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9 <br /> Capital Improvement Plan — Case Overview ORANGE COUNTY <br /> NORTH CAROLINA. <br /> • As part of the annual CIP process, the County identifies Capital Projects for potential debt funding. In addition to the potential <br /> debt issuances in the CIP, the County is considering voting a General Obligation Bond Referendum in November 2016. <br /> • Future debt is assumed to be funded under the following assumptions: <br /> — Issuance Date: As indicated <br /> — First Interest: Fiscal Year Following Issuance <br /> — First Principal: Fiscal Year Following Issuance <br /> — Interest Rate: 3.75% - 4.50% <br /> — Term: 20 Years <br /> — Non-GO Amortization: Level Principal <br /> — GO Amortization: Level Principal <br /> • Key Debt Ratio Growth Assumptions: <br /> — Assessed Value - Natural Growth: 2017: 1.50%, 2018 & Beyond: 2.00% <br /> — General Fund Revenues - Natural Growth: 2017: 1.50%, 2018 & Beyond: 2.00% plus revenue derived from <br /> projected tax increases associated with capital <br /> • Cases Analyzed: <br /> — Existing Debt Only <br /> — Case 1: Existing Debt and $103 million of CIP Debt (FY 2016-2021) (Total: $103,845,296) <br /> — Case 2: Existing Debt, $103 million of CIP Debt (FY 2016-2021), and $125 Million GO Referendum (Total: $228,845,296) <br /> — Case 3: Existing Debt, $103 million of CIP Debt (FY 2016-2021), and $130 Million GO Referendum (Total: $233,845,296) <br /> — Case 4: Existing Debt, $103 million of CIP Debt (FY 2016-2021), and $135 Million GO Referendum (Total: $238,845,296) <br /> DAVENPORT&COMPANY <br /> September 10,2015 Orange County, NC 9 <br />