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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2011
<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.
<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 ($3,360,000).
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<br />42,800,000
<br />$ 105.660.000
<br />For Cabarrus County, the annual debt service payments to maturity as of June 30, 2011, for the County's
<br />general obligation bonds are as follows:
<br />Year Ending June 30
<br />Principal
<br />Interest
<br />2012
<br />$ 6,965,000
<br />$ 4,715,392
<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 />Next 5 years
<br />30,300,000
<br />4,306,100
<br />To maturity
<br />3,000,000
<br />127,500
<br />Total
<br />$105.660.000
<br />$36.541.442
<br />At June 30, 2011 Cabarrus County had a legal debt margin of $1,285,458,907.
<br />2. Certificates of Participation
<br />On March 1, 2001 the Cabarrus County Development Corporation issued $40,000,000 in Certificates of
<br />Participation (COPS 2001) Installment Contracts to finance the construction and equipping of two middle
<br />schools and one elementary school. These 20 -year COPS had interest rates ranging from 4.0% to 5.0 %. Debt
<br />service was finance by Cabarrus County property tax revenues. Annual payments of principal and interest
<br />ranged from approximately $4,069,167 to $2,100,000. Total principal and interest over the original 20 -year
<br />period would have been $61,199,167. On September 20, 2010, the original COPS 2001 were refunded as
<br />COPS 2010A. Total principal balance due for the original COPS 2001 issue at June 30, 2011 was $0.
<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 County owned Cabarrus Arena & Events Center. The 20 -year COPS
<br />have interest rates ranging from 3.0% to 5.25 %. Debt service is financed by Cabarrus County property tax
<br />revenues. Annual payments of principal and interest range from approximately $2,409,155 to $1,396,500. Total
<br />principal and interest over the 20 -year period will be $38,718,153. Total principal balance due at June 30, 2011
<br />was $14,630,000.
<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. Total principal balance due at June 30, 2011 was $26,505,000.
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