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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2010
<br />J. Long -term Obligations
<br />1. General Obligation Indebtedness
<br />General obligation bonds are issued to provide funding for the construction of capital facilities used for general
<br />government activities. All general obligation bonds are collateralized by the full faith, credit, and taxing power of
<br />the County. Principal and interest requirements are provided by appropriation in the year in which they become
<br />due.
<br />The County's general obligation bonds payable at June 30, 2010 are comprised of the following individual
<br />issues:
<br />Serviced by the County's General Fund:
<br />$17,490,000 (August 1, 2003) Refunded Bonds due on March 1 and September 1
<br />in installments through March 1, 2012; interest of 2.0 to 4.0 percent (part of this
<br />refunding financed the construction of the County owned reservoir). $ 810,000
<br />$32,855,000 (March 15, 2004) Advanced Refunding Bonds due on August 1
<br />and February 1 in installments through February 1, 2018; interest at 3.0 to 5.0
<br />percent . 25,655,000
<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. 42,000,000
<br />$48,000,000 (September 1, 2006) Public Improvement Series Bonds due on
<br />March 1 and September 1 in installments through March 1, 2027; interest at
<br />4.0 to 5.0 percent. 44,100,000
<br />$ 112 565 000
<br />For Cabarrus County, the annual debt service payments to maturity as of June 30, 2010, for the County's
<br />general obligation bonds are as follows:
<br />Year Ending, June 30
<br />Principal
<br />Interest
<br />2011
<br />6,905,000
<br />4,976,761
<br />2012
<br />6,965,000
<br />4,715,390
<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 />Next 5 years
<br />33,700,000
<br />5,753,650
<br />To maturity
<br />6,400,000
<br />408,000
<br />Total
<br />$112 565 000
<br />$41,5182E1
<br />At June 30, 2010 Cabarrus County had a legal debt margin of $1,282,792,563.
<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) Installment Contracts to finance the construction and equipping of two middle schools and
<br />one elementary school. These 20 -year COPS have interest rates ranging from 4.0% to 5.0 %. Debt service is Vj
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