On Thursday, April 29, 2010, Wake County successfully refunded $412.9 million in general obligation bonds comprised of maturities from the 2003A Public Improvement, 2003B Criminal Justice, 2004 Public Improvement, 2005 School, 2007 Public Improvement and 2009A Public Improvement Bonds.

Over the next 16 years, the County will achieve a savings of $18.76 million (today’s dollars), or 4.54 percent, of the $412.9 million bonds refunded. Citigroup was the winning bidder of the competitive sale with a true interest cost of 3.14 percent. The bond sale was conducted by the Local Government Commission through the use of an electronic bidding process.

Standard & Poor’s, Moody’s, and Fitch assigned AAA, Aaa and AAA respectively to the County’s refunding sale, and also affirmed the County’s triple-A rating on its outstanding general obligation bonds, indicating a stable outlook. Wake County has received the highest possible rating from Moody’s since 1973; Standard & Poor’s, 1983, and Fitch, 2000.