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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2011
<br />Statement 23, the difference between the reacquisition price and the net carrying amount of the old (refunded)
<br />bonds was deferred by $902,811 and amortized as a component of interest expense over the remaining life of the
<br />refunding bonds. The unamortized deferred amount as of June 30, 2011 was $820,740.
<br />K. Conduit Debt Obligations
<br />Cabarrus County Industrial Facility and Pollution Control Authority has issued industrial revenue bonds to provide
<br />financial assistance to private businesses for economic development purposes. These bonds are secured by the
<br />properties financed as well as by letters of credit and are payable solely from payments received from the private
<br />businesses involved. Ownership of the acquired facilities is in the name of the private business served by the bond
<br />issuance. Neither the County, the Authority, the State, nor any political subdivision thereof is obligated in any
<br />manner for the repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
<br />financial statements. As of June 30, 2011, there were two series of industrial revenue bonds outstanding, with an
<br />aggregate principal amount of $13,500,000.
<br />L. Interfund Balances and Activity
<br />Transactions between funds are accounted for as follows:
<br />1) Transactions which would be treated as revenues, expenditures, or expenses if they involved
<br />organizations external to the County are recorded as revenues, expenditures or expenses in
<br />the appropriate funds.
<br />2) Transactions which are reimbursements to a fund for expenditures or expenses initially made
<br />from it that are properly applicable to another fund are recorded as expenditures or expenses
<br />in the reimbursing fund and as reductions of the expenditures or expenses in the appropriate
<br />funds.
<br />3) All transactions other than those in 1) and 2) above are recorded as transfers.
<br />The composition of interfund balances as of June 30, 2011 is as follows:
<br />Transfers to and from other funds at June 30, 2011 consists of the following:
<br />To the General Fund from the Capital Reserve Capital Projects Fund
<br />for the construction of an Arena storage facility. $650,000
<br />To the General Fund from the Capital Reserve Capital Projects Fund
<br />for the purchase of Library software. 40,000
<br />To the General Fund from the Capital Reserve Capital Projects Fund
<br />for the purchase of HVAC equipment at the Human Services 100,000
<br />Complex.
<br />To the General Fund from the Capital Reserve Capital Projects Fund
<br />for a new roof at the Rowan Cabarrus Community College. 150,000
<br />63 Attachment number 1
<br />1 -3 Page 185
<br />Transfers In
<br />Total Transfers Out
<br />Non
<br />Internal
<br />General
<br />Major
<br />Service
<br />General
<br />$ -
<br />$ 988,407
<br />$ 920,000
<br />$ 1,908,407
<br />Certificates of Part 2009
<br />3,967,669
<br />-
<br />-
<br />3,967,669
<br />Non -Major
<br />2,118,519
<br />467,660
<br />-
<br />2,586,179
<br />Total
<br />$ 6,086,188
<br />$ 1,456,067
<br />$ 920,000
<br />$ 8,462,255
<br />Transfers to and from other funds at June 30, 2011 consists of the following:
<br />To the General Fund from the Capital Reserve Capital Projects Fund
<br />for the construction of an Arena storage facility. $650,000
<br />To the General Fund from the Capital Reserve Capital Projects Fund
<br />for the purchase of Library software. 40,000
<br />To the General Fund from the Capital Reserve Capital Projects Fund
<br />for the purchase of HVAC equipment at the Human Services 100,000
<br />Complex.
<br />To the General Fund from the Capital Reserve Capital Projects Fund
<br />for a new roof at the Rowan Cabarrus Community College. 150,000
<br />63 Attachment number 1
<br />1 -3 Page 185
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