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November 1, 2010 (Work Session)
<br />Sources and TTses of Funds
<br />Page 188
<br />Sources and Uses of Funds
<br />Kannapclis, North Carolina
<br />Proposed Certificates of Participation, Series 2010
<br />Rates as of October 6, 2010
<br />Assumes A Rating
<br />Sources:
<br />531,000,000.00
<br />Bond Proceeds:
<br />Debt Issuance
<br />ParAmount
<br />1 435,340,000.00
<br />Premium
<br />942,575.45
<br />Delivery Date Expenses:
<br />S36,282,575.45
<br />Use C:
<br />Project fund Deposits:
<br />531,000,000.00
<br />Other Fund Deposits:
<br />Debt Issuance
<br />Debt Service Reserve
<br />3,S34,000.00
<br />Capitalized Interest Fund
<br />780,627.17
<br />Delivery Date Expenses:
<br />Interest
<br />Cost of Issuance
<br />750,000.00
<br />Underwriter's Discount
<br />216,700.00
<br />County
<br />S 966,700.00
<br />Other Uses of Funds:
<br />6/30/2011
<br />Additional Proceeds
<br />1246.28
<br />$260,309
<br />$36,281,327.17
<br />■ Bond issue is sized to fund approximately'
<br />$31 million in construction projects.
<br />■ Includes a fully funded debt service
<br />reserve fund.
<br />Mr. Goldsmith responded to questions regarding cost of issuance and
<br />reserve fund. He also addressed questions related to the "Projected Debt
<br />Service Costs" listed below:
<br />Projected Debt Service Costs
<br />Mr. Legg reviewed the projects to be funded through the COPS issue as
<br />follows:
<br />This section intentionally left blank.
<br />Propmed
<br />Debt Issuance
<br />Pledged Incremental Revenues
<br />Principal
<br />Interest
<br />Service
<br />Farnings
<br />Interest Service
<br />kannapolis
<br />County
<br />Total
<br />6/30/2011
<br />$282309
<br />$260,309
<br />$22,382
<br />$140,155 5117,773
<br />$1,339,00
<br />$0
<br />$1,339,000
<br />G/3012012
<br />95D,00
<br />1,327,781
<br />2,277,781
<br />106,020
<br />GG3,891 1,507,871
<br />1,379,170
<br />0
<br />1,379,170
<br />0.91
<br />6/3012013
<br />1,635,00
<br />1,308.781
<br />2,943,781
<br />106,020
<br />2.837,761
<br />:.420,545
<br />1,420,545
<br />2,841,090
<br />1.0
<br />fi/3n /7rn4
<br />1,67n,(M
<br />1,776,091
<br />7,94fi,181
<br />1()6,()7n
<br />7,84[),CAI
<br />%46 ,1fi1
<br />1,463,161
<br />7,WFf 373
<br />1.rR
<br />6/30/2025
<br />1,715,00
<br />1,230,156
<br />2,94S,1S6
<br />106,020
<br />2,839,136
<br />1,507,056
<br />1,507,056
<br />3,014,113
<br />1.06
<br />6/3012016
<br />1,760,00
<br />1,182,04
<br />2,942,994
<br />106,020
<br />2,836,974
<br />1,552,268
<br />1,SS2,268
<br />3,104,536
<br />1.0
<br />6/3012017
<br />1,815,00
<br />1,130,194
<br />2,945,194
<br />106,020
<br />2,839,174
<br />1,598,836
<br />1,598,836
<br />3,197,672
<br />1.13
<br />6/3012018
<br />1,870,000
<br />1,075,744
<br />2,945,744
<br />106,020
<br />2,839,724
<br />1,646,801
<br />„646,801
<br />3,293,602
<br />1.16
<br />6/30/2019
<br />1,935,00
<br />1,010,294
<br />2,945,294
<br />106,020
<br />2,839,274
<br />1
<br />1,696,205
<br />3,392,410
<br />1.19
<br />6/30/2020
<br />2,05,00
<br />942,569
<br />2,947,50
<br />106,020
<br />2,841,549
<br />1,747,091
<br />1,747,091
<br />3,494,183
<br />L23
<br />6/3012021
<br />2,080,00
<br />864,875
<br />2,944,875
<br />106,020
<br />2,838,855
<br />1,799,504
<br />1
<br />3,599,008
<br />1.27
<br />6/3012022
<br />2,160,0D0
<br />784,275
<br />2,944275
<br />106,020
<br />2,838.255
<br />„853,489
<br />1,853,489
<br />3,706,978
<br />1.31
<br />fi/3n17n73
<br />7,75nj=
<br />697,975
<br />7,947,1175
<br />106,n7n
<br />7,841,955
<br />%9n9,n94
<br />1,909,n94
<br />3,919,1RR
<br />1.34
<br />6/30/2024
<br />2,340,00
<br />607,87S
<br />2,947,675
<br />106,020
<br />2,841,855
<br />1,966,367
<br />1
<br />3,932,733
<br />1.38
<br />6/30/2025
<br />2,435,00
<br />511,350
<br />2,946,350
<br />106,020
<br />2,840,330
<br />2,025,358
<br />2,025,358
<br />4,0
<br />L43
<br />6/3012026
<br />2,535,000
<br />407,863
<br />2,942,863
<br />106,020
<br />2,836,843
<br />2,086,118
<br />2,086,118
<br />4,172,237
<br />1.47
<br />6/3012027
<br />6J85,0D0
<br />293,788
<br />5,478,788
<br />3, 640,020
<br />1,838.768
<br />2,148,702
<br />4148,702
<br />4,297,404
<br />1.51
<br />$35,340,000 $14,932,803
<br />$50,272,303
<br />SS,2S2,702
<br />$604,045 $44,216,056
<br />$29,138,766
<br />$26,420,596
<br />$55,559,362
<br />Commissioner Carruth
<br />arrived at 3:54 and
<br />was present
<br />for
<br />the
<br />remainder
<br />of the
<br />meeting.
<br />Mr. Legg reviewed the projects to be funded through the COPS issue as
<br />follows:
<br />This section intentionally left blank.
<br />
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