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Summary of Results - 2017 CIP Alternative #1 ORANGE COUNTY
<br /> NORTH CAROLINA
<br /> Level Principal Amortization
<br /> Existing Debt Only 2017-2022 CIP
<br /> Assumptions Short-Term Medium-Term Long-Term Total
<br /> 1 Interest Rate N/A 2.25%-3.00% 3.25% 4.00%-4.50% 2.25%-4.50%
<br /> 2 Term N/A 5 Years 15 Years 20 Years 5/15/20 Years
<br /> 3 Amortization N/A Level Debt Service Level Principal Level Principal LDS/Level Principal
<br /> 4
<br /> 5 Debt Issued
<br /> 6 FY 2017 N/A $ 1,666,000 $ 8,334,000 $ - $ 10,000,000
<br /> 7 FY 2018 N/A 500,000 - 67,826,936 68,326,936
<br /> 8 FY 2019 N/A 500,000 31,726,728 32,226,728
<br /> 9 FY 2020 N/A 500,000 65,770,311 66,270,311
<br /> 10 FY 2021 N/A 500,000 22,466,868 22,966,868
<br /> 11 FY 2022 N/A 500,000 - 66,835,304 67,335,304
<br /> 12 Total Debt Issued N/A $ 4,166,000 $ 8,334,000 $254,626,147 $ 267,126,147
<br /> 13
<br /> 14 Total New Debt Service N/A $ 4,509,555 $ 10,500,840 $370,543,261 $ 385,553,656
<br /> 15
<br /> 16 Debt Ratios Policy
<br /> 17 10 Year Payout(Worst Shown) N/A 89.7% 63.7% 63.7% 63.7%
<br /> 18 Debt to Assessed Value(Worst Shown) 3.00% 1.0% 1.7% 1.7% 1.7%
<br /> 19 Debt Service to GF Revenues(2017-2025) 15.00% No Adjustment Up Front Adjustment Incremental Adjustment
<br /> 20 FY 2017 12.9% 12.9% 12.9% 12.9%
<br /> 21 FY 2018 12.2% 12.8% 12.8% 12.8%
<br /> 22 FY 2019 11.4% 14.8% 14.2% 14.5%
<br /> 23 FY 2020 10.5% 15.2% 14.6% 14.8%
<br /> 24 FY 2021 9.9% 17.2% 16.5% 16.3%
<br /> 25 FY 2022 9.3% 17.4% 16.6% 16.4%
<br /> 26 FY 2023 7.2% 17.6% 16.8% 16.5%
<br /> 27 FY 2024 5.4% 15.3% 14.6% 14.4%
<br /> 28 FY 2025 4.0% 13.4% 12.8% 12.6%
<br /> 29
<br /> 30 Tax Equivalent Impact
<br /> 31 FY 2017 - - - -
<br /> 32 FY 2018 - -
<br /> 33 FY 2019 5.520 2.844
<br /> 34 FY 2020 - 0.854
<br /> 35 FY 2021 2.754
<br /> 36 FY 2022 0.504
<br /> 37 FY 2023 0.504
<br /> 38 FY 2024 - - -
<br /> 39 Total 0.00 0.00 5.52 7.44
<br /> 40
<br /> 41 Additional Existing Revenues/Reserves Required N/A $74,426,098 N/A N/A
<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 22
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