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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. The CIP includes <br /> Installment Purchase Contracts/ Limited Obligation Bonds as well as General Obligation Bonds approved during the <br /> November 2016 Referendum. <br /> • Future debt is assumed to be funded under the following assumptions: <br /> — Issuance Date: Fiscal Year indicated in the CIP (mid year) <br /> — First Payment: Fiscal Year following issuance <br /> — Short-Term Borrowings: 5 Year Term at 2.25% - 3.00% <br /> — Medium-Term Borrowings: 15 Year Term at 3.25% <br /> — Long-Term Borrowings: 20 Year Term at 4.00% - 4.50% <br /> • Key Debt Ratio Growth Assumptions: <br /> — Assessed Value - Natural Growth: 2018 & Beyond: 1.70% <br /> — General Fund Revenues - Natural Growth: 2018 & Beyond: 2.00% plus revenue derived from projected tax <br /> increases identified in the capital funding plan (note: revenues include <br /> sales tax). <br /> DAVENPORT&COMPANY <br /> May 9,2017 Orange County, NC 20 <br />