Laserfiche WebLink
Finance Department <br />Fund to be used'for county capital needs, particularly pay-as-you-go financing. <br />Moving forward, Moody's expects that the county will maintain its strengthened <br />financial position given the institutionalization of these practices." <br />The 2007 COPS issue sold on February 22, 2007 had a 4.34% TIC (true interest cost) rate. The <br />County sold in the upwards of 60 to 70% of the bonds in the retail market on the first day. All <br />parties involved in the transaction were very please with the results of the sales as well as the <br />interest rate. <br />The Board also authorizetl the County to refinance the Installment Financing of $15 million with <br />the COPS issue to obtain: a better interest rate. First Charter stepped up to the table and made an <br />offer that the County did not walk away from. The original agreement indicated an interest rate <br />during the first year of 4.31 and the subsequent 14 years at 4.44. The renegotiated rate offered <br />by First Charter was 4.19. This agreement is close to be finalization. <br />Finance Department <br />P.C. Box 707 • Concord, North: Carolina 28026.0707 •704.920.2104 • www.cabarruscounty.us <br />~W~ <br />~~~~~~ p~N RTH CAROl1NA <br />~~ <br />