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Cabarrus County, North Carolina <br />Notes to the Financial Statements <br />For the Fiscal Year Ended June 30, 2009 <br />amount in the Fund at the end of the preceding calendar year into equal shares to be disbursed as monthly <br />benefits. The remaining seven percent (7%) of the Fund's assets may be used by the State Treasurer in <br />administering the Fund. For the fiscal year ended June 30, 2009, the County's required and actual contributions <br />were $13,830. <br />8. Effects of Subsequent Events <br />The North Carolina State Education Assistance Agency instruments in the portfolio having final stated maturities <br />ranging from 2015 to 2036; have been called effective July 24, 2008 resolving the matter of illiquid investments for <br />the County. <br />On July 16, 2009, Cabarrus County issued $85,170,000 of Certificates of Participation (COPS) to finance the <br />construction and renovation of two elementary schools, two middle schools, and an addition to and renovation of an <br />existing high school. The interest rate on the COPS range from 3% to 5% and the maturity date is January 1, 2029. <br />In July 2009, Philip Morris, Inc., closed its facility in Cabarrus County and moved afl of their operations to <br />Richmond, Virginia. Philip Morris was Cabarrus County's third largest employer as well as the largest tax payer <br />and accounted for 5.33% (approximately $1.1 million dollars in levy) of the total valuation of the County. <br />~~ Attachment number 3 <br />G-8 Page 345 <br />