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ICABAI~RUS COUN1q <br /> ~O~1H CA6OLIN~ <br /> <br />July 22, 1993 <br /> <br />To: <br /> <br />Board of Commissioners <br /> <br />From: Blair Bennett d~ <br /> <br />Subject: Refunding Bonds <br /> <br />Due to the favorable interest rate environment, I have proceeded to analyze all outstanding bond <br />issues of Cabarrus County to examine savings that may be available if bonds were refunded. <br />Refunding bonds does not require a vote of the citizenry since it can only be done if substantial <br />savings on interest payments are generated. The bonds issued in 1980, 1989, and 1990 meet the <br />criteria for refunding. The estimated savings on each issuance is as follows: <br /> <br />Issued <br /> <br /> Estimated <br />Annual Debt <br /> Savings <br /> <br /> Estimated <br />Cumulative Saving <br />Life of Bond Issue <br /> <br />1980 $25,171 $176,201 <br />1989 79,519 1,351,813 <br />1990 11,965 203,402 <br /> $116,655 $1,731,416 <br /> <br />I am requesting that the Board of Commissioners authorize me to proceed with refunding bonds <br />amounting to $37,050,000 which will save approximately $116,000 annually in debt service and <br />$1,700,000 over the life of the bonds. I am also requesting that Wachovia Bank and Trust be <br />appointed as Financial Advisor and Brown and Wood as Bond Council. The proposed schedule <br />would be as follows: <br /> <br />July 22: Board of Commissioners authorize me to proceed and appoints Financial Advisor and <br />Bond Council <br /> <br />August 16: Introduction of Bond Order <br /> <br />September 7: Public Hearing on Bond Order <br /> <br />October 12: Proposed sale date for bonds <br /> <br /> Finance Department <br />P,O, Box 707 · Concord, NC 28026-0707 · (704) 788-8104 <br /> <br /> <br />