Orange County NC Website
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5 <br /> 1990 1995 2000 • 2005 <br /> Grand total of projected gross revenues. Figures are rounded. <br /> $104,900 $137,600 $167,900 $185,100 <br /> Less an amount for airport maintenance, operations and improvements <br /> as suggested by NC DOT, Division of Aviation. <br /> $50,000 $50,000 $50,000 $50, 000 <br /> . Net amount projected to be available to county for airport con- <br /> struction bond amortization. <br /> $54,900 $87,600 $117,900 $135,100 <br /> (The Task Force is not recommending any one method of financing the <br /> county's portion of an airport construction program. A bond issue <br /> may not be the most appropriate method; several North Carolina <br /> counties have used capital reserve accounts, built up by annual <br /> appropriations during the years before construction. However, <br /> stating the county's portion in bond amortization terms is a <br /> convenient way of indicating an airport's financial feasibility. ) <br /> Costs and Count Financial Re. irements <br /> Airport construction cost assumed $5,000, 000 <br /> (Person County's 5000 foot runway, 1987 <br /> completion, has a cost of $4,500, 000) <br /> State share - 80% $4,000, 000 <br /> County share - 20% $1,000,000 <br /> It may be that federal funds will be available. North Carolina <br /> requires a local government to put up 20% of the non-federal share. <br /> If federal funds are available, the percent allocations would be: <br /> Federal 90 <br /> State 8 <br /> County 2 <br /> and the Orange County portion of a $5, 000, 000 project would be <br /> $100,000. However, to be conservative, the Task Force assumes that <br /> the construction would be financed as a state-county project. <br /> Bond amount that can be supported by $54,900, assuming a 15-year <br /> payout period and a 6% interest rate. <br /> $533,160 <br />