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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2011
<br />The future minimum lease obligation and the net present value of these minimum lease payments as of June
<br />30, 2011, were as follows:
<br />2. Operating Leases
<br />The County leases building, equipment and office facilities under non - cancelable operating leases. Total costs
<br />for the leases were $768,918 for the year ended June 30, 2011. The future minimum lease payments for this
<br />lease are as follows:
<br />Year Ending June 30 Amount
<br />2012 $ 953,241
<br />2013
<br />Governmental
<br />Year Ending June 30
<br />Activities
<br />2012
<br />$ 190,000
<br />2013
<br />190,000
<br />2014
<br />190,000
<br />2015
<br />190,000
<br />2016
<br />190,000
<br />2017
<br />190,000
<br />2018
<br />190,000
<br />2019
<br />190,000
<br />2020
<br />190,000
<br />Next 5 Years
<br />950,000
<br />To Maturity
<br />2,469,999
<br />Total minimum lease payments
<br />5,129,999
<br />Less: amount representing interest
<br />(2,027,378)
<br />Present value of minimum lease payments
<br />$3.102.621
<br />2. Operating Leases
<br />The County leases building, equipment and office facilities under non - cancelable operating leases. Total costs
<br />for the leases were $768,918 for the year ended June 30, 2011. The future minimum lease payments for this
<br />lease are as follows:
<br />Year Ending June 30 Amount
<br />2012 $ 953,241
<br />2013
<br />835,641
<br />2014
<br />723,976
<br />2015
<br />621,676
<br />2016
<br />621,676
<br />2017
<br />569,869
<br />Total
<br />$ 4,326,079
<br />J. Long -term Obligations
<br />1. General Obligation Indebtedness
<br />General obligation bonds are issued to provide funding for the construction of capital facilities used for general
<br />government activities. All general obligation bonds are collateralized by the full faith, credit, and taxing power of
<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, 2011 are comprised of the following individual
<br />issues:
<br />Serviced by the County's General Fund:
<br />$17,490,000 (August 1, 2003) Refunded Bonds due on March 1 and September 1
<br />in installments through March 1, 2012; interest of 2.0 to 4.0 percent. The purpose
<br />of the debt is refunding prior debt for the following: ($10,892,772) Schools, ($844,767)
<br />Technical College, ($5,752,461) for the construction of the County owned reservoir. $ 255,000
<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. 22,205,000
<br />57 Attachment number 1
<br />1 -3 Page 179
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