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Summary of Results ORANGE COUNTY
<br /> NORTH CAROLINA
<br /> Existing Debt Only
<br /> Assumptions
<br /> 1 Interest Rate N/A 3.75%-4.50% 3.75%-4.50% 3.75%-4.50% 3.75%-4.50%
<br /> 2 Term N/A 20 Years 20 Years 20 Years 20 Years
<br /> 3 GO Amortization N/A Level Principal Level Principal Level Principal Level Principal
<br /> 4 Non-GO Debt Amortization N/A Level Principal Level Principal Level Principal Level Principal
<br /> 5
<br /> 6 Debtlssued
<br /> 7 FY 2016 N/A $ 6,475,175 $ 6,475,175 $ 6,475,175 $ 6,475,175
<br /> 8 FY 2017 N/A 23,985,200 65,651,867 67,318,533 68,985,200
<br /> 9 FY 2018 N/A 28,563,031 28,563,031 28,563,031 28,563,031
<br /> 10 FY 2019 N/A 3,967,500 45,634,167 47,300,833 48,967,500
<br /> 11 FY 2020 N/A 7,917,545 7,917,545 7,917,545 7,917,545
<br /> 12 FY 2021 N/A 32,936,845 74,603,512 76,270,178 77,936,845
<br /> 13 Total Debt Issued N/A $ 103,845,296 $ 228,845,296 $ 233,845,296 $ 238,845,296
<br /> 14
<br /> 15 Total New Debt Service N/A $ 148,909,738 $ 328,597,238 $ 335,784,738 $ 342,972,238
<br /> 16
<br /> 17 Debt Ratios Policy
<br /> 18 10 Year Payout(Worst Shown) N/A 88.4% 73.6% 65.1% 64.9% 64.7%
<br /> 19 Debt to Assessed Value(Worst Shown) 3.00% 1.1% 1.2% 1.6% 1.7% 1.7%
<br /> 20 Debt Service to GF Revenues(2016-2023) 15.00%
<br /> 21 FY 2016 12.7% 12.7% 12.7% 12.7% 12.7%
<br /> 22 FY 2017 12.0% 12.2% 12.2% 12.2% 12.2%
<br /> 23 FY 2018 11.3% 12.9% 14.4% 14.4% 14.5%
<br /> 24 FY 2019 10.5% 13.1% 14.5% 14.5% 14.6%
<br /> 25 FY 2020 9.7% 12.4% 15.2% 15.3% 15.4%
<br /> 26 FY 2021 9.1% 11.9% 14.7% 14.8% 14.9%
<br /> 27 FY 2022 8.6% 12.7% 16.6% 16.7% 16.9%
<br /> 28 FY 2023 6.6% 10.4% 14.2% 14.4% 14.5%
<br /> 29
<br /> 30 Tax Equivalent Impact
<br /> 31 FY 2016 - - - - -
<br /> 32 FY 2017 - - - -
<br /> 33 FY 2018 0.65 2.78 2.86 2.95
<br /> 34 FY 2019 0.99 0.90 0.90 0.89
<br /> 35 FY 2020 - 1.45 1.53 1.61
<br /> 36 FY 2021 - - -
<br /> 37 FY 2022 2.35 2.4U 2.48
<br /> 38 Total 0.001 1.641 7.47 7.701 7.931
<br /> 39
<br /> 40 One Time FY 2018 Tax Equivalent Impact N/A 1.221 4.92 5.081 5.241
<br /> DAVENPORT&COMPANY
<br /> September 10,2015 Orange County, NC 11
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