RFP 07-2025-IT009 Debt Management Software Solution

STATE OF NORTH CAROLINA REQUEST FOR PROPOSAL: 07-2025-IT009
North Carolina Department of Contract Name: State and Local Government Finance
State Treasurer (NCDST) Division Debt Management Solution
State and Local Government
Proposal Opening Date: April 29, 2026, at 2:00PM ET
Finance Division (SLGFD)
Issue Date: March 24, 2026, at 2:00PM ET
Refer ALL inquiries regarding this RFP to:
Commodity Code: 432315 Business Function Specific
Name: Jessica Herrmann Software
Email: Jessica.Herrmann@nctreasurer.com Purchasing Agency: North Carolina Department of State
Treasurer
Phone Number: (919) 814-3913
Requisition No.: N/A
OFFER
The North Carolina Department of State Treasurer solicits offers for Services and/or goods described in this
solicitation. All offers and responses received shall be treated as Offers to contract as defined in 9 NCAC
06A.0102(12).
EXECUTION
In compliance with this Request for Proposal (RFP), and subject to all the conditions herein, the undersigned
offers and agrees to furnish any or all Services or goods upon which prices are offered, at the price(s) offered
herein, within the time specified herein.
Failure to execute/sign offer prior to submittal shall render offer invalid. Late offers are not acceptable.
OFFEROR:
STREET ADDRESS: P.O. BOX: ZIP:
CITY, STATE & ZIP: TELEPHONE NUMBER: TOLL FREE TEL. NO
NAME & TITLE OF PERSON SIGNING: FAX NUMBER:
AUTHORIZED SIGNATURE: DATE: E-MAIL:
Offer valid for one hundred twenty (120) days from date of offer opening unless otherwise stated here: ____ days
ACCEPTANCE OF OFFER
If any or all parts of this offer are accepted, an authorized representative of The North Carolina Department of State
Treasurer shall affix its signature hereto and any subsequent Request for Best and Final Offer, if issued. Acceptance
shall create a contract having an order of precedence as follows: Best and Final Offers, if any, Special terms and
conditions specific to this RFP, Specifications of the RFP, the Department of Information Technology Terms and
Conditions, and the agreed portion of the awarded Vendor's Offer. A copy of this acceptance will be forwarded to
the awarded Vendor(s).
FOR THE PURCHASING AGENCY USE ONLY
Offer accepted and contract awarded this date _________________as indicated on attached certification, by
(Authorized representative of The North Carolina Department of State Treasurer).

TABLE OF CONTENTS
1.0 ANTICIPATED PROCUREMENT SCHEDULE ....................................................................................... 4
2.0 PURPOSE OF RFP ................................................................................................................................ 4
2.1 INTRODUCTION .................................................................................................................................... 4
2.2 AGENCY BACKGROUND ..................................................................................................................... 4
2.3 SUMMARY OF PROBLEM STATEMENT .............................................................................................. 5
2.4 CONTRACT TERM................................................................................................................................. 5
2.5 EFFECTIVE DATE ................................................................................................................................. 6
2.6 CONTRACT TYPE ................................................................................................................................. 6
3.0 RFP REQUIREMENTS AND SPECIFICATIONS .................................................................................... 6
3.1 GENERAL REQUIREMENTS AND SPECIFICATIONS ......................................................................... 6
3.2 SECURITY SPECIFICATIONS ............................................................................................................... 7
3.3 ENTERPRISE SPECIFICATIONS .......................................................................................................... 9
4.0 BUSINESS AND TECHNICAL REQUIREMENTS .................................................................................... 11
4.1 DEBT MANAGEMENT REQUIREMENTS ............................................................................................ 12
4.2 VENDOR'S SOLUTION REQUIREMENTS .......................................................................................... 12
4.3 VENDOR REPORTING REQUIREMENTS ........................................................................................... 13
4.4 DATA MIGRATION REQUIREMENTS ................................................................................................. 13
4.5 TRAINING REQUIREMENTS ............................................................................................................... 13
4.6 IMPLEMENTATION REQUIREMENTS ................................................................................................ 13
4.7 MAINTENANCE AND SUPPORT REQUIREMENTS ........................................................................... 14
4.8 VENDOR EXPERIENCE REQUIREMENTS ......................................................................................... 14
5.0 BUSINESS AND TECHNICAL SPECIFICATIONS ................................................................................... 14
5.1 VENDOR SOLUTION SPECIFICATIONS ............................................................................................ 14
5.2 VENDOR DEBT MANAGEMENT SPECIFICATIONS .......................................................................... 16
5.3 VENDOR REPORTING SPECIFICATIONS: ........................................................................................ 17
5.4 TRAINING SPECIFICATIONS:............................................................................................................. 18
5.5 IMPLEMENTATION SPECIFICATIONS: .............................................................................................. 18
5.6 MAINTENANCE AND SUPPORT SPECIFICATIONS .......................................................................... 18
5.7 VENDOR EXPERIENCE SPECIFICATIONS ........................................................................................ 19
6.0 COST OF VENDOR'S OFFER ............................................................................................................. 20
6.1 OFFER COSTS .................................................................................................................................... 20
6.2 PAYMENT SCHEDULE ........................................................................................................................ 20
7.0 EVALUATION .......................................................................................................................................... 20
7.1 SOURCE SELECTION ......................................................................................................................... 20
7.2 EVALUATION CRITERIA ..................................................................................................................... 21
7.3 BEST AND FINAL OFFERS (BAFO) ................................................................................................... 22
7.4 POSSESSION AND REVIEW ............................................................................................................... 22
8.0 VENDOR INFORMATION AND INSTRUCTIONS ................................................................................ 22
8.1 GENERAL CONDITIONS OF OFFER .................................................................................................. 22
8.2 GENERAL INSTRUCTIONS FOR VENDOR ........................................................................................ 24
8.3 INSTRUCTIONS FOR OFFER SUBMISSION ...................................................................................... 26
9.0 OTHER REQUIREMENTS AND SPECIAL TERMS ............................................................................. 30
9.1 VENDOR UTILIZATION OF WORKERS OUTSIDE OF U.S. ................................................................ 30
9.2 FINANCIAL STATEMENTS ................................................................................................................. 30
9.3 FINANCIAL RESOURCES ASSESSMENT, QUALITY ASSURANCE, PERFORMANCE AND
RELIABILITY .............................................................................................................................................. 31

9.4 VENDOR'S LICENSE OR SUPPORT AGREEMENTS ........................................................................ 31
9.5 VENDOR SERVICE LEVEL AGREEMENT (SLA) ............................................................................... 31
9.6 RESELLERS- RESERVED ................................................................................................................... 31
9.7 DISCLOSURE OF LITIGATION ........................................................................................................... 31
9.8 CRIMINAL CONVICTION ..................................................................................................................... 32
9.9 SECURITY AND BACKGROUND CHECKS ........................................................................................ 32
9.10 ASSURANCES ................................................................................................................................... 32
9.11 CONFIDENTIALITY OF OFFERS ...................................................................................................... 32
9.12 PROJECT MANAGEMENT ................................................................................................................ 33
9.13 MEETINGS ......................................................................................................................................... 33
9.14 RECYCLING AND SOURCE REDUCTION - RESERVED. ................................................................ 33
9.15 SPECIAL TERMS AND CONDITIONS- RESERVED. ........................................................................ 33
9.16 AGENCY TERMS AND CONDITIONS- RESERVED. ......................................................................... 33
ATTACHMENT A: DEFINITIONS ................................................................................................................... 34
ATTACHMENT B: DIT TERMS AND CONDITIONS ....................................................................................... 38
ATTACHMENT C: DESCRIPTION OF OFFEROR .......................................................................................... 66
ATTACHMENT D: HISTORICALLY UNDERUTILIZED BUSINESSES ........................................................... 67
ATTACHMENT E: COST FORM ..................................................................................................................... 68
ATTACHMENT F: VENDOR CERTIFICATION FORM .................................................................................... 70
ATTACHMENT G: LOCATION OF WORKERS UTILIZED BY VENDOR - DISCLOSURE STATEMENT ...... 71
ATTACHMENT H: REFERENCES .................................................................................................................. 73
ATTACHMENT I: FINANCIAL REVIEW FORM .............................................................................................. 74
APPENDIX J: SAMPLE REPORTS FOR REFERENCE ................................................................................. 75

1.0 ANTICIPATED PROCUREMENT SCHEDULE
The Agency Procurement Agent will make every effort to adhere to the following schedule:
Action Responsibility Date
RFP Issued Agency 03/24/2026
Mandatory Pre-Offer Conference Meeting Agency 04/08/2026
Written Questions Deadline Potential Vendors 04/15/2026
Agency's Response to Written Questions/ Agency 04/22/2026
RFP Addendum Issued
Offer Opening Deadline Vendor(s) 04/29/2026
Offer Evaluation Agency 07/29/2026
Selection of Finalists Agency 08/05/2026
Oral Presentations and/or Product Demonstrations by Selected Vendors 08/07/2026
Finalists (if requested by NC DST)
Negotiations with Finalists Agency designees and 08/12/2026
selected Vendor(s)
Best and Final Offers Deadline from Finalists Selected Vendors 08/19/2026
Estimated Date for Contract Award Agency 08/26/2026
Protest Deadline Responding Vendors 15 days after
award
2.0 PURPOSE OF RFP
2.1 INTRODUCTION
The purpose of this Request for Proposal (RFP) is to solicit proposal offers from qualified Vendors to provide
a modern debt management software solution for The North Carolina Department of State Treasurer
(NCDST) State and Local Government Finance Division (SLGFD) to support activities related to issuance
and management of government debt instruments. The NCDST SLGFD seeks a Vendor to provide a single
sign on Software as a Service (SaaS) solution for debt management to monitor issuance of all State debt,
local government debt, as well as maintain all debt records and debt schedules. This solution provides the
ability to display, collect, transfer, receive, and log data entered directly into the solution and sent through
third-party entities. These services constitute a Debt Management Service to the State and Local
Government Finance Division.
2.2 AGENCY BACKGROUND
The Local Government Commission (LGC or 'Commission'), the North Carolina Capital Facilities Finance
Agency (NCCFFA), and the Debt Affordability Advisory Committee (DAAC) are staffed by the NCDST
SLGFD. SLGFD supports the State of North Carolina and over 1,100 units of local government through the
sale, issuance, and delivery of all State and local debt, monitoring debt repayment, counseling and assisting
local governments issuing debt, and monitoring and analyzing the fiscal health and accounting practices of
all local governments.
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In 1931 the North Carolina General Assembly established the Local Government Commission to help
address the problems in local government finance caused by the depression. In 1933, 62 North Carolina
counties, 152 cities and towns, and some 200 special districts were in default on the principal or the interest
or both of outstanding obligations. The LGC approves the issuance of debt for all units of local government
and assists units with fiscal management.
The primary mission of the LGC is focused in three areas of responsibility and authority. First, a unit of
government must seek LGC approval before it can borrow money in most instances. In reviewing each
proposed borrowing, the LGC examines whether the amount being borrowed is adequate and reasonable
for the projects and is an amount the unit can reasonably afford to repay. Second, once borrowing is
approved, the LGC is responsible for selling the debt (or bonds) on the unit's behalf. While state agencies in
some other states are charged with approving local government debt, it is the combination of the power of
approval with the power of sale that makes the LGC unique in the nation. Third, the LGC staff oversees the
annual independent auditing of local governments, monitors the fiscal health of local governments, and offers
broad assistance in financial administration to local governments.
Currently, the State of North Carolina has a larger percentage of units rated "AAA" by national bond rating
agencies when compared to other states. These ratings have enabled the State to sell its bonds at interest
rates considerably below the Bond Buyer's Index, thereby providing very significant savings to North
Carolina's taxpayers. Many attribute this favored credit status, in part, to the work of the LGC.
The North Carolina Capital Facilities Finance Agency (NCCFFA) provides the benefits of tax-exempt
financing to non-profit institutions providing elementary and secondary education, private institutions of
higher education, and various other entities for special purpose projects serving a public interest. The
NCCFFA approves the issuance of conduit debt. Approved NCCFFA applications require the subsequent
approval of the LGC for the sale and issuance of the debt.
The Debt Affordability Advisory Committee (DAAC) drafts an annual Debt Affordability Study, which provides
the Governor and the General Assembly with an overview of the State's debt load and borrowing capacity.
The Study also provides an estimate of the annual debt capacity for the Transportation Funds (the State
Highway Fund and Highway Trust Fund).
The State of North Carolina issues debt for state projects authorized by the NC General Assembly as well
as for transportation projects funded by GARVEE and NC Turnpike Authority Revenues.
2.3 SUMMARY OF PROBLEM STATEMENT
North Carolina's debt structure is unlike any others in the nation due to the LGC combination of the power of
approval with the power of sale. The LGC staff are responsible for fulfilling the obligations of the Commission
found in Chapter 159 of the North Carolina General Statutes. Staff provide resources, guidance, and
oversight to over 1,100 units of local government subject to the provisions of Chapter 159. The NCDST
SLGFD seeks to enhance the current debt management process by procuring a robust debt management
solution to replace the current in-house system that is phasing out. This RFP supports Agency initiative to
innovate public service through thoughtful technology adoption.
2.4 CONTRACT TERM
A Contract awarded pursuant to this RFP (the "Contract") shall have an effective date as provided in the
Notice of Award. The term shall be three year(s), with two optional one-year renewals at the sole discretion
of the state and will expire upon the anniversary date of the effective date unless otherwise stated in the
Notice of Award, or unless terminated earlier.
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2.5 EFFECTIVE DATE
This solicitation, including any Exhibits, or any resulting contract or amendment shall not become effective
nor bind the State until the appropriate State purchasing authority/official or Agency official has signed the
document(s), contract or amendment; the effective award date has been completed on the document(s), by
the State purchasing official, and that date has arrived or passed. The State shall not be responsible for
reimbursing the Vendor for goods provided nor Services rendered prior to the appropriate signatures and the
arrival of the effective date of the Agreement. No contract shall be binding on the State until an encumbrance
of funds has been made for payment of the sums due under the Agreement.
2.6 CONTRACT TYPE
Definite Quantity Contract - This request is for a close-ended contract between the awarded Vendor and the
State to furnish a pre-determined quantity of a good or service during a specified period of time.
The State reserves the right to make partial, progressive or multiple awards where it is advantageous to
award separately by items; where more than one supplier is needed to provide the contemplated
specifications as to quantity, quality, delivery, service, geographical areas; or where other factors are deemed
to be necessary or proper to the purchase in question.
3.0 RFP REQUIREMENTS AND SPECIFICATIONS
3.1 GENERAL REQUIREMENTS AND SPECIFICATIONS
3.1.1 REQUIREMENTS
Requirement means, as used herein, a function, feature, or performance that the System must
provide. If the offeror cannot meet the requirements, they will not be evaluated.
3.1.2 SPECIFICATIONS
Specification means, as used herein, a detailed description that documents the function and
performance of a system or system component.
The apparent silence of the specifications as to any detail, or the apparent omission of detailed
description concerning any point, shall be regarded as meaning that only the best commercial practice
is to prevail and that only processes, configurations, materials and workmanship of the first quality
may be used. Upon any notice of noncompliance provided by the State, Vendor shall supply proof of
compliance with the specifications. Vendor must provide written notice of its intent to deliver alternate
or substitute Services, products, goods or other Deliverables. Alternate or substitute Services,
products, goods or Deliverables may be accepted or rejected in the sole discretion of the State; and
any such alternates or substitutes must be accompanied by Vendor's certification and evidence
satisfactory to the State that the function, characteristics, performance and endurance will be equal
or superior to the original Deliverables specified.
3.1.3 SITE AND SYSTEM PREPARATION
Vendors shall provide the Purchasing State Agency complete site requirement specifications for the
Deliverables, if any. These specifications shall ensure that the Deliverables to be installed or
implemented shall operate properly and efficiently within the site and system environment. Any
alterations or modification in site preparation, which are directly attributable to incomplete or
erroneous specifications provided by the Vendor, and which would involve additional expenses to the
State, shall be made at the expense of the Vendor.
3.1.4 EQUIVALENT ITEMS
Whenever a material, article or piece of equipment is identified in the specification(s) by reference to
a manufacturer or Vendor's name, trade name, catalog number or similar identifier, it is intended to
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establish a standard for determining substantial conformity during evaluation, unless otherwise
specifically stated as a brand specific requirement (no substitute items will be allowed). Any material,
article or piece of equipment of other manufacturers or Vendors shall perform to the standard of the
item named. Equivalent offers must be accompanied by sufficient descriptive literature and/or
specifications to provide for detailed comparison.
3.1.5 ENTERPRISE LICENSING
In offering the best value to the State, Vendors are encouraged to leverage the State's existing
resources and license agreements, which can be viewed here:
https://it.nc.gov/resources/statewide-it-procurement/statewide-it-contracts
a) Identify components or products that are needed for your solution that may not be available
with the State's existing license agreement.
b) Identify and explain any components that are missing from the State's existing license
agreement.
c) If the Vendor can provide a more cost-effective licensing agreement, please explain in detail
the agreement and how it would benefit the State.
3.2 SECURITY SPECIFICATIONS
3.2.1 SOLUTIONS NOT HOSTED ON STATE INFRASTRUCTURE
This procurement will be required to receive and securely manage data that is classified as Medium
Risk. Refer to the North Carolina Statewide Data Classification and Handling policy for more
information regarding data classification. The policy is located at the following website:
https://it.nc.gov/document/statewide-data-classification-and-handling-policy.
To comply with the State's Security Standards and Policies, State agencies are required to perform
annual security/risk assessments on their information systems using NIST 800-53 controls. This
requirement additionally applies to all Vendor-provided, agency-managed Infrastructure as a Service
(IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) solutions which will handle
data classified as Medium Risk (Restricted) or High Risk (Highly Restricted) data.
(a) Upon request, Vendors shall provide a current independent 3rd party assessment report in
accordance with the following subparagraphs (i)-(iii) prior to contract award. However, Vendors
are encouraged to provide a current independent 3rd party assessment report in accordance with
subparagraphs (i)-(iii) at the time of offer submission.
(i) Federal Risk and Authorization Management Program (FedRAMP) certification, SOC
2 Type 2, ISO 27001, or HITRUST are the preferred assessment reports for any Vendor
solutions which will handle data classified as Medium Risk (Restricted) or High Risk
(Highly Restricted).
(ii) A Vendor that cannot provide a preferred independent 3rd party assessment report as
described above may submit an alternative assessment, such as a SOC 2 Type 1
assessment report. The Vendor shall provide an explanation for submitting the alternative
assessment report. If awarded this contract, a Vendor who submits an alternative
assessment report shall submit one of the preferred assessment reports no later than 365
days of the Effective Date of the contract. Timely submission of this preferred assessment
report shall be a material requirement of the contract.
(iii) An IaaS vendor cannot provide a certification or assessment report for a SaaS provider
UNLESS permitted by the terms of a written agreement between the two vendors and the
scope of the IaaS certification or assessment report clearly includes the SaaS solution.
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(b) Additional Security Documentation. Prior to contract award, the State may in its discretion
require the Vendor to provide additional security documentation, including but not limited to
vulnerability assessment reports and penetration test reports. The awarded Vendor shall provide
such additional security documentation upon request by the State during the term of the contract.
(c) Should Vendor's solution include an AI component, Vendor must demonstrate compliance with
NIST AI Risk Management Framework NIST AI-600-1.
For Vendor Completion:
Did Vendor provide a current independent 3rd party assessment report in accordance with the
above subparagraphs (i)-(ii), including required explanations where appropriate.
YES NO
If "No," does Vendor agree to provide a current independent 3rd party assessment report in
accordance with the above subparagraphs (i)-(iii) prior to contract award?
YES NO
If no, failure to provide the current independent 3rd party assessment reports in a timely manner
(upon offer submission or upon request from the State) may be grounds for disqualification of the
Vendor's offer.
3.2.2 DESIGNATED VENDOR SECURITY CONTACT
For Vendor Completion:
Vendor is to designate a contact to ensure compliance with all associated favorable third-party
risk assessment(s) for all Services to be provided under this Contract. Prior to award, NCDST
personnel shall contact the Vendor to provide certified evidence of all security
attestations. The information obtained shall be reviewed for compliance by the NCDST
Information Security Officer prior to Award.
Vendor Contact Name: ______________________________________
Email Address: _____________________________________________
Telephone No.: ______________________________________________
3.2.3 SECURITY DATA BREACH
For Vendor Completion:
Has your company experienced a security breach, as defined by the NC Identity Theft Protection
Act (N.C.G.S. 75-60 et. seq.) within the last three (3) years with any of its clients?
YES NO
If yes, please explain the security breach, remedy provided by your company, and the overall
outcome of the security breach: _______________________
If no, please explain and include any applicable documentation regarding your process for
handling a security breach: _____________________________________
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3.3 ENTERPRISE SPECIFICATIONS
3.3.1 ARCHITECTURE DIAGRAMS
The State utilizes architectural diagrams to better understand the design and technologies of a
proposed solution. The two diagrams are Network Architecture and Technology Stack. Details on
these diagrams can be found at the following link: https://it.nc.gov/resources/statewide-it-
procurement/vendor-engagement-resources#Tab-Architecture-1192
For Vendor Completion:
Describe or diagram in Vendor's offer both Network Architecture and the Technology Stack for the
Vendor's solution. There may be additional architectural diagrams requested of the Vendor after
contract award. This will be communicated to the Vendor by the NCDST, as needed.
3.3.2 SOLUTION ROADMAP
A Solution Roadmap defines the vision and strategic elements of the solution. The Solution Roadmap
is a plan of action for how a Solution will evolve over time. Solution means the Vendor's solution being
proposed by this RFP.
For Vendor Completion:
Describe in Vendor's offer the solution roadmap for Vendor's product/service to include content on
release strategies for functionality, roadmap for technical architecture, and how scalability of solution
is planned.
The minimum content should include:
* Vision for the solution
* High-level functionality expected for each solution release into production environment.
* High-level timeline
* Description of how customer feedback is collected and incorporated into solution
enhancements.
* Planned product releases, patches, and updates to the solution, including any support
termination dates for specific versions of Vendor's solution.
* Vendor shall provide a 12-18-month product strategy as it relates to the proposed system,
including a technology roadmap. The roadmap shall also specify proposed support timelines
for prior versions of the system and upgrade paths, as applicable.
3.3.3 IDENTITY AND ACCESS MANAGEMENT
The proposed solution must externalize identity and access management. The protocols describing
the State's Identity and Access Management can be found at the following link:
https://it.nc.gov/services/vendor-engagement-resources#Tab-IdentityAccessManagement-1241
For Vendor Completion:
Describe how Vendor's solution supports the above protocols, as well as making them available for
application integration/consumption.
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3.3.4 INTEGRATION APPROACH
For Vendor Completion:
a) Describe Vendor's proposed solution capabilities to interoperate with other solutions.
Vendor shall identify the standards supported, integrations platforms, adaptors, application
programming interface (API), and the like. Describe in detail how Vendor's proposed
solution supports the import and/or export of electronic data between the proposed solution
and other systems. Describe in detail the ability of Vendor's proposed solution to integrate
with external Vendors, such as:
* BiDCOMP/Parity
* BNY Mellon and US Bank (Trustees)
* Sterling (Arbitrage Compliance)
* EMMA/MSRB
* LOGOS (Units, Contacts, Addresses, Credit Ratings, Population, County Tax Rate etc.)
* Microsoft Office applications
* Microsoft Power Platform applications
* Authorized and Unissued Data
3.3.5 DISASTER RECOVERY AND BUSINESS CONTINUITY
For Vendor Completion:
Describe in Vendor's offer the proposed solution's capabilities related to the following areas:
a) Disaster Recovery Plan (DRP) - describe how Vendor's proposed solution supports Recovery
Point Objectives (RPO) of four (4) hours and Recovery Time Objectives (RTO) of twenty-four
(24) hours.
b) System Backup - describe Vendor's proposed solution's backup plan capabilities.
c) Disaster Recovery Testing - describe how Vendor's proposed solution supports at least an
annual Disaster Recovery Testing. Describe the frequency and test procedures for end-to-
end disaster recovery testing. Business Continuity Plan (BCP) - describe capabilities
proposed solution can provide in support of Agency's continuity of operations and incident
responses.
3.3.6 DATA MIGRATION
Vendor shall migrate all existing debt system data into Vendor's proposed solution. The existing
data is hosted in a SQL Server 2022 database. Below is the current estimated system data profile
to help assist the Vendor with understanding the size and scope of the existing debt system.
Current Estimated System Data Profile:
* Estimated Data Size: ~1.6GB
* Estimated Units: ~1500
* Estimated Number of notices sent: ~1250 annual debt notices, up to 425 monthly
debt notices/month
* Estimated Debt Instruments:
o ~15,000 historically
o ~3000 outstanding
o ~ 400 new debt issues per year
o ~2000 debt issues that refunded at least one other issue
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