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Orange County, North Carolina <br /> <br /> <br />Additional information on the County's capital assets can be found in Note 3 of the Basic Financial <br />Statements. <br />Long-Term Debt and Obligations. <br />As of June 30, 2012, the County had total bonded debt outstanding <br />of $95.5 million, all of which is debt backed by the full faith credit of the County. In addition, the County <br />has several capital leases related to equipment financings outstanding of $3.1 million and several <br />installment notes with a total outstanding balance of $124.6 million. A summary of total long-term debt <br />and other long-term liabilities is shown in Figure 5. <br />The County's Long-Term Obligations <br />The County's totallong-term debt and obligations increased by $19.1 million, or 7.3% during the past <br />fiscal year. The increase is mainly due to net of proceeds received for limited obligation bonds of $25 <br />million, increases in OPEB liability of $3.5 million, and increases in the post-closure liability for the <br />landfill of $1.8, net principal payments for the outstanding debt obligations. <br />The County's most recent bond ratings, received in connection with the general obligation refunding <br />bonds issued in March 2012, are shown below: <br />Moody's Investor Services Aa1 <br />Standard & Poor's AA+ <br />Fitch IBCA AAA <br />These bond ratings are a clear indication of the sound financial condition of the County. The County is <br />one of the few counties in the country that maintains the highest financial ratings from all major rating <br />agencies. This achievement is a primary factor in keeping interest costs low on the County's outstanding <br />debt. <br />The State of North Carolina limits the amount of general obligation debt that a unit of government can <br />issue to 8 percent of the total assessed value of taxable property located within that government's <br />boundaries. The legal debt margin for the County is approximately $1 billion. The County has $223.2 <br />million total net debt applicable to the limit. The County has $23,900,000 in bonds authorized, but <br />unissued, at June 30, 2012. <br /> <br />13 <br /> <br />