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<br />OUTSTANDING GENERAL OBLIGATION DEBT
<br />Principal Outstand' a as of
<br />June 30, Juae 30, June 30, October 31,
<br />General Obligation Bonds 2007 2008 Zoos Zoos
<br />School Bonds $ 53,388,345 $ 51,112,944 $ 48,837,544 $ 48,837,5441
<br />Refunding Bonds 53,695,000 49,540,000 45,435,000 45,435,000
<br />Sanitary Sewer Bonds 1,114,048 1,071,068 1,028,088 1,028,088
<br />Other Bonds 31.017,607 28.565.988 26.114.368 26.114.368 1
<br />Total General Obligation
<br />Debt Outstanding $139,215,0002 $130,290,000 2 $121,415,000 2 $ 121,415,000 2
<br />Latest Bonds Issued:
<br />2005-06 $29,185,000 General Obligation Public Improvement Bonds, Series 2005A, 12.56
<br />years average maturity, 4.1459% true interest cost.
<br />$29,365,000 General Obligation Refunding Bonds, Series 2005B, 9.76 years average
<br />maturity, 3.8806% true interest cost.
<br />lA portion of these bonds will be paid and refunded with the proceeds of the Bonds now being of-
<br />fered. See "the Refunding Plan" herein.
<br />2This amount does not include refunded bonds with respect to which an escrow agent holds in trust
<br />certain obligations of, or obligations the principal of and interest on which are unconditionally guar-
<br />anteed by, the United States of America, which mature at such times and in such amounts and bear
<br />interest payable at such times and in such amounts so that sufficient moneys will be available, to-
<br />gether with cash deposited with such escrow agent, to pay when due all principal of and interest and
<br />any premium on the refunded bonds to and including their respective maturities or dates of redemp-
<br />tion.
<br />GENERAL OBLIGATION DEBT RATIOS
<br /> Total
<br /> GO Debt Total
<br /> Total Assessed to Assessed GO Debt
<br />t ul 1 GO Debt' Valuation Valuation Population= Per Capita
<br />2005 $125,810,000 $10,075,972,003 1.25% 121,991 $1,031.31
<br />2006 148,175, 000 12,330, 315,189 1.20 123, 766 1,197.22
<br />2007 139,215,000 12,581,220,079 1.11 127,344. 1,093.22
<br />2008 130, 290,000 12, 833, 591, 710 1.02 129, 296 1,007.69
<br />2009 121,415,000 15,369,119,201 .79 129,296 939.05
<br />After Bonds now
<br />offered are issued $ 3.4 $15,369,119,201 % 129,296 $
<br />1Does not include refunded bonds as described under "Outstanding General Obligation Debt" above.
<br />2Estimate of North Carolina Office of State Budget and Management.
<br />3Does not include the Bonds to be Refunded as described under "The Refunding Plan" herein.
<br />4The principal amount of the Refunding Bonds now being offered is subject to change as described in
<br />the Notice of Sale.
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