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March 20, 1996 6
<br />
<br />Report No. 217-HH
<br /> Cabarrus County
<br /> North Carolina
<br />
<br />New Bonds Sold or Contemplated - continued
<br />$ 2,000,000 Water Bonds 6.20 % Dated
<br />4,000,000 Water Bonds 6.25% "
<br />
<br />Apr. 1, 1992
<br />Apr. 1, 1992
<br />
<br />Due Apr. 1, 1993/2000
<br />" Apr. 1; 2001/2012
<br />
<br />Redemption Provisions, Securities Depository_ and Bond Counsel
<br />
<br /> The bonds are subject to redemption on April 1, 2002, and either in whole or in part in
<br />inverse order on any subsequent date(s), at a premium orcA% per bond redeemed for each period
<br />of twelve months or part thereof between the redemption date and the maturity date, such
<br />premium not to exceed 2%. The Depository Trust Company, New York, NY, serves as
<br />Securities Depository and Brown & Wood served as Bond Counsel.
<br />
<br /> On October 12, 1993, the County sold $27,910,000 General Obligation Refunding Bonds
<br />(average maturity 9.70 years) to Wachovia Bank of N C; Merrill Lynch & Company; Dean Witter
<br />Reynolds; Interstate/Johnson Lane Corporation; PaineWebber, Inc.; First Charlotte Corporation;
<br />A. G. Edwards & Company; Prudential Securities; The Robinson-Humphrey Company; Legg
<br />Mason Wood Walker; J. Lee Peeler & Co.; Scott & Stringfellow; Salem Trust Bank and others at
<br />a discount of $279,100 (true interest cost of 4.5943%). The bonds were insured under a
<br />municipal bond policy of Financial Guaranty Insurance Company and are described as follows:
<br />
<br />$ 4,350,000 Water Bonds 3.70 % Dated Nov. 1, 1993
<br />9,465,000 Water Bonds 4.30% " Nov. 1, 1993
<br />2,265,000 Water Bonds 4.40% " Nov. 1, 1993
<br />4,395,000 Water Bonds 4.50% " Nov. 1, 1993
<br />4,215,000 WaterBonds 4.60% " Nov. 1, 1993
<br />3,220,000 Water Bonds 4.80% " Nov. 1, 1993
<br />
<br />Due Mar. 1, 1994/1999 " Mar. 1, 2000/2003
<br /> " Mar. 1, 2004
<br /> " Mar. 1, 2005/2006
<br /> " Mar. 1, 2007/2008
<br /> " Mar. 1, 2009/2010
<br />
<br />Redemption Provisions, Securities Depository_ and Bond Counsel
<br />
<br /> The bonds are subject to redemption on March 1, 2003, and either in whole or in part in
<br />inverse order on any subsequent date(s), at a premium of ½% per bond redeemed for each period
<br />of twelv9 months or part thereof between the redemption date and the maturity date, such
<br />premium not to exceed 2%. The Depository Trust Company, New York, NY, serves as
<br />Securities Depository and Brown & Wood served as Bond Counsel.
<br />
<br /> The County has no new bonds authorized and unissued at this time, but a referendum on
<br />$49,000,000 School Bonds is scheduled for May 7, 1996. A referendum on $81,000,000 School
<br />Bonds failed in 1994 and school capital outlay needs are estimated at about $150 million. The
<br />County needs additional office space for various agencies (Mental Health, Employment Security
<br />Commission, Dept. of Social Services, Health Dept., etc.). Space is now being leased for many of
<br />these agencies/departments. The County owns a significant amount of property on which these
<br />
<br />-continued-
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