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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Fiscal Year Ended June 30, 2009
<br />annual interest rate is fixed at 3.54%. The principal balance due at June 30, 2009 was $1,867,714. As of June 30,
<br />2009 we have capitalized in Building Improvements $3,349,234.
<br />On October 4, 2006 Cabarrus County executed an installment financing contract with Fifth Third Bank (formerly
<br />First Charter). The contract is for $15,000,000 for the construction of a County owned Jail Annex and site
<br />development work in the Justice Complex. The terms of the agreement stipulate semi-annual payments of
<br />$500,000 for the first year starting in April 2007 and commencing October 2021. The fixed interest was 4.31% the
<br />first year and 4.44% the next 14 years. The rate was renegotiated in March 2007 to 4.19% over the term of the
<br />entire loan. Total principal balance due at June 30, 2009 was $12,500,000.
<br />For Cabarrus County, the annual debt service payments to maturity as of June 30, 2009 for the County's
<br />Installment Financing are as follows:
<br />Year Endin4, June 30 Principal Interest
<br />2010 1,622,572 573,911
<br />2011 1,622,571 509,972
<br />2012 1,622,571 446,886
<br />2013 1,000,000 386,807
<br />2014 1,000,000 345,704
<br />2015 1,000,000 303,804
<br />2016 1,000,000 262,416
<br />2017 1,000,000 219,548
<br />2018 1,000,000 178,104
<br />2019 1,000,000 36,204
<br />To maturity 2,500,000 157.267
<br />Total $14 367 714 $3,520,623
<br />4. Long-Term Obligation Activity
<br />The following is a summary of Changes in the County's long-term obligations for the fiscal year ended June 30,
<br />2009:
<br />Governmental activities:
<br />General Obligation Bonds
<br />Installment Revenue Bonds
<br />Capital Leases
<br />Certificates of Participation
<br />Installment Financing
<br />Compensated absences
<br />Other postemployment benefits
<br />Unfunded Pension Cost
<br />Total governmental activities
<br />Balance Balance Due Within
<br />July 1, 2008 Increases Decreases June 30, 2009 One Year
<br />$ 126,895,000 $ - $ 7,060,000 $ 119,835,000 $ 7,270,000
<br />331,964 3,421,394 295,043 3,458,315 171,137
<br />173,165,000 58,810,000 11,090,000 220,885,000 11,065,000
<br />15,990,284 - 1,622,570 14,367,714 1,622,572
<br />2,805,048 2,080,892 1,873,674 3,012,266 2,409,813
<br />1,326,024 2,139,480 585,283 2,880,221 -
<br />166,281 345,999 350,675 161,605 -
<br />$ 320,679,601 $ 66,797,765 $ 22,877,245 $ 364,600,121 $ 22,538,522
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<br /> 58 Attachment number 3
<br /> G-8 Page 332
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