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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2009
<br />Less Than 1
<br />Investment Type Fair Value Year
<br />NC Capital Management Trust
<br />-Cash Portfolio $ 2,548,366 $ -
<br />$ 2,548,366 $ -
<br />C. Property Tax-Use-Value Assessment on Certain Lands
<br />2-3 Years 4-7 Years
<br />$ - $ -
<br />$ - $ -
<br />In accordance with North Carolina general statutes, agriculture, horticulture, and forestland may be taxed by the
<br />County at present-use value as opposed to market value. When the property loses its eligibility for use-value
<br />taxation, the property tax is recomputed at market value for the current year and the three preceding fiscal years
<br />along with accrued interest from the original due date. This tax is immediately due and payable. The amounts
<br />shown in the table are property taxes that could become due if present use-value eligibility is lost. These
<br />amounts have not been recorded in the financial statements.
<br />Year Levied Tax Interest Total
<br />2005 $ 3,780,855 $1,238,230 $ 5,019,085
<br />2006 3,616,684 858,963 4,475,647
<br />2007 3,623,763 534,505 4,158,268
<br />2008 6,863,263 394,638 7,257,901
<br />Total $17,884,565 ~~5 $20 910 901
<br />c,
<br />D. Receivables
<br />1. Notes Receivable
<br />On September 27, 1999 Northeast Fire Department agreed to pay $250,000 over a 10 year period at zero
<br />interest for the construction of a new fire station. The first payment was due on January 1, 2000 and payable
<br />each quarter of each calendar year through October 1, 2009 on the first day of the months of January, April, July
<br />and October, with a final balloon payment of $82,000 due on January 1, 2010 for total payments of $250,000.
<br />The unpaid balance of the note at June 30, 2009 was $90,400.
<br />On May 22, 2007 Midland Volunteer Fire and Rescue agreed to pay $900,000 over a 10 year period at zero
<br />interest for the construction of a new fire station. The first payment of $3,000 will be due on July 1, 2007 and
<br />payable each month through June 1, 2012. Beginning July 1, 2012 payments of $6,000 will be payable each
<br />month through June 1, 2017. A final balloon payment of $360,000 is due on July 1, 2017 for total payments of
<br />$900,000. The unpaid balance of the note at June 30, 2009 was $825,000. The note receivable is being
<br />reported in the Capital Reserve Special Revenue Fund.
<br />48 Attachment number 3
<br />G-8 Page 322
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