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® Capital Markets Savintrs Summa througph o8/i8/n -ORANGE COUNTY, NORTH CAROLINA
<br />MUNICIPAL MARKETS g ~ b
<br />Sources and Uses of Funds Savings Statistics Annual Savings
<br />Sources:
<br />Bond Proceeds:
<br />Par Amount 37,410,000.00
<br />Premium 3,623,590.65
<br />_ 41,033,590.65
<br />Other Sources of Funds:
<br />Contribution for Accrued Interest 414,471.96
<br />41,448,062.61
<br />Uses:
<br />Refunding Escrow Deposits:
<br />Cash Deposit 41,060,755.96
<br />Delivery Date Expenses:
<br />Cost of Issuance 200,000.00
<br />Underwriter's Discount 187,050.00
<br />387,050.00
<br />Cither Uses of Funds:
<br />Additional Proceeds 256.65
<br />41,446,062.61
<br />Dated Date 10/1/2011
<br />Delivery Date 10/1/2011
<br />Arbitrage yield 3.067330%
<br />Escrow yield
<br />Bond Par Amount 37,410,000.00
<br />True Interest Cost 3.379646%
<br />Netlnterest Cost 3.631257%
<br />Average Coupon 4.713325%
<br />Average Life 8.489
<br />Par amount of refunded bonds 40,045,600.00
<br />Average coupon of refunded bonds 4.140000%
<br />Average life of refunded bonds 8.250
<br />Net PV Savings 1,298,145.97
<br />Percents a Savin s of refunded bonds 3.241669%
<br />Percentage savings of refunding bonds 3.470051%
<br /> Present Value to
<br /> Prior Debt Refunding Debt 10/01/2011 @
<br />_ Date Service Service Savings 3.0673305%
<br />6/30/2012 828,943.92 793,300.00 35,643.92 41,342.29
<br />• 6/30/2013 4,108,928.85 4,002,200.00 106,728.85 133,768.90
<br />6/30/2014 4,005,310.86 3,896,875.00 108,435.86 130,851.04
<br />6/30/2015 3,901,692.87 3,795,475.00 106,217.87 124,411.65
<br />6/30%2016 3,798,074.88 3,690,050.00 108,024.88 121,811.36
<br />6/30/2017 3,694,456.89 3,588,900.00 105,556.89 115,437.79
<br />6/30/2018 3,590,838.90 3,481,800.00 109,038.90 114,297.41
<br />6/30/2019 3,487,220.91 3,380,200.00 107,020.91 108,679.61
<br />6/30/2020 3,383,602.92 3,277,375.00 106,227.92 104,120.88
<br />6/30/2021 3,279,984.93 3,172,875.00 107,109.93 101,008.54
<br />6/30/2022 3,176,366.94 3,067,875.00 108,491.94 98,355.23
<br />6/30/2023 3,072,748.95 2,967,250.00 105,498.95 92,636.09
<br />6/30/2024 2,969,130.96 2,861,000.00 108,130.96 91,072.59
<br />6/30/2025 2,865,512.97 2,759,125.00 106,387.97 86,570.55
<br />6/30/2026 2,761,894.98 2,b51,625.00 210,269.98 85,927.31
<br />6/30/2027 2,658,276.99 2,548,500.00 109,776.99 82,469.98
<br />_ 6/30/2028 2,554,659.00 2,444,625.00 110,034.00 79,600.06
<br /> 54,137,646.72 52,379,050.00 1,758,596.72 1,712,361.28
<br />Bond Buyer -Municipal Market Data• Municipal Market Data - Snapshot ~ Taxable vs. Tax-exempt =
<br />August tool -August sou (loyr. Spot) as of August 18, sou 3Yr Treasury vs. loyr MMD,1/8/l0 - 8/18/11
<br />~.~
<br />.m
<br />350
<br />3m
<br />:.so
<br />:.ro
<br />i. Municipal Market Data (MMD) serves as the benchmark of the tax-exempt
<br />industry; reflects AAA-rated G.O. pledge.
<br />za,a :ou ow , = n . s s , e s ,o „ ,: ,• ,< a .s ,> >. „ :o v z: :a z. xs zc „ :e ,s w
<br />~. Municipal Market Data (MMD) serves as the benchmark of the tax-exempt
<br />industry; reflects AAA-rated G.O. pledge.
<br />e
<br />L z.rox
<br />F sex
<br />Municipal Market Data= -Weekly Adjustments
<br />Week of
<br />4/8/2011 }!15/2011 4/22/2011 4/29/2011 5/6/2011 5/13/2011 5/20/2011 5/27/2011 6/3/2011 6/10/2011 6/17/2011 6/24/2011 7/1/2011 7/8/2011 7/15/2011 7/27f2011 7/29/2011
<br />8/5/2011
<br />8/1 Z/2011 6/19/2011
<br />Year
<br />1 - - - (0.02) - (0.04) - - (0.01) (0.02) - - ~ - - (0.03) - - - - -
<br />5 (0.01) (0.07) (0.10) (0.12} (0.10) (0.14) (0.06) 0.03 (0.06) 0.01 ~ 0.02 - 0.08 0,01 (0.10 -
<br />(0.03)
<br />(0.16) -
<br />(0.15)
<br />10 0.06 (0.12) (0.16) (0.14) (0.11) (0.10) - - 0.(h (0.05) 0.0] 0.02 - 0.13
<br />(0.02)
<br />(0.08)
<br />0.02
<br />(0.01)
<br />(0.29) -
<br />(0.23)
<br />20 0.03 (0.07) (0.06) (0.13) (0.14) (0.06) (0.05) 0.01 (0.05) 0.01 (0.01) (0.04) 0.14 (0.01) (0.10) 0.02 0.01 (0.33) - (0.10)
<br />average 0.02 (0.06) (0.06) (0.10) (0.09) (0.09) (0.03) 0.01 (0.04) 0.00 0.01 (0.01
<br />> 0.09
<br />(o.oo)
<br />(0.06}
<br />o.ol
<br />(o.m>
<br />(o.zo>
<br />(D.IZ)
<br />
<br />i. Comparison ofshort-term taxable and mid-term tax-exempt curves demonstrates
<br />relationship between borrowing rates and reinvestment rates (for escrows).
<br />
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