Orange County NC Website
Browse       Search
Notes to Financial Statements <br /> Page 12 <br /> Note 7: Notes- Payable, Continued <br /> Maturities of the notes payable are as follows: <br /> 2014 $ 1,550,017 <br /> 2015 393,902 <br /> 2016 620,460 <br /> 2017 647,705 <br /> 2018 672,758 <br /> Thereafter 4,316,906. <br /> 8,201.748 <br /> On September 10, 2013, the Organization entered into a loan <br /> agreement with Branch Bank & Trust Company. The loan provides <br /> funding of $900,000 for the purchase of equipment and vehicles. <br /> for the new PACE facility in Pittsboro, NC. Interest rate. <br /> LIBOR plus 1.5%, maximum 7.7%; payable interest only commencing <br /> October 10, 2013 through September 10, 2015; thereafter, in <br /> monthly principal and interest installments of $10,317; <br /> maturity date September 10, 2020. As of November. 30; 2013, no <br /> funds have been disbursed under this loan agreement. <br /> On September 10, 2013, the Organization entered into a loan <br /> agreement with Branch Bank & Trust Company. The loan provides <br /> funding of $600,000 for the purpose of working capital needed <br /> for the new PACE facility in Pittsboro, NC. . Interest rate . <br /> LIBOR plus 1.5%, maximum 7.7%; payable interest only commencing <br /> October 10, 2013 through September. 10, 2015; thereafter, in <br /> monthly principal and interest installments of $5,914; maturity <br /> date September 10, 2020. As of November 30, 2013, no funds <br /> have been disbursed under this loan agreement. <br /> Pursuant to the U.S.D.A, loan agreements, the Organization is <br /> required to deposit an amount equal to one-tenth ( 1/10) of the <br /> annual debt service payments into a repair reserve until the <br /> balance therein totals one year's debt service for each loan. <br /> As of November 30, 2013, the repair reserve balances totaled <br /> $120,401. The required balance is $120,335. <br /> -25 <br />