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Thursday, September 25, 2008

Financial crisis preventing Durham and Wake from selling bonds

Posted by on Thu, Sep 25, 2008 at 2:21 PM

Today, the N&O reports on Durham County's recent failure to sell $30 million in bonds, and Wake County's decision to delay the sale of over $450 million in bonds, due to a lack of faith in the credit market. Durham County Manager Mike Ruffin is quoted as saying he plans to split up the sale of $130 million in bonds, which the county is seeking to replace the downtown courthouse with a justice center. The $30 million bond failed to attract a single bid, despite Durham County's high credit rating. Looking for a silver lining? From the N&O:

On the bright side, when the turmoil on Wall Street eases, banks will look to lend first to institutions with the highest credit ratings.

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