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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2010
<br />Investment Type
<br />Fair Value
<br />Less Than 1
<br />Year 2 -3 Years 4 -7 Years
<br />NC Capital Management Trust
<br />- Cash Portfolio
<br />$ 3,682,296 $ - $ _ $ _
<br />$ 3,682,296 $ - $ - $ _
<br />C. Property Tax - Use -Value Assessment on Certain Lands
<br />In accordance with North Carolina general statutes, agriculture, horticulture, and forestland may be taxed by the
<br />County at present -use value as opposed to market value. When the property loses its eligibility for use -value
<br />taxation, the property tax is recomputed at market value for the current year and the three preceding fiscal years
<br />along with accrued interest from the original due date. This tax is immediately due and payable. The amounts
<br />shown in the table are property taxes that could become due if present use -value eligibility is lost. These
<br />amounts have not been recorded in the financial statements.
<br />Year Levied
<br />Tax
<br />Interest
<br />Total
<br />2006
<br />$ 3,616,684
<br />$1,184,464
<br />$ 4,801,148
<br />2007
<br />3,623,763
<br />860,644
<br />4,484,407
<br />2008
<br />6,863,236
<br />1,012,331
<br />7,875,594
<br />2009
<br />7,126,992
<br />409,802
<br />7,536,794
<br />Total
<br />$21 230.702
<br />$3,467,241
<br />$24 697,943
<br />D. Receivables
<br />1. Notes Receivable
<br />On September 27, 1999 Northeast Fire Department agreed to pay $250,000 over a 10 year period at zero
<br />interest for the construction of a new fire station. The first payment was due on January 1, 2000 and payable
<br />each quarter of each calendar year through October 1, 2009 on the first day of the months of January, April, July
<br />and October, a final balloon payment of $82,000 due on January 1, 2010 for total payments of $250,000. The
<br />unpaid balance of the note at June 30, 2010 was $0.
<br />On May 22, 2007 Midland Volunteer Fire and Rescue agreed to pay $900,000 over a 10 year period at zero
<br />interest for the construction of a new fire station. The first payment of $3,000 will be due on July 1, 2007 and
<br />payable each month through June 1, 2012. Beginning July 1, 2012 payments of $6,000 will be payable each
<br />month through June 1, 2017. A final balloon payment of $360,000 is due on July 1, 2017 for total payments of
<br />$900,000. The unpaid balance of the note at June 30, 2010 was $789,000. The note receivable is being
<br />reported in the Capital Reserve Special Revenue Fund.
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