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Table 11
<br />Cabarrus County, North Carolina
<br />Legal Debt Margin Information,
<br />Last Ten Fiscal Years
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<br />2003
<br />2004
<br />2005
<br />2006
<br />2007
<br />2008
<br />2009
<br />2010
<br />2011
<br />2012
<br />Assessed Value of Property
<br />$ 11,488,422,245
<br />$ 11,689,948,568
<br />$ 13,994,645,443
<br />$ 14,737,845,840
<br />$ 15,334,805,970
<br />$ 16,268,259,277 $ 20,871,969,227 $
<br />21,329,688,137
<br />$ 21,245,738,750 $
<br />21,004,123,586
<br />Debt Limit, 8% of Assessed Value (Statutory Limitation)
<br />919,073,780
<br />935,195,885
<br />1,119,571,635
<br />1,179,027,667
<br />1,226,784,478
<br />1,301,460,742
<br />1,669,757,538
<br />1,706,375,051
<br />1,699,659,100
<br />1,680,329,887
<br />Debt applicable to debt limitations:
<br />Total Bonded Debt
<br />56,145,000
<br />52,495,000
<br />97,805,000
<br />91,845,000
<br />133,980,000
<br />126,895,000
<br />119,835,000
<br />112,565,000
<br />105,660,000
<br />98,695,000
<br />Total Installment Payment Revenue Bonds
<br />24,000,000
<br />22,500,000
<br />21000000
<br />19,500,000
<br />18,000,000
<br />-
<br />-
<br />-
<br />-
<br />-
<br />Total Capital Leases
<br />6,344,560
<br />4,123,595
<br />1,801,483
<br />-
<br />443,568
<br />331,964
<br />3,458,315
<br />3,282,345
<br />3,102,621
<br />3,531,107
<br />Total Installment Financing
<br />-
<br />-
<br />4,358,000
<br />3,735,427
<br />17,612,855
<br />15,990,286
<br />14,367,714
<br />12,745,143
<br />11,122,572
<br />-
<br />Total Certificates of Particiaption/
<br />61,340,000
<br />98,765,000
<br />93,380,000
<br />88,005,000
<br />116,220,000
<br />173,165,000
<br />220,885,000
<br />294,990,000
<br />294,315,000
<br />274,555,000
<br />Limited Obligation Bonds
<br />Total debt applicable to limitations
<br />147,829,560
<br />177,883,595
<br />218,344,483
<br />203,085,427
<br />286,256,423
<br />316,382,250
<br />358,546,029
<br />423,582,488
<br />414,200,193
<br />376,781,107
<br />Legal debt limit
<br />$ 771,244,220
<br />$ 757,312,290
<br />$ 901,227,152
<br />$ 975,942,240
<br />$ 940,528,055
<br />$ 985,078,492 $
<br />1,311,211,509 $
<br />1,282,792,563
<br />$ 1,285,458,907 $
<br />1,303,548,780
<br />Total net debt applicable to the limit as a percentage
<br />of debt limit
<br />16.08%
<br />19.02%
<br />19.50%
<br />17.22%
<br />23.33%
<br />24.31%
<br />21.47%
<br />24.82%
<br />24.37%
<br />22.42
<br />W
<br />W
<br />Note: NC Statute GS159 -55 limits the county's outstanding
<br />debt to 8% of the appraised value of property subject
<br />to taxation. The following deductions
<br />are made from gross debt
<br />to arrive at net debt applicable
<br />to the limit:
<br />money held for payment of principal; debt incurred for water,
<br />sewer, gas, or electric
<br />power purposes; uncollected special assessments,
<br />funding and refunding bonds not yet
<br />issued; and revenue bonds.
<br />The legal debt margin is the difference between the debt limit
<br />and the county's net debt outstanding applicable
<br />to the limit, and
<br />represents the county's
<br />legal borrowing authority.
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