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7 <br /> 1 Ted Cole referred to page 3, which reviewed the Peer Comparatives and the County's <br /> 2 bond rating. He said Orange County has the highest rating possible from all three rating <br /> 3 agencies, which is AAA across the board. He said Davenport subscribes to data that is <br /> 4 compiled and tracked by Moody's Investors Service. <br /> 5 <br /> 6 Peer Comparative Introduction- <br /> 7 - The County is currently rated AAA by Moody's Investors Service (May 2015), AAA by <br /> 8 Standard and Poor's (June 2015), and AAA by Fitch (June 2015). <br /> 9 - The following pages contain peer comparatives based on the Moody's AAA peer <br /> 10 counties listed below. <br /> 11 - National AAA Counties - 80 Credits <br /> 12 - North Carolina AAA Counties - 7 Credits <br /> 13 —Durham <br /> 14 —Forsyth <br /> 15 —Guilford <br /> 16 —Mecklenburg <br /> 17 —New Hanover <br /> 18 —Orange <br /> 19 —Wake <br /> 20 <br /> 21 Ted Cole referred to page 5, and the County's Existing Tax Supported Debt, which is <br /> 22 incorporated here by reference. He said debt attributed to Sportsplex, Solid Waste, and Water <br /> 23 and Sewer has been excluded. He said there is $184 million principle outstanding: <br /> 24 <br /> 25 Par Outstanding — Estimated as of 6/30/2015 <br /> Type Par Amount <br /> General Obligation $68,355,000 <br /> Bonds <br /> IPCs /COPs/ LOBs $115,606,204 <br /> Total $183,961,204 <br /> 26 <br /> 27 He said all debt is fixed rate, and will be paid off by 2033. <br /> 28 Chair McKee asked if these numbers assume any new debt. <br /> 29 Ted Cole said no, this is existing debt only. <br /> 30 Ted Cole referred to page 6, which outlines Key Debt Ratios. He said these ratios will <br /> 31 be reviewed by the LGC and the rating agencies, and they are important. <br /> 32 <br /> 33 10 year Payout Ratio <br /> 34 • Orange County (MFRA): 84.8% <br /> 35 • Orange County (2016): 88.4% <br /> 36 • North Carolina AAA Counties: <br /> 37 — Minimum 73.6% <br /> 38 — Median 84.8% <br /> 39 — Maximum 93.6% <br /> 40 • National AAA Counties: <br /> 41 — Minimum 23.8% <br /> 42 — Median 74.3% <br /> 43 — Maximum 100% <br /> 44 <br /> 45 Debt to Assessed Value <br />