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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2011
<br />$10,434,369, with the net cost to the County of $14,712,880. Total principal balance due at June 30, 2011 was
<br />$14,635,000.
<br />For Cabarrus County, the annual debt service payments to maturity as of June 30, 2011 for the County's
<br />Certificates of Participation are as follows:
<br />Year Ending June 30
<br />Principal
<br />Interest
<br />2012
<br />$ 18,850,000
<br />$ 13,630,263
<br />2013
<br />18,770,000
<br />12,950,463
<br />2014
<br />18,705,000
<br />12,176,613
<br />2015
<br />18,655,000
<br />11,366,325
<br />2016
<br />19,935,000
<br />10,562,273
<br />2017
<br />19,910,000
<br />9,707,785
<br />2018
<br />19,850,000
<br />8,861,148
<br />2019
<br />19,795,000
<br />7,989,710
<br />2020
<br />18,355,000
<br />7,084,398
<br />2021
<br />18,330,000
<br />6,271,010
<br />Next 5 Years
<br />73,335,000
<br />19,259,313
<br />To maturity
<br />29,825,000
<br />2,710,575
<br />Total
<br />$294.315.000
<br />122.569.876
<br />3. Installment Financing
<br />On April 12, 2005, Cabarrus County executed an installment financing contract with RBC Centura. The contract is
<br />for $4.4 million for the construction of the County owned Rowan - Cabarrus Community College (RCCC) business
<br />center and the construction of a parking lot and design cost of Building 3000 which is owned by RCCC. The terms
<br />of the contract stipulate semi - annual payments of principal and interest from approximately $388,000 to $317,000
<br />for seven years with the first payment due on October 12, 2005 and the final payment due on April 12, 2012. The
<br />annual interest rate is fixed at 3.54 %. The principal balance due at June 30, 2011 was $622,572.
<br />On October 4, 2006 Cabarrus County executed an installment financing contract with Fifth Third Bank (formerly
<br />First Charter). The contract is for $15,000,000 for the construction of a County owned Jail Annex and site
<br />development work in the Justice Complex. The terms of the agreement stipulate semi - annual payments of
<br />$500,000 for the first year starting in April 2007 and commencing October 2021. The fixed interest was 4.31 % the
<br />first year and 4.44% the next 14 years. The rate was renegotiated in March 2007 to 4.19% over the term of the
<br />entire loan. Total principal balance due at June 30, 2011 was $10,500,000.
<br />For Cabarrus County, the annual debt service payments to maturity as of June 30, 2011 for the County's
<br />Installment Financing are as follows:
<br />Year Ending June 30
<br />Principal
<br />Interest
<br />2012
<br />$ 1,622,572
<br />$ 446,887
<br />2013
<br />1,000,000
<br />386,807
<br />2014
<br />1,000,000
<br />345,704
<br />2015
<br />1,000,000
<br />303,804
<br />2016
<br />1,000,000
<br />262,416
<br />2017
<br />1,000,000
<br />219,548
<br />2018
<br />1,000,000
<br />178,104
<br />2019
<br />1,000,000
<br />136,204
<br />2020
<br />1,000,000
<br />94,474
<br />2021
<br />1,000,000
<br />52,289
<br />To maturity
<br />500,000
<br />10,503
<br />Total
<br />$11.122.572
<br />$2.436.740
<br />60 Attachment number 1
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