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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2009
<br />On January 25, 2008, the Cabarrus County Development Corporation issued $46,920,000 (2008A) Certificates
<br />of Participation (COPS) Installment contracts to finance the construction of a new high school. These 20 year
<br />COPS have interest rates ranging from 3.25% to 5.0%. Debt Service is financed by Cabarrus County property
<br />tax revenues. Annual payments of principal and interest range from approximately $4,400,704 to $2,447,594.
<br />Total principal and interest over a 20-year period will be $68,856,864. Total principal balance due at June 30,
<br />2009 was $44,570,000
<br />On January 25, 2008, the Cabarrus County Development Corporation issued $18,745,000 (20086) Certificates
<br />of Participation (COPS) Installment contracts to refund the 1999 Installment Payment Revenue Bonds issued for
<br />the construction of JM Robinson High School. These 11 year COPS have interest rates ranging from 3.0% to
<br />5.0%. Debt Service is financed by Cabarrus County property tax revenues. Annual payments of principal and
<br />interest range from approximately $2,263,225 to $1,485,750. Total principal and interest over an 11-year period
<br />will be $20,655,550. Total principal balance due at June 30, 2009 was $15,395,000.
<br />On December 1, 2008, The Cabarrus County Development Corporation issued $58,810,000 (2008C)
<br />Certificates of Participation (COPS) Installment contracts to provide funds to (a) pay the costs of construction of
<br />a residential tower to house County inmates and related improvements and (b) pay certain expenses incurred in
<br />connection with the execution and delivery of the 2008C Certificates. These 20 year COPS have interest rates
<br />ranging from 4.00% to 5.25%. Debt service is financed by Cabarrus County property tax revenues. Annual
<br />payments of principal and interest range from approximately $5,941,494 to $1,404,961. Total principal and
<br />interest over a 20 year period will be $90,944,756. Total principal balance due at June 30, 2008 was
<br />$58,810,000.
<br />For Cabarrus County, the annual debt service payments to maturity as of June 30, 2009, for the County's
<br />Certificates of Participation are as follows:
<br />Year Endin4. June 30 Principal Interest
<br />2010 11,065,000 10,210,026
<br />2011 14,135,000 9,740,201
<br />2012 14,110,000 9,155,394
<br />2013 14,085,000 8,534,769
<br />2014 14,055,000 7,926,869
<br />2015 14,015,000 7,326,731
<br />2016 13,980,000 6,697,329
<br />2017 13,960,000 6,071,391
<br />2018 13,930,000 5,414,904
<br />2019 13,905,000 4,754,166
<br />Next 5 Years 53,775,000 14,582,623
<br />To maturity 29.870.000 3.864.775
<br />Total $220.885.000 $94.279.178
<br />3. Installment Financing
<br />On April 12, 2005, Cabarrus County executed an installment financing contract with RBC Centura. The contract is
<br />for $4.4 million for the construction of the County owned Rowan-Cabarrus Community College (RCCC) business
<br />center and the construction of a parking lot and design cost of Building 3000 which is owned by RCCC. The terms
<br />of the contract stipulate semi-annual payments of principal and interest from approximately $388,000 to $317,000
<br />for seven years with the first payment due on October 12, 2005 and the final payment due on April 12, 2012. The
<br />57 Attachment number 3
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