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9 <br />m <br />Key Debt Ratio: Tax Supported Payout Ratio <br />10 -Year Payout Ratio 10 -year Payout Ratio Peer Comparative <br />100.0% <br />90.0% <br />80.0% <br />70.0% <br />60.0% <br />50.0% <br />40.0% <br />30.0% <br />20.0% <br />10.0% <br />0.0% <br />'t M (O rl- 00 M O -1 N M m (O rl- 00 m O ci N M <br />0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 <br />N N N N N N N N N N N N N N N N N N N N <br />■ 10 -yr Payout <br />■ Existing 10 -year Payout Ratio <br />— FY 2014: 83.5% <br />■ The 10 -Year Payout Ratio measures the amount of principal to be <br />retired in the next 10 years. <br />Orange (2014) <br />National'Aaa' <br />National'Aa1' <br />NC'Aaa' <br />NC'Aa1' <br />65 70 75 80 <br />Percent <br />■ Aaa North Carolina Counties <br />— Minimum: 65.6% <br />— Median: 76.5% <br />— Max: 82.9% <br />■ Aa1 North Carolina Counties <br />■ This ratio is an important metric in that it indicates whether or not a — Minimum: 62.7% <br />locality is back - loading its debt. <br />— Median: 80.6% <br />— Max: 97.9% <br />85 <br />DAVENPORT & COMPANY Source: LGC Bond Ledger, County Staff and Moody's Investors Service <br />September 26, 2013 Orange County, NC 6 <br />