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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2010
<br />financed by Cabarrus County property tax revenues. Annual payments of principal and interest range from
<br />approximately $4,069,167 to $2,100,000. Total principal and interest over a 20 -year period will be $61,199,167.
<br />Total principal balance due at June 30, 2010 was $22,000,000.
<br />On August 15, 2002, the Cabarrus County Development Corporation issued $26,390,000 in Certificates of
<br />Participation (COPS) to finance the construction and equipping of the Cabarrus County Schools Administration
<br />Building, five school gymnasiums, and the County owned Cabarrus Arena & Events Center. The 20 -year COPS
<br />have interest rates ranging from 3.0% to 5.25 %. Debt service is financed by Cabarrus County property tax
<br />revenues. Annual payments of principal and interest range from approximately $2,409,155 to $1,396,500. Total
<br />principal and interest over the 20 -year period will be $38,718,153. Total principal balance due at June 30, 2010
<br />was $15,960,000
<br />On July 15, 2003, the Cabarrus County Development Corporation issued $40,770,000 in Certificates of
<br />Participation (COPS) Installment Contracts to finance the cost of acquiring real property, construction and
<br />equipping of two elementary schools, one middle school, expansion of two existing elementary school facilities
<br />and various real and personal property improvements. These 20 -year COPS have interest rates ranging from
<br />2.0% to 5.25 %. Debt Service is financed by Cabarrus County property tax revenues. Annual payments of
<br />principal and interest range from approximately $3,813,000 to $2,129,000. Total principal and interest over a
<br />20 -year period will be $61,223,879. Total principal balance due at June 30, 2010 was $28,540,000.
<br />On February 22, 2007, the Cabarrus County Development Corporation issued $33,595,000 in Certificates of
<br />Participation (COPS) Installment contracts to finance the construction of a County owned sheriff administration
<br />facility. These 20 -year COPS have interest rates ranging from 4.0% to 5.625 %. Debt Service is financed by
<br />Cabarrus County property tax revenues. Annual payments of principal and interest range from approximately
<br />$3,092,576 to $1,744,093.Total principal and interest over a 20 -year period will be $49,537,033. Total principal
<br />balance due at June 30, 2010 was $28,555,000.
<br />On January 25, 2008, the Cabarrus County Development Corporation issued $46,920,000 (2008A) Certificates
<br />of Participation (COPS) Installment contracts to finance the construction of a new high school. These 20 year
<br />COPS have interest rates ranging from 3.25% to 5.0 %. Debt Service is financed by Cabarrus County property
<br />tax revenues. Annual payments of principal and interest range from approximately $4,400,704 to $2,447,594.
<br />Total principal and interest over a 20 -year period will be $68,856,864. Total principal balance due at June 30,
<br />2010 was $42,225,000
<br />On January 25, 2008, the Cabarrus County Development Corporation issued $18,745,000 (2008B) Certificates
<br />of Participation (COPS) Installment contracts to refund the 1999 Installment Payment Revenue Bonds issued for
<br />the construction of JM Robinson High School. These 11 year COPS have interest rates ranging from 3.0% to
<br />5.0 %. Debt Service is financed by Cabarrus County property tax revenues. Annual payments of principal and
<br />interest range from approximately $2,263,225 to $1,485,750. Total principal and interest over an 11 -year period
<br />will be $20,655,550. Total principal balance due at June 30, 2010 was $13,730,000.
<br />On December 1, 2008, The Cabarrus County Development Corporation issued $58,810,000 (2008C)
<br />Certificates of Participation (COPS) Installment contracts to provide funds to (a) pay the costs of construction of
<br />a residential tower to house County inmates and related improvements and (b) pay certain expenses incurred in
<br />connection with the execution and delivery of the 2008C Certificates. These 20 year COPS have interest rates
<br />ranging from 4.00% to 5.25 %. Debt service is financed by Cabarrus County property tax revenues. Annual
<br />payments of principal and interest range from approximately $5,941,494 to $1,404,961. Total principal and
<br />interest over a 20 year period will be $90,944,756. Total principal balance due at June 30, 2010 was
<br />$58,810,000.
<br />On July 16, 2009, The Cabarrus County Development Corporation issued $85,170,000 (2009) Certificates of
<br />Participation (COPS) Installment contracts to provide funds (a) to pay a portion of the costs of (i) acquiring real
<br />property, (ii) constructing new public school facilities and expanding and renovating existing public school
<br />facilities, equipping the Facilities, and (iv) a portion of the interest to accrue under the Contract during the
<br />construction periods for the foregoing and thereafter, through January 1, 2012 and (b) pay certain expenses
<br />incurred in the connection and delivery of the 2009 Certificates. Annual payments of principal and interest range
<br />from approximately $8,702,669 to $1,818,515. Total principal and interest over a 20 year period will be
<br />$129,871,859. Total principal balance due at June 30, 2010 was $85,170,000.
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