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Cabarrus County, North Carolina
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2010
<br />For Cabarrus County, the annual debt service payments to maturity as of June 30, 2010 for the County's
<br />Certificates of Participation are as follows:
<br />Year Endinq, June 30
<br />Principal
<br />Interest
<br />2011
<br />14,135,000
<br />13,707,872
<br />2012
<br />18,845,000
<br />13,123,063
<br />2013
<br />18,820,000
<br />12,360,388
<br />2014
<br />18,790,000
<br />11,554,538
<br />2015
<br />18,750,000
<br />10,730,000
<br />2016
<br />18,715,000
<br />9,911,198
<br />2017
<br />18,695,000
<br />9,051,210
<br />2018
<br />18,660,000
<br />8,179,973
<br />2019
<br />18,635,000
<br />7,282,935
<br />2020
<br />17,220,000
<br />6,350,823
<br />Next 5 Years
<br />72,050,000
<br />19,981,981
<br />To maturity
<br />41,675,000
<br />4,718,519
<br />Total
<br />$294,990,000
<br />1126.952.500
<br />3. Installment Financing
<br />On April 12, 2005, Cabarrus County executed an installment financing contract with RBC Centura. The contract is
<br />for $4.4 million for the construction of the County owned Rowan - Cabarrus Community College (RCCC) business
<br />center and the construction of a parking lot and design cost of Building 3000 which is owned by RCCC. The terms
<br />of the contract stipulate semi - annual payments of principal and interest from approximately $388,000 to $317,000
<br />for seven years with the first payment due on October 12, 2005 and the final payment due on April 12, 2012. The
<br />annual interest rate is fixed at 3.54 %. The principal balance due at June 30, 2010 was $1,245,143.
<br />On October 4, 2006 Cabarrus County executed an installment financing contract with Fifth Third_Bank (formerly
<br />First Charter). The contract is for $15,000,000 for the construction of a County owned Jail Annex and site
<br />development work in the Justice Complex. The terms of the agreement stipulate semi - annual payments of
<br />$500,000 for the first year starting in April 2007 and commencing October 2021. The fixed interest was 4.31% the
<br />first year and 4.44% the next 14 years. The rate was renegotiated in March 2007 to 4.19% over the term of the
<br />entire loan. Total principal balance due at June 30, 2010 was $11,500,000.
<br />For Cabarrus County, the annual debt service payments to maturity as of June 30, 2010 for the County's
<br />Installment Financing are as follows:
<br />Year Ending, June 30
<br />Principal
<br />Interest
<br />2011
<br />1,622,572
<br />509,973
<br />2012
<br />1,622,571
<br />446,887
<br />2013
<br />1,000,000
<br />386,807
<br />2014
<br />1,000,000
<br />345,704
<br />2015
<br />1,000,000
<br />303,804
<br />2016
<br />1,000,000
<br />262,416
<br />2017
<br />1,000,000
<br />219,548
<br />2018
<br />1,000,000
<br />178,104
<br />2019
<br />1,000,000
<br />136,204
<br />2020
<br />1,000,000
<br />94,474
<br />To maturity
<br />1,500,000
<br />62,793
<br />Total
<br />$12,745143
<br />$2,946,714
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