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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2012
<br />On July 15, 2003, the Cabarrus County Development Corporation issued $40,770,000 in Certificates of
<br />Participation (COPS) Installment Contracts to finance the cost of acquiring real property, construction and
<br />equipping of two elementary schools, one middle school, expansion of two existing elementary school facilities
<br />and various real and personal property improvements. These 20 -year COPS have interest rates ranging from
<br />2.0% to 5.25 %. Debt Service is financed by Cabarrus County property tax revenues. Annual payments of
<br />principal and interest range from approximately $3,813,000 to $2,129,000. Total principal and interest over a
<br />20 -year period will be $61,223,879. On August 31, 2011, a portion of the original COPS 2003 were refunded as
<br />COPS 2011C. The balance of COPS 2003 will be $4,292,700 over a 2 year period. Total principal balance due
<br />at June 30, 2012 was $2,040,000.
<br />On February 22, 2007, the Cabarrus County Development Corporation issued $33,595,000 in Certificates of
<br />Participation (COPS) Installment contracts to finance the construction of a County owned sheriff administration
<br />facility. These 20 -year COPS have interest rates ranging from 4.0% to 5.625 %. Debt Service is financed by
<br />Cabarrus County property tax revenues. Annual payments of principal and interest range from approximately
<br />$3,092,576 to $1,744,093.Total principal and interest over a 20 -year period will be $49,537,033. Total principal
<br />balance due at June 30, 2012 was $25,195,000.
<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 />2012 was $37,530,000.
<br />On January 25, 2008, the Cabarrus County Development Corporation issued $18,745,000 (20088) 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, 2012 was $10,475,000.
<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, 2012 was
<br />$52,610,000.
<br />On July 16, 2009, The Cabarrus County Development Corporation issued $85,170,000 (2009) Certificates of
<br />Participation (COPS) Installment contracts to provide funds (a) to pay a portion of the costs of (i) acquiring real
<br />property, (ii) constructing new public school facilities and expanding and renovating existing public school
<br />facilities, equipping the Facilities, and (iv) a portion of the interest to accrue under the Contract during the
<br />construction periods for the foregoing and thereafter, through January 1, 2012 and (b) pay certain expenses
<br />incurred in the connection and delivery of the 2009 Certificates. These 20 year COPS have interest rates
<br />ranging from 3.0% to 5.0 %. Annual payments of principal and interest range from approximately $8,702,669 to
<br />$1,818,515. Total principal and interest over a 20 year period will be $129,871,859. Total principal balance due
<br />at June 30, 2012 was $80,435,000.
<br />On September 22, 2010 the Cabarrus County Development Corporation issued $18,920,000 (2010A)
<br />Certificates of Participation (COPS) contracts to refund the 2001 COPS issued for the construction and
<br />equipping of two middle schools and one elementary school. These 11 year COPS have interest rates ranging
<br />from 2.0% to 5.0 %. Debt Service is financed by Cabarrus County property tax revenues. Annual payments of
<br />principal and interest range from approximately $2,809,100 to $518,150. Total principal and interest over a 11-
<br />year period will be $23,761,150. Total principal balance due at June 30, 2012 was $16,820,000.
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