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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 />$0.
<br />4. Long -Term Obligation Activity
<br />The following is a summary of changes in the County's long -term obligations for the fiscal year ended June 30,
<br />2012:
<br />Governmental activities:
<br />General Obligation Bonds
<br />Plus: Premiums on issuance
<br />Total General Obligation Bonds
<br />Certificates of Participation/
<br />Limited Obligation Bonds
<br />Plus: Premiums on issuance
<br />Total Certificates of Participation/
<br />Limited Obligation Bonds
<br />Capital Leases
<br />Installment Financing
<br />Compensated absences
<br />Other postemployment benefits
<br />Unfunded Pension Cost
<br />Total governmental activities
<br />Business -type activities
<br />Compensated absences
<br />Other postemployment benefits
<br />Landill Closure /Post- Closure
<br />Total business -type activities
<br />Balance
<br />Balance
<br />Due Within
<br />July 1, 2011
<br />Increases
<br />Decreases
<br />June 30, 2012
<br />One Year
<br />$ 105,660,000
<br />$ -
<br />$ 6,965,000
<br />$ 98,695,000
<br />$ 6,965,000
<br />2,241,510
<br />-
<br />316,164
<br />1,925,346
<br />-
<br />107,901,510
<br />-
<br />7,281,164
<br />100,620,346
<br />6,965,000
<br />294,315,000
<br />33,515,000
<br />53,275,000
<br />274,555,000
<br />18,820,000
<br />8,464,526
<br />4,215,250
<br />1,905,582
<br />10,774,194
<br />-
<br />302,779,526
<br />37,730,250
<br />55,180,582
<br />285,329,194
<br />18,820,000
<br />3,102,621
<br />603,312
<br />174,826
<br />3,531,107
<br />183,035
<br />11,122,572
<br />-
<br />11,122,572
<br />-
<br />-
<br />3,150,709
<br />2,138,716
<br />1,974,218
<br />3,315,207
<br />2,652,166
<br />6,562,567
<br />3,064,792
<br />1,371,402
<br />8,255,957
<br />-
<br />340,558
<br />431,594
<br />551,536
<br />220,616
<br />-
<br />$ 434,960,063
<br />$ 43,968,664
<br />$ 77,656,300
<br />$ 401,272,427
<br />$ 28,620,201
<br />Balance
<br />Balance
<br />Due Within
<br />July 1, 2011
<br />Increases
<br />Decreases
<br />June 30, 2012
<br />One Year
<br />$ 32,613
<br />$ 18,841
<br />$ 20,394
<br />$ 31,060
<br />$ 24,848
<br />71,627
<br />7,487
<br />-
<br />79,114
<br />-
<br />3,573,272
<br />-
<br />173,914
<br />3,399,358
<br />169,968
<br />$ 3,677,512
<br />$ 26,328
<br />$ 194,308
<br />$ 3,509,532
<br />$ 194,816
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