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9 <br /> DO LRT Project Plan of Finance ORANGE COUNTY <br /> NORTH CAROLINA <br /> • Due to the timing of the receipt of Federal, State, and Local revenues, the Plan of Finance includes the following potential / planned short term <br /> borrowings for DO LRT construction costs: <br /> — Limited Obligation Bonds ("LOBs") - In Anticipation of Local Revenues: <br /> — 2024 LOBs: $30,000,000 <br /> — 2024 LOBs: $90,000,000 <br /> — 2026 LOBs: $60,000,000 <br /> — 2026 LOBs: $29,000,000 <br /> — 2027 LOBs: $10,000,000 <br /> — Total: $219,000,000 <br /> — Grant Anticipation Notes ("GANs") - In Anticipation of Federal and State Funding: <br /> — 2025 GANs: $275,000,000 <br /> — 2027 GANs: $60,000,000 <br /> — Total: $335,000,000 <br /> — The total financing cost and interest associated with the LOBs and GANs is estimated to be $642,960,026. <br /> • In addition to the short term borrowings, a $430,000,000 Transportation Infrastructure Finance and Innovation Act ("TIFIA") is under <br /> consideration. It is expected that the TIFIA loan will be approved in FY 2020 with an initial draw in FY 2023. <br /> — The total financing cost and interest associated with the TIFIA loan is estimated to be $1,253,991,989. <br /> • The current model identifies the need for future funding for ongoing capital repair and maintenance costs (State of Good Repair) which are <br /> funded in part through future LOBs currently scheduled for 2040, 2048, 2053, and 2058. <br /> — In the aggregate, future State of Good Repair borrowings have a par amount of $44,000,000 and a total financing cost of $47,916,026. <br /> — In the current Scenario 3 v9 C, all of these borrowings would be associated with Orange County expenditures. <br /> DAVENPORT&COMPANY Source: GoTriangle Scenario 3 v9 C <br /> April 4,2017 Orange County, INC <br />