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87-450: The money for the project comes from $ 625 million in bonds and a $ 387 million loan from the federal government. The North Carolina Turnpike Authority deposited this money on July 29, 2009, and on the same day the agency's executive director David W. Joyner signed contracts to pay $ 584 million of that money to three companies to build the road over the next 42 months, creating 13,800 jobs. S. T. Wooten Corp. of Wilson, North Carolina built

174-408: A Chapter 11 bankruptcy at the giant telecommunications company Worldcom , in 2004 its bondholders ended up being paid 35.7 cents on the dollar. In a bankruptcy involving reorganization or recapitalization, as opposed to liquidation, bondholders may end up having the value of their bonds reduced, often through an exchange for a smaller number of newly issued bonds. A number of bond indices exist for

261-458: A tap issue or bond tap . Nominal, principal, par, or face amount is the amount on which the issuer pays interest, and which, most commonly, has to be repaid at the end of the term. Some structured bonds can have a redemption amount which is different from the face amount and can be linked to the performance of particular assets. The issuer is obligated to repay the nominal amount on the maturity date. As long as all due payments have been made,

348-595: A $ 450 million contract to complete the first segment; S.T. Wooten-Branch Civil joint venture was awarded a $ 287 million contract for the second segment in October 2023. In December 2023, the Local Government Commission (LGC) approved an application by the NCTA for revenue bonds and a Transportation Infrastructure Finance & Innovation Act (TIFIA) loan through US-DOT to start construction. Construction

435-477: A bill. The expected rates are 15 cents per mile (9.3 ¢/km) for those with transponders, and 24 cents per mile (15 ¢/km) for others. On May 4, 2010, the Turnpike Authority signed a contract with TransCore to provide transponders. Drivers can, however, use their existing accounts; North Carolina becomes the only state to offer this option. 350,000 new transponders are expected to be issued in

522-410: A bond is a form of loan or IOU . Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds , to finance current expenditure. Bonds and stocks are both securities , but the major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in

609-497: A bond will immediately affect mutual funds that hold these bonds. If the value of the bonds in their trading portfolio falls, the value of the portfolio also falls. This can be damaging for professional investors such as banks, insurance companies, pension funds and asset managers (irrespective of whether the value is immediately " marked to market " or not). If there is any chance a holder of individual bonds may need to sell their bonds and "cash out", interest rate risk could become

696-404: A centralized exchange or trading system. Rather, in most developed bond markets such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based over-the-counter markets. In such a market, liquidity is provided by dealers and other market participants committing risk capital to trading activity. In the bond market, when an investor buys or sells a bond, the counterparty to

783-402: A company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind secured creditors , in the event of bankruptcy. Another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks typically remain outstanding indefinitely. An exception

870-804: A courier from the Confederate commander, General Joseph E. Johnston , rode into the Union camp at Morrisville with a truce proposal. Subsequent negotiations between Johnston and Sherman led to the largest Confederate surrender of the Civil War at the Bennett Farm in Durham on April 26." The history marker notes it was given in memory of Commissioner C.T. Moore. On December 13, 1994, Flagship Airlines Flight 3379 crashed in Morrisville, killing 15 of

957-402: A fitness center. They include: Morrisville has several youth sports groups, such as youth basketball, baseball, softball, soccer, and cricket . Morrisville operates under the council–manager form of government. The citizens elect a mayor and town council as the town's governing body. After each municipal election, the town council selects a mayor pro tem. The town manager, Martha Paige,

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1044-429: A price of 100), their prices will move towards par as they approach maturity (if the market expects the maturity payment to be made in full and on time) as this is the price the issuer will pay to redeem the bond. This is referred to as " pull to par ". At the time of issue of the bond, the coupon paid, and other conditions of the bond, will have been influenced by a variety of factors, such as current market interest rates,

1131-500: A price of 75.26, indicates a selling price of $ 752.60 per bond sold. (Often, in the US, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the U.S. Treasury bill , are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond. Although bonds are not necessarily issued at par (100% of face value, corresponding to

1218-419: A real problem, conversely, bonds' market prices would increase if the prevailing interest rate were to drop, as it did from 2001 through 2003. One way to quantify the interest rate risk on a bond is in terms of its duration . Efforts to control this risk are called immunization or hedging . There is no guarantee of how much money will remain to repay bondholders. As an example, after an accounting scandal and

1305-411: A revised opening date of September 25, 2024. The extension opened to traffic at 6 a.m. that day. The extension opened to traffic at 6 a.m. that day. The extension opened to traffic at 6 a.m. that day. By August 21, 2021, the final segment closing the loop to I-87/US 64/US 264 was scheduled to begin the bidding process in 2025 with construction not beginning until at least 2029. Public input over

1392-707: A year and a fixed lump sum at maturity is attractive. Bondholders also enjoy a measure of legal protection: under the law of most countries, if a company goes bankrupt , its bondholders will often receive some money back (the recovery amount ), whereas the company's equity stock often ends up valueless. However, bonds can also be risky but less risky than stocks: Bonds are also subject to various other risks such as call and prepayment risk, credit risk , reinvestment risk , liquidity risk , event risk , exchange rate risk , volatility risk , inflation risk , sovereign risk and yield curve risk . Again, some of these will only affect certain classes of investors. Price changes in

1479-446: Is a 12-digit alphanumeric code that uniquely identifies debt securities. In English , the word " bond " relates to the etymology of "bind". The use of the word "bond" in this sense of an "instrument binding one to pay a sum to another" dates from at least the 1590s. Bonds are issued by public authorities, credit institutions, companies and supranational institutions in the primary markets . The most common process for issuing bonds

1566-664: Is a town located primarily in Wake County, North Carolina , United States (a small portion extends into neighboring Durham County ). According to the 2020 census , the population was 29,630. Morrisville is part of the Research Triangle metropolitan region, located midway between the cities of Raleigh and Durham . The Research Triangle region encompasses the Raleigh-Durham- Cary , NC Combined Statistical Area . The operational headquarters of Lenovo

1653-399: Is an irredeemable bond, which is a perpetuity , that is, a bond with no maturity. Certificates of deposit (CDs) or short-term commercial paper are classified as money market instruments and not bonds: the main difference is the length of the term of the instrument. The most common forms include municipal , corporate , and government bonds . Very often the bond is negotiable, that is,

1740-408: Is commonly used for smaller issues and avoids this cost, is the private placement bond. Bonds sold directly to buyers may not be tradeable in the bond market . Historically, an alternative practice of issuance was for the borrowing government authority to issue bonds over a period of time, usually at a fixed price, with volumes sold on a particular day dependent on market conditions. This was called

1827-513: Is known as the " Fall Line " because it marks the elevation inland at which waterfalls begin to appear in creeks and rivers. As a result, most of Morrisville features gently rolling hills that slope eastward toward the state's flat coastal plain. Its central Piedmont location situates the county approximately three hours west of Atlantic Beach by car and four hours east of the Great Smoky Mountains . The central core of Morrisville

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1914-488: Is located along the upper portion of Crabtree Creek , which then feeds into Lake Crabtree , located in the southeastern part of the town. Morrisville enjoys a moderate subtropical climate , with moderate temperatures in the spring, fall, and winter. Summers are typically hot with high humidity . Winter highs generally range in the low 50s °F (10 to 13 °C ) with lows in the low-to-mid 30s°F (-2 to 2 °C), although an occasional 60 °F (16 °C) or warmer winter day

2001-567: Is located in the municipal limits. The area was originally named in 1852 after Jeremiah Morris. Morris donated land to the North Carolina Railroad for a depot, water tower, and other buildings. The town continued to grow as a result of the rail line and its location at the intersection of roads leading to Chapel Hill , Raleigh, and Hillsborough . On April 13, 1865, in the Battle of Morrisville , United States cavalry under

2088-509: Is not uncommon. This is canceled out, however, with several days where highs do not get out of the 30s. There are usually one or two substantial snowfalls per winter, occurring mainly in February. Spring and fall days usually reach the low-to-mid 70s°F (low 20s°C), with lows at night in the lower 50s°F (10 to 14 °C). Summer daytime highs often reach the upper 80s to low 90s°F (29 to 35 °C). The rainiest months are July and August. As of

2175-423: Is now expected to start once the southern extension is opened. Completion of the final segment is expected in 2028. Note – Exit numbers are based on NC 885 or NC 540 . Bond (finance) In finance , a bond is a type of security under which the issuer ( debtor ) owes the holder ( creditor ) a debt , and is obliged – depending on the terms – to provide cash flow to the creditor (e.g. repay

2262-427: Is only partially correct. Bonds do suffer from less day-to-day volatility than stocks, and bonds' interest payments are sometimes higher than the general level of dividend payments. Bonds are often liquid – it is often fairly easy for an institution to sell a large quantity of bonds without affecting the price much, which may be more difficult for equities – and the comparative certainty of a fixed interest payment twice

2349-429: Is the definition of the redemption yield on the bond, which is likely to be close to the current market interest rate for other bonds with similar characteristics, as otherwise there would be arbitrage opportunities. The yield and price of a bond are inversely related so that when market interest rates rise, bond prices fall and vice versa. For a discussion of the mathematics see Bond valuation . The bond's market price

2436-434: Is the rate of return received from investing in the bond. It usually refers to one of the following: The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates. In other words, credit quality tells investors how likely the borrower is going to default. This will depend on a wide range of factors. High-yield bonds are bonds that are rated below investment grade by

2523-421: Is through underwriting . When a bond issue is underwritten, one or more securities firms or banks, forming a syndicate , buy the entire issue of bonds from the issuer and resell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have direct contact with investors and act as advisers to

2610-453: Is usually expressed as a percentage of nominal value: 100% of face value, "at par", corresponds to a price of 100; prices can be above par (bond is priced at greater than 100), which is called trading at a premium, or below par (bond is priced at less than 100), which is called trading at a discount. The market price of a bond may be quoted including the accrued interest since the last coupon date. (Some bond markets include accrued interest in

2697-572: The 2020 United States census , there were 29,630 people, 9,699 households, and 6,781 families residing in the town. As of the 2015 census estimate , the population of the town was 23,699. As of the 2010 census there were 18,576 people, 7,641 households, and 4,752 families residing in the town. The population density was 2,237.7 inhabitants per square mile (864.0/km ). There were 8,357 housing units at an average density of 1,006.9 units per square mile (388.8 units/km ). Known as North Carolina's "little India" by locals, Morrisville has become one of

Triangle Expressway - Misplaced Pages Continue

2784-509: The North Carolina legislature will finance the project. The Triangle Expressway is built as an all-electronic toll road with billing by license plate, similar to Maryland's Route 200 (InterCounty Connector, largely opened to traffic in 2011). Drivers can open an account and use a North Carolina Quick Pass transponder , which results in a lower rate. Other drivers will have their license plates photographed, and they will receive

2871-446: The credit rating agencies . As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield. These bonds are also called junk bonds . The market price of a tradable bond will be influenced, among other factors, by the amounts, currency and timing of the interest payments and capital repayment due, the quality of the bond, and the available redemption yield of other comparable bonds which can be traded in

2958-566: The 20 people on board. According to the United States Census Bureau , the town has a total area of 8.3 square miles (21.5 km ), of which 8.3 square miles (21.4 km ) is land and 0.04 square miles (0.1 km ), or 0.62%, is water. Morrisville is located in the northeast central region of North Carolina, where the North American Piedmont and Atlantic Coastal Plain regions meet. This area

3045-658: The 2024 toll rates, starting at I-885 / Toll N.C. 885 / I-40: The "Triangle Parkway" was first proposed in 1958, as part of Research Triangle Park. On February 16, 2005, it was one of four roads selected by the Turnpike Authority to be built as toll roads in North Carolina. The estimated cost was $ 69 million for 3.2 miles (5.1 km) between Davis Drive and NC 54. An additional $ 29 million could be spent extending that highway 1.3 miles (2.1 km) to McCrimmon Parkway in Morrisville , whose leaders opposed

3132-562: The 3.4-mile (5.5 km) northern section, an extension of NC 147 , called the Triangle Parkway, at a cost of $ 137.5 million, including an electronic toll plaza on I-540. The new road opened for traffic on December 8, 2011 and extends from the previously existing section of NC 147 (now I-885) south from I-40 to an 2.8-mile (4.5 km) section of the Northern Wake Expressway. Completed in 2007,

3219-523: The Hillsborough Road until the combatants reached Morrisville. Using cavalry and artillery, Union forces attacked a Confederate train loaded with supplies and wounded. Before withdrawing, the Confederate cavalry repelled the attack long enough to allow the railcars of wounded to escape while abandoning the supplies. This was the last major cavalry engagement in Sherman's campaign. The next night,

3306-799: The I-40/US 70 Interchange in Garner was opened to traffic. Planned as the next phase of the Triangle Expressway and the final segment of the Raleigh Beltway, the Triangle Expressway Southeast Extension (also known as the Southern and Eastern Wake Freeways) will traverse 30 miles (48 km) linking NC 540 and I-540 , just south of Knightdale . Planning for the route started in 2010, but

3393-696: The Lilac Route and the Plum Route, which would result in less environmental impact but would cause the loss of more homes. Planners hoped for a final route by 2014. On December 7, 2012, the Federal Highway Administration and the U.S. Army Corps of Engineers replied to NCDOT saying they could not legally evaluate the Orange Route without comparing it to another route expected to cause less environmental harm. Since there

3480-538: The Red Route would result in many homes being lost, and the Raleigh water treatment plant would also be affected. The Blue Route and Purple Route to the south of the others would cause the loss of even more homes. East of Interstate 40, there was no preferred route, and all of the options had problems. In April 2016, NCDOT announced that Detailed Study Alternative  was selected as the preferred alternative for

3567-465: The Triangle Expressway, which extends from NC 55 at RTP to NC 55 at Holly Springs, will become part of NC 540. In summer 2009, work began on the freeway. On August 1, 2012, the 6.6-mile (10.6 km) second section from NC 55 to US 64 opened, with the remaining six miles south of US 64 to NC 55 in Holly Springs opening December 20, 2012. Tolls and $ 25 million a year from

Triangle Expressway - Misplaced Pages Continue

3654-401: The age of 18 living with them. 50.3% of all households were headed by married couples living together, 8.9% had a female householder with no husband present, and 37.8% were non-families. 30.0% of all households were made up of individuals, and 2.5% had someone living alone who was 65 years of age or older. The average household size was 2.43, and the average family size was 3.11. In the town,

3741-573: The bond covenant created for the funding of the Expressway. Since its initial rate set at 2012, it has increased in 2013, 2015 and 2016. On January 20, 2017, the expressway was chosen as one of 10 testing locations for driverless cars . On June 30, 2022, Toll NC 147 was re-designated as Toll NC 885 as a part of the opening of the East End Connector Project. On September 26, 2024, the section from NC 55 in Holly Springs to

3828-513: The bond includes embedded options , the valuation is more difficult and combines option pricing with discounting. Depending on the type of option, the option price as calculated is either added to or subtracted from the price of the "straight" portion. See further under Bond option § Embedded options . This total is then the value of the bond. More sophisticated lattice- or simulation-based techniques may (also) be employed. Bond markets, unlike stock or share markets, sometimes do not have

3915-474: The bond issuer in terms of timing and price of the bond issue. The bookrunner is listed first among all underwriters participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners' willingness to underwrite must be discussed prior to any decision on the terms of the bond issue as there may be limited demand for the bonds. In contrast, government bonds are usually issued in an auction. In some cases, both members of

4002-431: The bonds to match their liabilities, and may be compelled by law to do this. Most individuals who want to own bonds do so through bond funds . Still, in the U.S., nearly 10% of all bonds outstanding are held directly by households. The volatility of bonds (especially short and medium dated bonds) is lower than that of equities (stocks). Thus, bonds are generally viewed as safer investments than stocks , but this perception

4089-484: The command of Gen. Judson Kilpatrick skirmished with the retreating Confederate armies at Morrisville Station. The Confederate troops were successful in evacuating their remaining supplies and wounded to the west toward Greensboro , but Gen. William Tecumseh Sherman 's cavalry forced the Confederates to leave the train behind and retreat toward Durham and the eventual surrender of the largest Confederate force of

4176-546: The committee also wanted the nickname "TriEx". On November 14, 2007, the board decided toll booths would not be used, and on June 5, 2008, the State House voted to approve $ 25 million a year for 39 years for the project. This would cover the difference between expected toll collections and actual costs. Groundbreaking was held on August 12, 2009 at the west end of Interstate 540 (I-540). "A dozen dignitaries" used shovels painted gold as 150 watched. On December 8, 2011,

4263-490: The currency, the term of the bond (length of time to maturity) and the conditions applying to the bond. The following descriptions are not mutually exclusive, and more than one of them may apply to a particular bond: The nature of the issuer will affect the security (certainty of receiving the contracted payments) offered by the bond, and sometimes the tax treatment. Some companies, banks, governments, and other sovereign entities may decide to issue bonds in foreign currencies as

4350-682: The dealers earn revenue by means of the spread, or difference, between the price at which the dealer buys a bond from one investor—the "bid" price—and the price at which he or she sells the same bond to another investor—the "ask" or "offer" price. The bid/offer spread represents the total transaction cost associated with transferring a bond from one investor to another. Bonds are bought and traded mostly by institutions like central banks , sovereign wealth funds , pension funds , insurance companies , hedge funds , and banks . Insurance companies and pension funds have liabilities which essentially include fixed amounts payable on predetermined dates. They buy

4437-480: The economic development arm for the town. The computer technology, clinical trial and telecommunications industries have strong presence in the area. Major employers in 2019 included: The Morrisville Christian Church , Williamson Page House , and Pugh House are listed on the National Register of Historic Places . Morrisville is home to eight parks, two community centers , four greenways and

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4524-399: The existing section became part of the toll road on August 2, 2012. Originally envisioned as part of I-540, because of rules against tolls on Interstate Highways , this section is now called NC 540 . When Research Triangle Park (RTP) was created in the late 1950s, a corridor of land was preserved to be available for the Triangle Parkway's eventual construction. Another $ 230 million

4611-459: The first five years. Transponder sales began October 11, 2011. In later years, interoperability was established with the following ETC systems: E-ZPass , Peach Pass and SunPass . At the time of its opening, residents in the area have complained about the tolls, considering that the new highway is the only toll road in North Carolina, and especially since other large sections of 540 have been completed without tolls. Business people who plan to use

4698-486: The first leg of the Triangle Expressway opened to traffic. Toll collection began January 3, 2012. On August 1, 2012, the second section of the Triangle Expressway, from Research Triangle Park to U.S. 64, opened. Toll collection began the following day. On December 20, 2012, the section from U.S. 64 to NC 55 in Holly Springs opened with toll collection beginning in January. Toll rates change almost annually as required by

4785-505: The foreign currency may appear to potential investors to be more stable and predictable than their domestic currency. Issuing bonds denominated in foreign currencies also gives issuers the ability to access investment capital available in foreign markets. A downside is that the government loses the option to reduce its bond liabilities by inflating its domestic currency. The proceeds from the issuance of these bonds can be used by companies to break into foreign markets, or can be converted into

4872-435: The growth and development of a 15,000-acre area of eastern Wake County along the lower Neuse River as well as the future southern loop of NC 540 was requested on June 23, 2023. The process of completing the final segment was sped up after the N.C. Turnpike Authority (NCTA) was able to get a single environmental permit, allowing for utility work to begin. That coupled with strong local support and expected toll revenues moved

4959-525: The highway, however, claim that the time savings will more than balance out the cost. In 2018, the total trip rate was $ 3.25 with the North Carolina Quick Pass and $ 5.00 via bill-by-mail. In 2022, the total trip rate was raised to $ 3.71 with the North Carolina Quick Pass and $ 5.68 via bill-by-mail. As of January 1, 2024, the total trip rate is now $ 3.94 with the North Carolina Quick Pass and $ 6.06 via bill-by-mail. Listed below are

5046-481: The idea. The original parkway route, however, had no real opponents. At the groundbreaking ceremony in 2009, Representative David Price pointed out that using tolls to finance this road "was not our first choice." Instead, area governments concluded the road would have taken 15 more years to complete any other way, so the decision to charge tolls came in 2005. The 12.5-mile (20.1 km) Western Wake Expressway from RTP to Holly Springs had been delayed earlier in

5133-550: The issuer has no further obligations to the bond holders after the maturity date. The length of time until the maturity date is often referred to as the term or tenor or maturity of a bond. The maturity can be any length of time, although debt securities with a term of less than one year are generally designated money market instruments rather than bonds. Most bonds have a term shorter than 30 years. Some bonds have been issued with terms of 50 years or more, and historically there have been some issues with no maturity date (irredeemable). In

5220-413: The issuer receives are thus the issue price, less issuance fees. The market price of the bond will vary over its life: it may trade at a premium (above par, usually because market interest rates have fallen since issue), or at a discount (price below par, if market rates have risen or there is a high probability of default on the bond). Bonds can be categorised in several ways, such as the type of issuer,

5307-431: The issuing company's local currency to be used on existing operations through the use of foreign exchange swap hedges. Foreign issuer bonds can also be used to hedge foreign exchange rate risk. Some foreign issuer bonds are called by their nicknames, such as the "samurai bond". These can be issued by foreign issuers looking to diversify their investor base away from domestic markets. These bond issues are generally governed by

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5394-496: The law of the market of issuance, e.g., a samurai bond, issued by an investor based in Europe, will be governed by Japanese law. Not all of the following bonds are restricted for purchase by investors in the market of issuance. The market price of a bond is the present value of all expected future interest and principal payments of the bond, here discounted at the bond's yield to maturity (i.e. rate of return ). That relationship

5481-422: The length of the term and the creditworthiness of the issuer. These factors are likely to change over time, so the market price of a bond will vary after it is issued. (The position is a bit more complicated for inflation-linked bonds.) The interest payment ("coupon payment") divided by the current price of the bond is called the current yield (this is the nominal yield multiplied by the par value and divided by

5568-406: The market for United States Treasury securities, there are four categories of bond maturities: The coupon is the interest rate that the issuer pays to the holder. For fixed rate bonds , the coupon is fixed throughout the life of the bond. For floating rate notes , the coupon varies throughout the life of the bond and is based on the movement of a money market reference rate (historically this

5655-423: The markets. The price can be quoted as clean or dirty . "Dirty" includes the present value of all future cash flows, including accrued interest, and is most often used in Europe. "Clean" does not include accrued interest, and is most often used in the U.S. The issue price at which investors buy the bonds when they are first issued will typically be approximately equal to the nominal amount. The net proceeds that

5742-408: The most diverse towns in the state particularly due to the expansion of the technology industry. The racial makeup of the town was 54.0% White , 12.9% African American , 0.4% Native American , 27.2% Asian , 2.0% from some other race , and 3.4% from two or more races. Hispanic or Latino of any race were 5.9% of the population. There were 7,641 households, out of which 37.1% had children under

5829-549: The new section of road not be called an Interstate. Just before the July 2007 opening of the 4.5-mile (7.2 km) I-540 section between I-40 and NC 55, I-540 signs came down, replaced with NC 540 signs. Using the designation NC 540, a decision made in May 2007, was less confusing than giving the road an entirely new number. The name "Triangle Expressway" became official in May 2007, and turnpike board member Perry R. Safran said

5916-441: The ownership of the instrument can be transferred in the secondary market . This means that once the transfer agents at the bank medallion-stamp the bond, it is highly liquid on the secondary market. The price of a bond in the secondary market may differ substantially from the principal due to various factors in bond valuation . Bonds are often identified by their international securities identification number, or ISIN , which

6003-471: The population was spread out, with 27.0% under the age of 18, 6.0% from 18 to 24, 44.4% from 25 to 44, 18.4% from 45 to 64, and 4.3% who were 65 years of age or older. The median age was 32.5 years. For every 100 females, there were 96.7 males. For every 100 females age 18 and over, there were 93.2 males. In 2017, the median income for a household in the town was $ 95,763. Males had a median income of $ 59,982 versus $ 44,729 for females. The per capita income for

6090-439: The price). There are other yield measures that exist such as the yield to first call, yield to worst, yield to first par call, yield to put, cash flow yield and yield to maturity. The relationship between yield and term to maturity (or alternatively between yield and the weighted mean term allowing for both interest and capital repayment) for otherwise identical bonds derives the yield curve , a graph plotting this relationship. If

6177-420: The principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon ) over a specified amount of time. The timing and the amount of cash flow provided varies, depending on the economic value that is emphasized upon, thus giving rise to different types of bonds. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus,

6264-587: The project up NCDOT’s list of priorities and the bidding process for the segment began much earlier than anticipated in Summer 2023. The work was to be done in two sections; the first one would be from south of Rock Quarry Road northward to the I-540/I-87/US 64/US 264 interchange while the second one would be from I-40/US 70 (future I-42) to south of Rock Quarry Road. In September 2023, it was announced that Flatiron-Fred Smith Company Joint Venture had been awarded

6351-630: The project's environmental impacts, noting two species of endangered freshwater mussels that could be at risk. This delayed progress until August 2019, when the group agreed to drop the lawsuit in exchange for a number of concessions from NCDOT, including roughly $ 5 million in spending on "high quality land" within the Neuse and Tar-Pamlico river watersheds, and $ 4.6 million for studies on the propagation and restoration of endangered freshwater animals. With this settled, construction began in mid-November 2019. The first portion of NC 540 from NC 55 to I-40

6438-482: The project. The route goes from west to east and combines the proposed orange, green (southern portion), mint, and green (northern portion) corridor segments. The Federal Highway Administration then approved the final environmental impact study for the roadway, which was published in December 2017. In June 2018, the federal government approved the entire 28.4 mile (45.71 km) extension of NC-540 which would complete

6525-440: The public and banks may bid for bonds. In other cases, only market makers may bid for bonds. The overall rate of return on the bond depends on both the terms of the bond and the price paid. The terms of the bond, such as the coupon, are fixed in advance and the price is determined by the market. In the case of an underwritten bond, the underwriters will charge a fee for underwriting. An alternative process for bond issuance, which

6612-698: The purposes of managing portfolios and measuring performance, similar to the S&;P 500 or Russell Indexes for stocks . The most common American benchmarks are the Bloomberg Barclays US Aggregate (ex Lehman Aggregate), Citigroup BIG and Merrill Lynch Domestic Master . Most indices are parts of families of broader indices that can be used to measure global bond portfolios, or may be further subdivided by maturity or sector for managing specialized portfolios. Market specific General Morrisville, North Carolina Morrisville

6699-591: The southern loop of NC-540 around Raleigh from the current terminus in Holly Springs to the Interstate 540 terminus in Knightdale ; the project was estimated to cost approximately $ 2.24 billion. However, in May 2018, a collective of environmental groups represented by Southern Environmental Law Center in Chapel Hill sued NCDOT. They claimed that the U.S. Fish and Wildlife Service did not properly analyze

6786-692: The town was $ 43,054. About 3.4% of families and 4.6% of the population were below the poverty line , including 4.1% of those under age 18 and 13.0% of those age 65 or over. Morrisville's location adjacent to the Research Triangle Park , Raleigh-Durham International Airport , and Interstate 40 makes it an attractive location for offices, light industry and hotels. Companies based in Morrisville include Oracle , Syneos Health and Lenovo (operational headquarters). Prior to its disestablishment, Midway Airlines had its headquarters in Morrisville. The Morrisville Chamber of Commerce serves as

6873-529: The trade is almost always a bank or securities firm acting as a dealer. In some cases, when a dealer buys a bond from an investor, the dealer carries the bond "in inventory", i.e. holds it for their own account. The dealer is then subject to risks of price fluctuation. In other cases, the dealer immediately resells the bond to another investor. Bond markets can also differ from stock markets in that, in some markets, investors sometimes do not pay brokerage commissions to dealers with whom they buy or sell bonds. Rather,

6960-559: The trading price and others add it on separately when settlement is made.) The price including accrued interest is known as the "full" or " dirty price ". ( See also Accrual bond .) The price excluding accrued interest is known as the "flat" or " clean price ". Most government bonds are denominated in units of $ 1000 in the United States , or in units of £100 in the United Kingdom . Hence, a deep discount US bond, selling at

7047-455: The war at Bennett Place . The town was officially chartered in 1875 but was disincorporated in 1933. Eventually the town charter was restored in 1947. Morrisville History (as listed on historical marker): Morrisville Station: "On April 16, 1865, Union cavalry under the command of General William T. Sherman, captured Raleigh and pursued the retreating Confederate cavalry west along the railroad. Rearguard skirmishes erupted at points along

7134-435: The year, and the legislature had increased the number of toll projects allowed from four to nine. In July 2006, the legislature decided to allow the section of I-540 connecting the Triangle Parkway and Western Wake Expressway to be a toll road if the other two roads were also toll roads, even though the road was already being built. Federal approval for the use of tolls came in January 2007. The Turnpike Authority asked that

7221-546: Was an impasse between the Federal government and the state regarding the issue, the federal funds for the project were cut, putting the Southeast Extension on hiatus. A Draft Environmental Impact Statement released in late 2015 included 17 options, the Red Route included. Construction west of Interstate 40 would start in 2018 or later. The Lilac Route avoided the environmental problems of the Orange Route but like

7308-528: Was generally LIBOR , but with its discontinuation the market reference rate has transitioned to SOFR ). Historically, coupons were physical attachments to the paper bond certificates, with each coupon representing an interest payment. On the interest due date, the bondholder would hand in the coupon to a bank in exchange for the interest payment. Today, interest payments are almost always paid electronically. Interest can be paid at different frequencies: generally semi-annual (every six months) or annual. The yield

7395-470: Was put on hold in March 2011 by the enactment of North Carolina Session Law 2011-7 (N.C. S.L. 2011-7). This law stated routes to study "shall not be located north of" the Orange Route, shown on maps for 20 years, potentially impacting wetlands and endangered mollusks . The U.S. Army Corps of Engineers opposed the Orange Route unless other potential routes could be found. A map unveiled August 22, 2012 shows

7482-399: Was scheduled to be open to traffic in 2023, but was later pushed out to Spring 2024. After further delays, the extension was set to have its official ribbon-cutting and opening on August 27, 2024. However, Tropical Storm Debby , reportedly, caused significant erosion along the unopened portion of the expressway further delaying the opening to vehicles. NCDOT later announced on September 4, 2024

7569-410: Was spent on 525 acres (2.12 km) of additional right-of-way for the entire road. Actual tolling of the new section of road began January 3, 2012. Granite Construction of Watsonville, California , and Archer Western Contractors of Atlanta worked together as Raleigh Durham Roadbuilders to complete the 12.6-mile (20.3 km) Western Wake Freeway at a cost of $ 446.5 million. This section of

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