|
Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2012
<br />the County. Principal and interest requirements are provided by appropriation in the year in which they become
<br />due.
<br />The County's general obligation bonds payable at June 30, 2012 are comprised of the following individual
<br />issues:
<br />Serviced by the County's General Fund:
<br />$32,855,000 (March 15, 2004) Advanced Refunding Bonds due on August 1
<br />and February 1 in installments through February 1, 2018; interest at 3.0 to 5.0
<br />percent. The purpose of the debt is refunding prior debt for the construction of
<br />schools. $18,795,000
<br />$50,000,000 (March 1, 2005) School Series Bonds due on September 1 and
<br />March 1 in installments through March 1, 2025: interest at 3.0 to 5.0 percent. The
<br />purpose of the debt is for constructing and improving school facilities. 38,400,000
<br />$48,000,000 (September 1, 2006) Public Improvement Series Bonds due on
<br />March 1 and September 1 in installments through March 1, 2027; interest at
<br />4.0 to 5.0 percent. The purpose of the debt is for the construction and improving
<br />Schools ($44,640,000) and community college facilities ($3,360,000). 41,500,000
<br />$98.695.000
<br />For Cabarrus County, the annual debt service payments to maturity as of June 30, 2012, for the County's
<br />general obligation bonds are as follows:
<br />Year Ending, June 30
<br />Principal
<br />Interest
<br />2013
<br />$ 6,965,000
<br />$ 4,434,050
<br />2014
<br />7,655,000
<br />4,118,550
<br />2015
<br />7,640,000
<br />3,773,800
<br />2016
<br />7,630,000
<br />3,391,800
<br />2017
<br />7,610,000
<br />3,010,300
<br />2018
<br />7,495,000
<br />2,629,800
<br />2019
<br />6,800,000
<br />2,289,050
<br />2020
<br />6,800,000
<br />2,017,050
<br />2021
<br />6,800,000
<br />1,728,050
<br />2022
<br />6,800,000
<br />1,439,050
<br />To maturity
<br />26,500,000
<br />2,994,550
<br />Total
<br />$98,695,000
<br />$31,826,050
<br />At June 30, 2012 Cabarrus County had a legal debt margin of $1,303,548,780.
<br />2. Certificates of Participation
<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 Cabarrus Arena & Events Center. The 20 -year COPS have interest
<br />rates ranging from 3.0% to 5.25 %. Cabarrus County debt service is financed by property tax revenues. Annual
<br />payments of principal and interest range from approximately $2,409,155 to $1,396,500. Total principal and
<br />interest over the 20 -year period will be $38,718,153. On August 31, 2011, a portion of the original COPS 2002
<br />were refunded as COPS 2011 B. The balance of COPS 2002 will be $2,764,738 over a 2 year period. Total
<br />principal balance due at June 30, 2012 was $1,330,000.
<br />58 Attachment number 1
<br />1 -3 Page 314
<br />
|