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<br />OTHER LONG-TERM COMMITMENTS
<br />The County currently has a variety of short-term financing agreements for vehicles and other
<br />equipment. In addition, the County has financed school and public buildings through installment
<br />financing agreements and the current debt service requirements of these other financing agreements
<br />are as follows:
<br />Fiscal Principal
<br />Year Principal and Interest
<br />2009-10 $ 9,228,814.01 $ 13,387,697.50
<br />2010-11 10,554, 872.50 16,041, 767.65
<br />2011-12 9,539,468.81 13,819,059.64
<br />2012-13 7, 775, 042.90 11, 700, 414.74
<br />2013-14 7, 750, 542.90 11,370,581.61
<br />2014-15 7, 512, 215.30 10,828, 598.02
<br />2015-16 7,168,815.30 10,193,922.72
<br />2016-17 7,000, 315.30 9, 743, 353.26
<br />2017-18 6,880,487.90 9,334,684.32
<br />2018-19 6,980,160.14 9,149, 959.48
<br />2019-20 6,980,160.14 8,863,507.48
<br />2020-21 6,980,160.14 8,577,055.47
<br />2021-22 6,980,160.14 8,290,603.48
<br />2022-23 6,375,160.14 7,399,151.49
<br />2023-24 6,099,298.04 6,863,427.87
<br />2024-25 5,819,936.00 6,344,993.93
<br />2025-26 3, 787, 936.00 4,115, 637.39
<br />2026-27 2, 773,022.00 2,943,667.68
<br />2027-28 2.502,850.00 2.553,220.00
<br /> $128,689, 417.66 -$171, 521, 303.73
<br />DEBT OUTLOOK
<br />The County has an extensive ten-year capital improvement program underway to provide go-
<br />vernmental offices, judicial facilities, school facilities, parks and open space and affordable housing.
<br />Some of these facilities will require the incurrence of debt by the County. The County currently has
<br />$6,900,000 in voter approved bonds authorized and unissued.
<br />In addition to the use of bond proceeds, the ten-year capital plan calls for the combined use. of
<br />pay-as-you-go funds and installment purchases to fund capital. During the next two years the Coun-
<br />ty plans to issue Alternative Financing (direct bank placement or Certificates of Participation) under
<br />the Qualified School Construction Bond (QSCB) Program as well as other Alternative Financing and
<br />loans. The total amount is estimated to be between $54-56.5 million. The issuance of $4.1 million of
<br />QSCB financing is scheduled for December to construct a High School Arts Wing for the Chapel Hill
<br />Carrboro City School System. Additional financings include up to $1.5 million for technology and
<br />communications projects, $2.7 million for Parks and Open Space, $8-10 million for a land fill trans-
<br />fer station, $3.3 million for a Middle School Auditorium for the Orange County School System and
<br />$31 million for a new elementary school for the Chapel Hill Carrboro City School System. Debt ser-
<br />vice on the landfill transfer station financing would be paid from enterprise fund revenue. In addi-
<br />tion the County plans to seek a State loan of $3.5 million for sewer system construction which would
<br />be repaid from general revenue of the County.
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