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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2009
<br />2014 190,000
<br />2014 190,000
<br />2016 190,000
<br />2017 190,000
<br />2018 190,000
<br />2019 190,000
<br />Next 5 Years 950,000
<br />To Maturity 2,660.000
<br />Total minimum lease payments 5,754,944
<br />Less: amount representing interest (2.296.629)
<br />Present value of minimum lease payments
<br />2. Operating Leases
<br />The County leases building and office facilities under non-cancelable operating leases. Total costs for the
<br />leases were $726,127 for the year ended June 30, 2009. The future minimum lease payments for this lease are
<br />as follows:
<br />Year Ending, June 30 Amount
<br />2010 $ 734,404
<br />2011 728,048
<br />2012 621,676
<br />Total $ 2,084,128
<br />J. Long-term Obligations
<br />1. General Obligation Indebtedness
<br />General obligation bonds are issued to provide funding for the construction of capital facilities used for general
<br />government activities. All general obligation bonds are collateralized by the full faith, credit, and taxing power of
<br />the County. Principal and interest requirements are provided by appropriation in the year in which they become
<br />due.
<br />The County's general obligation bonds payable at June 30, 2009 are comprised of the following individual
<br />issues:
<br />Serviced by the County's General Fund:
<br />$17,490,000 (August 1, 2003) Refunded Bonds due on March 1 and September 1
<br />in installments through March 1, 2012; interest of 2.0 to 4.0 percent (part of this
<br />refunding financed the construction of the County owned reservoir). $ 2,575,000
<br />$32,855,000 (March 15, 2004) Advanced Refunding Bonds due on August 1
<br />and February 1 in installments through February 1, 2018; interest at 3.0 to 5.0
<br />percent . 28,260,000
<br />$50,000,000 (March 1, 2005) School Series Bonds due on September 1 and
<br />March 1 in installments through March 1, 2025: interest at 3.0 to 5.0 percent. 43,600,000
<br />$48,000,000 (September 1, 2006) Public Improvement Series Bonds due on
<br />March 1 and September 1 in installments through March 1, 2027; interest at
<br />4.0 to 5.0 percent. 45,400,000
<br />$ 119.835.000
<br />55 Attachment number 3
<br />G-8 Page 329
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