Triple-A rated Wake County expects to competitively sell $116.8 million of general obligation public improvement bonds on Tuesday for school projects and open-space purchases.
The bonds mature between one and 29 years and carry top ratings from Moody’s Investors Service, Standard & Poor’s and Fitch Ratings.
Womble Carlyle Sandridge and Rice PLLC is bond counsel. Waters & Co. is financial adviser.
Wake County was North Carolina’s third-largest issuer in 2010 with seven deals totaling $580.1 million. The county has maintained its strong credit position as home to the state capital in Raleigh and with its share of the Research Triangle Park high-tech area.
The county’s regional economy may be hindered if private-sector companies continue to forego hiring and as government jobs are trimmed, according to Moody’s.
Wake’s fiscal 2011 budget was passed with hiring freezes and spending cuts typical of many state and local governments still waiting for revenues to return after the recession.
Part of the bond proceeds will purchase open space. Wake County voters approved $50 million for the effort in October 2007.
The county has bought outright or obtained in a partnership about 4,500 acres of open space, according to bond documents.