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ORANGE COUNTY, NORTH CAROLINA <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2012 <br />The annual requirements as of June 30, 2012 to amortize outstanding debt and funds available for <br />draw under general obligation bonds, installment purchase contracts, capital leases, exclusive of <br />accrued compensated absences, and the Separation Allowance are as follows: <br />In accordance with the provisions of the State Constitution and The Local Government Bond Act, as <br />amended, the County may, with certain exceptions, have outstanding net debt, excluding bonds issued for <br />water purposes, in principal amounts not exceeding 8% of the appraised value of property subject to <br />taxation. At June 30, 2012, such statutory limit for the County was approximately $1.3 billion, providing <br />a legal debt margin of approximately $1 billion. <br />Bonds authorized, but unissued, at June 30, 2012 were $23,900,000. <br />63 <br /> <br />