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School Impact Fees
<br />Oran a Count North Carolina
<br />Given the incremental expansion cost approach used to derive school impact fees,
<br />Orange County should consider a credit fior future principal payments on existing
<br />General Obligation bonds, as shown in Figure 12. New residential units that pay school
<br />impact fees in the latter half of this calendar year will also contribute to future principal
<br />payments that will be paid from property tax revenue beginning in 2002. To' account for
<br />the time value of money, annual principal payments per student are discounted using a
<br />net present value formula.
<br />Figure 12 -Principal Payment Credit Per Student
<br />Fiscal 1993 Series 1993 Series 1994 Series 2000 Series 2001 Series Students Credit Per
<br />Year (1992 Band) (1988 Bond) (1992 Bond) (1997 Bond) (1997 Bond) (FTE) Student
<br />2D02
<br />2003
<br />2004
<br />2005
<br />2006
<br />2007
<br />2008
<br />2009
<br />2010
<br />2011
<br />$1,100,000 $1,3$1,650 $1,300,000 $799,468 $287,864 15,990
<br />$1,100,000 $1,366,550 $1,300,OD0 $891,892 $287,864 16,465
<br />$1,100 000 $1,347 675 $1,300,000 $984,316 $287,864 16,939
<br />$1,100,000 $1,332,575 $1,300,000 $1,076,740 $287,864 17,413
<br />$1,100,000 $1,317,475 $1300,000 $1,1D9,0$8 $287,864 17,888
<br />$1,100,000 $1,298,600 $'1 300 ODO $1,386,360 $287,864 18,362
<br />$1,1DD,000 $1,279,725 $1,300 000 $1,571,208 $354,809 18,836
<br />$1,100,000 $1,257,075 $1,300,000 $1,756 056 $488,699 19,311
<br />$1,1D0,000 $1,238 200 $1,300,000 $2 033 328 $622,589 19 785
<br />$1,100,000 $1,300,000 $2,033,328 $622,589 20,259
<br />$304
<br />$300
<br />$296
<br />$293
<br />$286
<br />$293
<br />$298
<br />$306
<br />$318
<br />$250
<br />TOTAL $11,000,000 $11,519,525 $13,000,000 $13,641,784 $3,$15,870 $2,943
<br />Discount Rate 5.50%
<br />Net Present Value $2,224
<br />23
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