br />Creek Bonds. These bonds had an average life maturity of 11.87 years. <br /> <br />bonds: <br /> <br />The Department of the State Treasurer received the following bids for these <br /> <br />Wach°Via Bank and Trust <br /> <br />FUNB <br /> <br />J. Lee Peeler <br /> <br />Nations Bank <br /> <br />First Charlotte Bank <br /> <br />Merrill Lynch <br /> <br />6.2436% <br />6.2709% <br />6.3332% <br />6.3385% <br />6.3985% <br />6.4238% <br /> <br /> The bonds were awarded to Wachovia Bank and Trust at the net interest <br />cost of 6.2436%. The Bond Buyer Index, which is the nationwide average for bonds <br />sold, one week prior to the sale was 6.79%. Previous sales of bond issues for <br />Cabarrus County in 1989 and 1990 were 6.98% and 6.68% respectfully. <br /> <br />BB:jys <br /> <br /> Finance Department <br /> <br />P.O. Box 707 · Concord, NC 28026-0707 · (704) 788-8104 <br /> <br /> <br />