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November 29, 2000 <br /> <br />Recent Bond Sales - continued <br />premium of $1,330 (net interest cost of 5.326%). <br />policy of MBIA and are described as follows: <br /> <br />6 Report No. 217-H <br /> Cabarrus County <br /> <br />The bonds were insured under a municipal insurance <br /> <br />3,400,000 School Bonds 5.20 % Dated <br />5,100,000 School Bonds 5.25% " <br />31,500,000 School Bonds 5.30% " <br />9,000,000 School Bonds 5.40% " <br /> <br />Feb. 1, 1997 Due Feb. 1, t998/1999 <br />Feb. 1, 1997 " Feb. 1, 2000/2002 <br />Feb. 1, 1997 " Feb. 1,2003/2015 <br />Feb. 1, 1997 " Feb. 1, 2016/2018 <br /> <br />Redemption Provisions, Securities Depository and Bond Counsel <br /> <br /> The bonds are subject to redemption on February 1, 2007, either in whole or in part in inverse <br />order on any subsequent date(s), at a premium of ½% per bond redeemed for each period of twelve <br />months or part thereof between the redemption date and the maturity date, such premium not to exceed <br />2%. The Depository Trust Company, New York, NY, serves as Securities Depository and Smith, Helms, <br />Mulliss & Moore served as Bond Counsel. <br /> <br />Debt Planned <br /> Cabarrus County has no new bonds authorized and unissued. The County is planning to incur up <br />to $40 million Certificates of Participation during the first part of 2001 (may be about March), to <br />construct three new schools. <br /> <br />Record of Debt Payment <br /> According to sources considered to be reliable, the County has never defaulted the payment of <br />bond principal or interest. <br /> The N. C. Local Government Commission is author/zed by Statute to impound the books and <br />records of any unit of local government and assume full control of all its financial affairs if the unit <br />defaults on any debt service payment or, in the opinion of the Commission, would default on a future <br />debt service payment if the financial policies and practices of the unit are not improved. <br /> <br />Economy/Resources <br /> <br />Larger Industrial Employers <br /> Company <br /> Pillowtex/Fieldcrest Cannon <br /> Philip Morris <br /> Morton Custom Plastics <br /> Pass & Seymour/Legrand <br /> Sysco Food Service <br /> Owens Coming <br /> Fun Tees <br /> S&D Coffee <br /> Shogren Hosiery Mfg <br /> Ameriserve <br /> <br /> Product <br />Sheets and Towels <br />Cigarettes <br /> Plastic Fabrications <br /> Electrical Components <br /> Food Distribution <br /> Optical Fibers <br /> T-shirts <br /> Coffee Processing <br /> Hosiery <br /> Food Distribution <br /> <br />Employees <br /> 4,970 <br /> 2,50O <br /> 800 <br /> 6OO <br /> 625 <br /> 550 <br /> 500 <br /> 400 <br /> 37O <br /> 350 <br /> <br />Larger Institutional Employers <br /> Northeast Medical Center <br /> Cabarms County Schools <br /> Cabarms County <br /> City of Concord <br /> Kannapolis City Schools <br /> Concord Telephone <br /> <br /> Service <br />Health Care <br />Education <br />County Government <br />City Government <br />Education <br />Telecommunications <br /> <br />Employees <br /> 2,500 <br /> 2,100 <br /> 960 <br /> 670 <br /> 560 <br /> 480 <br /> <br /> <br />