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Sep 13, 2011 7:17 pm Prepared by Davenport & Company Page 5
<br />SAVINGS
<br />Orange County, NC
<br />General Obligation Refunding Bonds, series 2011
<br />Refunding of 2004A&B
<br />All Callable Maturities
<br />Rates_as of 9/9/2011
<br />
<br />
<br />Date
<br />Prior
<br />Debt Service
<br />Prior
<br />Receipts
<br />Prior
<br />Net Cash F-.1_ow
<br />Refunding
<br />Debt Service
<br />
<br />Savings Present Value
<br />to 12/01/2011
<br />®2.1232528%
<br />02/01/2012 364,556.25 243,037.50 121,518.75 117,316.67 4,202.08 3,333.30
<br />02/01/2013_ 729,112.50 729,112.50 703,900.00 25,212.50 24,729.41
<br />02/01/2014 729,112.50 729,112.50 703,900.00- 25,212.50 24,212.59
<br />02/01/2015 1,629,112.50 1,629,112.50 1,538,900.00 90,212.50 84,SOi.43
<br />02/01/2016 1,592,737.50 1,592,737.50 1,50$,850.00 83,887.5.0. 76,888.20
<br />02/01/2017 1,556,362.50 1,556,362.50 1,468,950:00 87,412.50 78,387.27
<br />02/01120/8 1,19,987.50 1,519,987.50 1,431,350.00 88,637.50_ 77,806.86
<br />02/01/2019 3,583,612.50 3,583,612.50 3,493,950.00 89,662.50 77,043.65
<br />02/01/2020 3,459,237.50 3,459,237.50 3,372,750.00 86,487.50 72,725.00
<br />02/01/2021 3,331,487.50 3,331,48x.50 3,241,750.00 89,737.50 73,831.66
<br />02/01/2022 3,2.0.0,112:50 3,200,112.50 3,112,500.00 87;612:50 70,629.41
<br />02/01/2023 1,505,112.50 1,505,112.50 1,417,500.00- 87,612.50 69,195.25
<br /> 23,200,543.75 243,037.50 22,957,506.25 22,111,616.67 845;889.58 733,284.04
<br />Savings Summary
<br />Dated Date 12/01/2011
<br />Delivery Date 12/01/2011
<br />PV of savings from cash flow 733,284.04
<br />Plus: Refunding-funds on hand 5,161.19
<br />NetPV Savings 738,445.23
<br />
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