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~RAFi' SCHOOL IMPACT FEES: Otuwoe COUNTY SCHOOLS
<br />Orange County, North Carolina
<br />Information on outstanding debt for Orange County Schools was provided by Orange County
<br />Finance staff. School improvements and applicable bond issues are indicated in Figure 12
<br />below. As shown, total outstanding debt from school capacity expansion projects for Orange
<br />County Schools is estimated at approximately $57 million. Annual principal payments are
<br />divided by student enrollment in each year to get a per student credit. (For example, in Fiscal
<br />Year 2007, the total amount of projected principal to be paid of $4.5 million is divided by
<br />enrollment of 6,817 for a payment per student of $667.) To account for the time value of money,
<br />annual payments per student are discounted using a net present value formula based on an
<br />average current interest rate of 4.5 percent. The total net present value of future principal
<br />payments per student is $5,108. 'This amount is subtracted from the gross capital cost per
<br />student,amount to derive a net capital cost per student for school facilities.
<br />Figure 12. Credit for Future Principal Payments: Orange County Schools
<br />Fiscal 2005 (1] 2005 (2] 2004 ]3) 2003 (4] 2003 (5] 2001(6] 20D1177 2001 I8] 2000 (9] Tvtnl Paymnrt f
<br />Year Proj. Prine. Praj. Princ. Proj. Pr(nc.. Praj. Pr(ne. Proj. Prirrc. Proj. Princ. Proj. Princ. Praj. Princ. Proj. Princ. Tota! Students (10] Studmrf
<br />2007 494
<br />$441 $34,955 $237,617 $64,407 $881,697 $1,365,000 $143,715 $658,271 $718,487 $4,545,641 6,817 $E
<br />2008 ,
<br />494
<br />$441 $37,644 $237,617 $64,407 $871,972 $1,365,000 $143,715 $656,271 $710,562 $4,530,681 6,997 $E
<br />2009 ,
<br />$441,494 $38,988 $237,617 $64,407 $660,627 $1,365,OD0 $143,715 $658,271 $701,317 $4,511,435 7,347 $E
<br />2010 $441
<br />494 $40,332 $237,617 $64,407 $850,902 $1,365,0(10 $143,715 $656,271 $693,392 $4,495,130 7,484 $f
<br />`
<br />2011 ,
<br />$441,494 $389,879 $237,617 $64,407 $317,670 $1,365,OD0 $143,715 $658,271 $256,866 $3,876,919 7,667 $
<br />.
<br />2012 $441
<br />494 $364,502 $237,617 $64,4D7 $311,187 $0 $143,715 $658,271 $253,584 $2,494,775 7,850 $~
<br />2013 ,
<br />494
<br />$441 $379,124 $237,617 $64,407 $3D4,704 $0 $143,715 $658,271 $248,301 $2,477,632 8,033 $:
<br />2014 ,
<br />$441,494 $1,074,184 $237,617 $64,407 $0 $0 $143,715 $658,271 $0 $2,619,687 8,215 $:
<br />2015 $441,x1:94 $1,302,734 $237,617 $106,519 $0 $0 $237,662 $658,271 $0 $2,984,316 8,398 $:
<br />2016 494
<br />$441 $1,285,257 $237,617 $106,519 $0 $0 $237,682 $658,271 $0 $2,966,839 8,581 $:
<br />2017 ,
<br />$441
<br />494 $1,285,257 $237,617 $106,519 $0 $0 $237,662 $656,271 $0 $2,966,839 8,764 $:
<br />2018 ,
<br />$485,643 $1,242,236 $237,617 $108,996 $0 $0 $243,209 $658,271 $0 $2,975,972 8,947 $:
<br />2019 $706,390 $229,894 $792,055 $217,992 $0 $0 $486,419 $658,271 $0 $3,091,022 9,130 $;
<br />2020 103,735
<br />$1 $0 $792,055 $217,992 $0 $0 $486,419 $654,694 $0 $3,254,894 9,312 $~
<br />2021 ,
<br />103,735
<br />$1 $0 $792,055 $217,992 $0 $0 $486,419 $654,694 $0 $3,254,894 9,495 $~
<br />2022 ,
<br />677
<br />677
<br />$1 $0 $792,055 $173,403 $0 $D $386,924 $D $0 $3,030,058 9,678 $~
<br />2023 ,
<br />,
<br />765,976
<br />$1 $0 $377,018 $0 $0 $0 $0 $0 $0 $2,142,994 9,861 $:
<br />'
<br />2024 ,
<br />$1,185,411 $0 $0 $0 $0 $0 $0 $0 $0 $1,185,411 10,044 $
<br />2025 $0 $0 $0 $0 $0 $0 $D $0 $D $0 10,227
<br />TOTAL $12,884,997 $7,724,986 $6,396,638 $1,771,186 $4,398,760 $6,825,000 $3,952,154 $9,666,911 $3,584,509 $57,405,141 $7,
<br /> Iliseount Rafc (11] 4.i
<br /> Net Present Value $5,
<br />lil Gravelly Hill MS (new). Issued in 2005 (2001 Bonds (Installment #3)]
<br />(Z] Pathways ES (new); renovation various. Issued in 2005 (1997 Bonds (Installment #1) & 2000 Two-Thirds Bonds (refs in 2005))
<br />]3] Gravelly Hilt MS (new). Issued in 2004 (2001 Bonds (Installment #2)]
<br />(4] Gravelly Hill MS (new); Hillsborough ES (renov). Issued in 200312001 Bands, (Installment #ll)
<br />(5] New Hopa ES (new), AL Stanback MS (Hero); renov: Cameron Pk ES, Central ES, Orange HS, Hillsborough ES. Issued in 2003 (2003 Refunding Bonds (#8);1988 & 1992 Bonds (orig issue)]
<br />(6] Cedar Ridge HS (new). Issued in 2001 (InstattmentNate #21]
<br />(7] AL Stanback MS (new). Issued in 2001(2001 Refunding Serial Bonds (#7);1992 Bonds (orig issue)I
<br />(8) Cedar Ridge HS (renov). Issued in 2001(1997 Bonds (Instaltnrent #2)1
<br />(9] Pathways ES (new); renoaaHon various. Issued in 2000 (1997 Bonds (Installment #1)]
<br />110] See Appendix for enrollment projections; starting in 2018, enrollment is projected based on historical average growth rate of 2.4%.
<br />fill To account for the Nme value of money, total payment per student is discounted using a net present value farnrula assuming the aaerage interest rate from outstanding debt as shmon.
<br />Sources: Orange County; TischlerBise
<br />Tischler~dse 18
<br />nsc2, ecwianiic&.PlSnniu~ Cm~.uFinnti.
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