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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2009
<br />For Cabarrus County, the annual debt service payments to maturity as of June 30, 2009, for the County's
<br />general obligation bonds are as follows:
<br />Year Ending. June 30 Principal Interest
<br />2010 7,270,000 5,232,759
<br />2011 6,905,000 4,976,758
<br />2012 6,965,000 4,715,390
<br />2013 6,965,000 4,434,050
<br />2014 7,655,000 4,118,550
<br />2015 7,640,000 3,773,800
<br />2016 7,630,000 3,391,800
<br />2017 7,610,000 3,010,300
<br />2018 7,495,000 2,629,800
<br />2019 6,800,000 2,289,050
<br />Next 5 years 34,000,000 7,205,450
<br />To maturity 12.900.000 973.250
<br />Total 119.835.000 46.750.957
<br />At June 30, 2009 Cabarrus County had a legal debt margin of $1,113,211,509.
<br />2. Certificates of Participation
<br />On March 1, 2001 the Cabarrus County Development Corporation issued $40,000,000 in Certificates of
<br />Participation (COPS) Installment Contracts to finance the construction and equipping of two middle schools and
<br />one elementary school. These 20-year COPS have interest rates ranging from 4.0% to 5.0%. Debt service is
<br />financed by Cabarrus County property tax revenues. Annual payments of principal and interest range from
<br />approximately $4,069,167 to $2,100,000. Total principal and interest over a 20-year period will be $61,199,167.
<br />Total principal balance due at June 30, 2009 was $24,000,000.
<br />On August 15, 2002, the Cabarrus County Development Corporation issued $26,390,000 in Certificates of
<br />Participation (COPS) to finance the construction and equipping of the Cabarrus County Schools Administration
<br />Building, five school gymnasiums, and the County owned Cabarrus Arena & Events Center. The 20-year COPS
<br />have interest rates ranging from 3.0% to 5.25%. Debt service is financed by Cabarrus County property tax
<br />revenues. Annual payments of principal and interest range from approximately $2,409,155 to $1,396,500. Total
<br />principal and interest over the 20-year period will be $38,718,153. Total principal balance due at June 30, 2009
<br />was $17,295,000
<br />On July 15, 2003, the Cabarrus County Development Corporation issued $40,770,000 in Certificates of
<br />Participation (COPS) Installment Contracts to finance the cost of acquiring real property, construction and
<br />equipping of two elementary schools, one middle school, expansion of two existing elementary school facilities
<br />and various real and personal property improvements. These 20-year COPS have interest rates ranging from
<br />2.0% to 5.25%. Debt Service is financed by Cabarrus County property tax revenues. Annual payments of
<br />principal and interest range from approximately $3,813,000 to $2,129,000. Total principal and interest over a
<br />20-year period will be $61,223,879. Total principal balance due at June 30, 2009 was $30,580.000.
<br />On February 22, 2007, the Cabarrus County Development Corporation issued $33,595,000 in Certificates of
<br />Participation (COPS) Installment contracts to finance the construction of a County owned sheriff administration
<br />facility. These 20-year COPS have interest rates ranging from 4.0% to 5.625%. Debt Service is financed by
<br />Cabarrus County property tax revenues. Annual payments of principal and interest range from approximately
<br />$3,092,576 to $1,744,093.Total principal and interest over a 20-year period will be $49,537,033. Total principal
<br />balance due at June 30, 2009 was $30,235,000.
<br />56 Attachment number 3
<br />G-8 Page 330
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