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ORANGE COUNTY ALCOHOLIC BEVERAGE CONTROL BOARD <br /> (a component unit of Orange County Government) <br /> NOTES TO FINANCIAL STATEMENTS <br /> June 30,2023 and 2022 <br /> 14. NOTESPAYABLE <br /> Notes payable consists of the following at June 30,2023 and 2022: <br /> 2023 2022 <br /> BB&T—Governmental Finance—note payable, interest at <br /> 3.15%;payable in monthly installments of$9,075 including <br /> interest; secured by deed of trust on real property and <br /> construction thereon, located at 251 Perkins Drive, Chapel <br /> Hill, NC. Paid off during year ended June 30, 2023 with <br /> previously retained funds. $ $ 668,735 <br /> First Horizon Bank—note payable, interest at 2.4%; interest <br /> only payments until March 2023, then payable in monthly <br /> installments of$18,002 including interest; secured by deed <br /> of trust on land located on Highway 70 West in Mebane, <br /> NC. 2,654,679 1,499,664 <br /> 2,654,679 2,168,399 <br /> Less:current portion 154,002 139,524 <br /> $ 2,500,677 $ 2,028,875 <br /> Current maturities of noncurrent liability are as follows: <br /> Year Ending June 30: Amount <br /> 2024 $ 154,002 <br /> 2025 157,739 <br /> 2026 161,566 <br /> 2027 165,487 <br /> 2028 169,503 <br /> 2029 and thereafter 1,846,382 <br /> $ 2,654,679 <br /> 15. OTHER POST-EMPLOYMENT BENEFITS <br /> Plan Description <br /> The ABC Board administers a single-employer defined benefit healthcare plan("the Retiree Healthcare Plan")' <br /> The Retiree Healthcare Plan provides healthcare coverage for qualified retired employees as provided by the <br /> ABC Board Policies and Procedures Manual. <br /> i <br /> i, <br /> -31 <br /> i <br />