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Cabarrus County's Capital Assets
<br />(net of accumulated depreciation)
<br />Figure 4
<br />Governmental Business -type
<br />Activities
<br />2010
<br />Activities
<br />$ 490,447 $
<br />2010
<br />2009
<br />Land
<br />$ 24,013,499
<br />$ 24,013,499
<br />Land Improvements
<br />4,701,248
<br />3,640,753
<br />Buildings
<br />88,805,728
<br />36,150,309
<br />Building Improvements
<br />12,820,428
<br />12,141,844
<br />Equipment
<br />5,616,904
<br />3,239,784
<br />Furniture and Fixtures
<br />156,596
<br />218,098
<br />Vehicles
<br />3,905,741
<br />3,991,096
<br />Reservoir
<br />21,439,013
<br />21,460,779
<br />Construction in progress
<br />57,542,697
<br />86,966,511
<br />Total
<br />$ 219,001,854
<br />$ 191,822,673
<br />Activities
<br />2010
<br />2009
<br />$ 490,447 $
<br />490,447
<br />919,231
<br />947,313
<br />1,157,319
<br />1,189,923
<br />4,250
<br />4,388
<br />66,210
<br />90,756
<br />1,195,384 1,405,975
<br />215,961 45,511
<br />$ 4,048,802 $ 4,174,313
<br />Total
<br />2010
<br />2009
<br />$ 24,503,946
<br />$ 24,503,946
<br />5,620,479
<br />4,588,066
<br />89,963,047
<br />37,340,232
<br />12,824,678
<br />12,146,232
<br />5,683,114
<br />3,330,540
<br />156,596
<br />218,098
<br />5,101,125
<br />5,397,071
<br />21,439,013 21,460,779
<br />57,758,658 87,012,022
<br />$ 223,050,656 $ 195,996,986
<br />Additional information on the County's capital assets can be found in note 3 section E of the Basic
<br />Financial Statements.
<br />Long -term Debt. As of June 30, 2010, Cabarrus County had total debt outstanding of $423,582,488 of
<br />which includes General Obligation Bonds that are backed by the full faith and credit of the County and all
<br />other debt is covered by pledged collateral and is subject to appropriation.
<br />Cabarrus County's Outstanding Debt
<br />All Debt Funding Sources
<br />Figure 5
<br />Governmental
<br />Activities
<br />2010 2009
<br />General obligation bonds $ 112,565,000 $ 119,835,000
<br />Capital lease obligations 3,282,345 3,458,315
<br />Certificates of participation 294,990,000 220,885,000
<br />Installment financing 12,745,143 14,367,714
<br />Total $ 423,582,488 $ 358,546,029
<br />Cabarrus County, like many other municipal governments, went through a recalibration with Moody's and
<br />Fitch in April of 2010. Both ratings were recalibrated up one level from Aa2 to Aa from Moody's and from
<br />a AA to AA+ from Fitch. According to Fitch, "The intent of the recalibration is to ensure a greater degree
<br />of comparability across Fitch's global portfolio of credit ratings." According to Moody's, the recalibration of
<br />its municipal bond ratings was done to "enhance the comparability of ratings across the Moody's rated
<br />universe." Standard and Poor's maintained a AA+ for the second consecutive year without participating
<br />in the recalibration process stating that S &P "already uses a global scale across the structural finance,
<br />corporate, and government sectors."
<br />The State of North Carolina limits the amount of general obligation debt that a unit of government can
<br />issue to 8 percent of the total assessed value of taxable property located within that government's
<br />boundaries. The legal debt margin for Cabarrus County is $1,282,792,563. Additional information
<br />regarding Cabarrus County's long -term obligations can be found beginning in note 3 section J of this
<br />report.
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