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March 20, 1996 5
<br />
<br />Report No. 217-HH
<br /> Cabarrus County
<br /> North Carolina
<br />
<br />PAYMENT PROGRAM AND RESOURCES
<br />
<br />Bond Requirements (Fiscal year July 1 st to June 30th)
<br /> Principal Prin. & Iht, Principal Prin. & Int.
<br />1995-96 $2,675,000 $4,644,535 2004-05 $ 2,470,000 $ 3,203,725
<br />1996-97 2,675,000 4,489,710 2005-06 2,425,000 3,043,200
<br />1997-98 2,670,000 4,329,885 2006-07 2,380,000 2,884,700
<br />1998-99 2,670,000 4,173,495 2007-08 2,335,000 2,726,095
<br />1999-00 2,970,000 4,314,780 2008-09 2,285,000 2,564,560
<br />2000-01 2,740,000 3,943,120 2009-10 1,860,000 2,026,255
<br />2001-02 2,600,000 3,680,425 2010-11 675,000 742,188
<br />2002-03 2,555,000 3,518,750 2011-12 400,000 425,000
<br />2003-04 2,515,000 3,364,010 Totals $38,900,000 $54,074,433
<br />
<br />Installment Obligations $26,808,472
<br /> Cabarrus County has several lease and installment purchase obligations for a governmental
<br />center, equipment, school buildings and construction of a dam and reservoir. These agreements
<br />are payable in the minimum requirements annually as follows:
<br />
<br /> Principal Prin. & Int. Principal Prin, & Int.
<br />1995-96 $2,200,280 $3,224,175 2001-02 $ 2,319,419 $ 2,775,044
<br />1996-97 3,442,110 4,580,967 2002-03 2,124,233 2,480,695
<br />1997-98 3,476,238 4,452,117 2003-04 2,220,965 2,480,695
<br />1998-99 2,998,012 3,808,727 2004-05 2,322,112 2,480,695
<br />1999-00 2,532,673 3,217,306 2005-06 1,801,484 1,854,304
<br />2000-01 2,499,280 3,069,391 Totals $27,936,806 $34,424,116
<br />
<br />Comparative Debt Statement (County-wide only)
<br /> Nov. 18, 1971 Mar. 2, 1984 April 15, 1992 Jan. 2, 1996
<br />Bonds $ 8,595,000 $11,040,000 $ 43,100,000 $ 38,900,000
<br />State School Loans -
<br />Installment Obligations - 7,462,840 26,808,472
<br />Gross Debt $ 8,595,000 $11,040,000 $ 50,562,840 $ 65,708,472
<br />Net Debt 8,595,000 11,040,000 50,562,840 65,708,472
<br />
<br />New Bonds Sold or Contemplated
<br /> On March 24, 1992, Cabarrus County sold $6,000,000 general obligation bonds (average
<br />maturity 11.87 years) to Wachovia Bank of N C; Interstate/Johnson Lane Corporation; Smith
<br />Barney; Dean Witter Reynolds; Alex. Brown & Sons; Craigie, Inc.; Legg Mason Wood Walker;
<br />McDaniel Lewis & Company and others at par (net interest cost 6.2436%). The bonds were
<br />designated as" Bank Interest Deduction Eligible" and are described as follows:
<br /> -continued-
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