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Cabarrus County, North Carolina <br />Notes to the Financial Statements <br />For the Year Ended June 30, 2012 <br />On October 4, 2006 Cabarrus County executed an installment financing contract with Fifth Third Bank (formerly <br />First Charter Bank). The contract is for $15,000,000 for the construction of a Jail Annex and site development work <br />in the Justice Complex. The terms of the contract stipulate semi-annual payments of $500,000 for the first year <br />starting in April 2007 and commencing October 2021. The fixed interest rate was 4.31% the first year and 4.44% <br />the next 14 years. The rate was renegotiated in March 2007 to 4.19% over the term of the entire loan. The Board <br />of Commissioners decided that due to declining interest rates to pay off the loan on March 30, 2012. The final <br />payment was $10,000,000 in principal and $203,588 in interest. Total principal balance due at June 30, 2012 was <br />$0. <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 />2012: <br />61 <br />