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Long‐term Debt. As of June 30, 2021, Cabarrus County had total debt outstanding of $475,592,661 which includes General Obligation Bonds that are backed by the full faith and credit of the County and other debt that is covered by pledged collateral and is subject to appropriation. GovernmentalBusiness‐TypeActivitiesActivitiesTotal202120202021202020212020General obligation bonds36,745,541$ 43,132,041$ ‐$ ‐$ 36,745,541$ 43,132,041$ Certificates of participation/ Limited obligation bonds341,351,782 322,857,803 ‐ ‐ 341,351,782 322,857,803 Capital lease obligations334,435 442,302 ‐ ‐ 334,435 442,302 Installment financing2,389,979 2,900,998 ‐ ‐ 2,389,979 2,900,998 Accrued landfill closure andpostclosure care costs‐ ‐ 3,646,223 3,724,323 3,646,223 3,724,323 Compensated absences5,229,482 4,488,562 21,430 21,405 5,250,912 4,509,967 Net pension liability (LGERS)29,456,310 21,627,785 112,361 82,499 29,568,671 21,710,284 Net pension liability (LEOSSA) 13,003,554 8,474,799 ‐ ‐ 13,003,554 8,474,799 Total OPEB Liability43,137,018 34,368,202 164,546 131,097 43,301,564 34,499,299 Total471,648,101$ 438,292,492$ 3,944,560$ 3,959,324$ 475,592,661$ 442,251,816$ Cabarrus County’s Outstanding DebtAll Debt Funding SourcesFigure 5 Cabarrus County’s total long‐term obligations increased by $33,340,845 (7.5%) during the past fiscal year. During FY2021, general obligation bonds decreased due to the refunding and new issuance of general obligation bonds and draw program. The main factor for the net increase was primarily due to the increase in pension and OPEB liability. The draws from the direct borrowing finance agreement increased certificates of participation and limited obligation bonds by $48.9 million. As mentioned in the financial highlights section of this document, Cabarrus County maintained for the 11th consecutive year an Aa1 rating from Moody’s and an AA+ rating from Fitch. For the 12th consecutive year, a rating of AA+ from Standard and Poor’s has been maintained. These bond ratings are a clear indication of the sound financial condition of Cabarrus County. The State of North Carolina limits the amount of general obligation debt that a unit of government can issue to eight percent of the total assessed value of taxable property located within that government’s boundaries. The legal debt margin for Cabarrus County is $1,925,183,079 as of June 30, 2021. Additional information regarding Cabarrus County’s long‐term obligations can be found in the Notes to the Financial Statements. 21
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