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2017 CIP Alternative #1 — Future Debt Financings ORANGE COUNTY
<br /> NORTH CAROLINA
<br /> Fiscal Year 2017 2018 2019 2020 2021 2022 Total
<br /> Interest Rate Assumptions
<br /> Short-Term Borrowings(5-Year) 2.25% 3.00% 3.00% 3.00% 3.00% 3.00%
<br /> Medium-Term Borrowings(10-15-Year) 3.25% n/a n/a n/a n/a n/a
<br /> Long-Term Borrowings(20-Year) n/a 4.00% 4.25% 4.50% 4.50% 4.50%
<br /> 1 FY 2017 - 2022 County CIP
<br /> 2 Short-Term Borrowings(5-Year)1
<br /> 3 County Capital Projects $ 1,666,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 500,000 $ 4,166,000
<br /> 4
<br /> 5 Medium-Term Borrowings(15-Year)2
<br /> 6 County Capital Projects 7,334,000 - - - - - 7,334,000
<br /> 7 School Capital Projects 1,000,000 1,000,000
<br /> s Total Medium-Term Borrowings (15-Year) 8,334,000 - - - - - 8,334,000
<br /> 9
<br /> 10 Long-Term Borrowings(20-Year)3
<br /> 11 County Capital Projects - 18,426,936 28,308,300 17,497,417 8,234,380 12,742,330 85,209,363
<br /> 12 School Capital Projects 4,856,336 4,914,181 4,972,894 5,032,488 4,092,974 23,868,873
<br /> 13 School GO Referendum 40,000,000 - 40,000,000 - 40,000,000 120,000,000
<br /> 14 Affordable Housing GO Referendum 2,500,000 - 2,500,000 - - 5,000,000
<br /> 15 Durham Tech Capital Projects - 547,911 800,000 9,200,000 10,000,000 20,547,911
<br /> 16 Total Long-Term Borrowings (20-Year) - 65,783,272 33,770,392 65,770,311 22,466,868 66,835,304 254,626,147
<br /> 17
<br /> 1s Total CIP $ 10,000,000 $ 66,283,272 $ 34,270,392 $ 66,270,311 $ 22,966,868 $ 67,335,304 $ 267,126,147
<br /> 1 Beginning in FY 2017,future vehicle financings are assumed to be paid for from Vehicle Replacement Fund Internal Service Fees.
<br /> 2 Assumed for borrowing amounts under$10 million.
<br /> 3 Assumed for borrowing amounts over$10 million.
<br /> Note: Per County Staff,the FY 2017 borrowing is anticipated to be$10 million.As such, $5,610,878 has been moved from FY 2017 to FY 2018. For purposes of this analysis, no changes
<br /> have been made to short term or school capital projects.
<br /> Note: 2/3 Bonds are assumed to be issued in FY 2018 to fund projects in FY 2018 and FY 2019.
<br /> DAVENPORT&COMPANY
<br /> May 9,2017 Orange County, NC 21
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