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pPgF-I• SCHOOL IMPACT FEES: Owwoe Coutxmr 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 aze 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 printpal payments are
<br />divided by student enrollment in each year to get a per student credit. (For example, iri Fiscal
<br />Yeaz 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 cutrrent 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. Creclit for Future Principal Payments: Orange County Schools
<br />Fiscal 2005 (1] 2005 (2] 2004 (3] 2003 !4] 2003 (5] 2001(6] 2001(71 2001 IS] 2000 I9] Total 1
<br />Year Proj. Princ. Proj. Princ. Proj. Princ.. Proj. Princ. Proj. Princ. Proj. Princ. Proj. Princ. Proj. Princ. Praj. Princ. Total Students (10]
<br />2007 $441,494 $34,955 $237,617 $64,407 $881,697 $1,365,000 $143,715 $658,271 $718,487 $4,545,641 6,817
<br />2008 $441,494 $37,644 $237,617 $64,407 $871,972 $1,365,000 $143,715 $658,271 $710,562 $4,530,681 6,997
<br />2009 $441,494 $38,986 $237,617 $64,407 $860,627 $1,365,000 $143,715 $658,271 $701,317 $4,511,435 7,347
<br />2010 $441,494 $40,332 $237,617 $64,407 $850,902 $1,365,000 $143,715 $658,271 $693,392 $4,495,130 7,484
<br />2011 $441,494 $389,879 $237,617 $64,407 $317,670 $1,365,000 $143,715 $658,271 $258,866 $3,876,919 7,667
<br />2012 $441,494 $364,502 $237,617 $64,407 $311,187 $0 $143,715 $658,271 $253,564 $2,494,775 7,850
<br />2013 $441,494 $379,124 $237,617 $64,407 $304,704 $0 $143,715 $658,271 $248,301 $2,477,632 8,033
<br />2014 $441,494 $1,074,184 $237,617 $64,407 $0 $0 $143,715 $656,271 $0 $2,619,687 8,215
<br />2015 $441,494 $1,302,734 $237,617 $106,519 $0 $0 $237,682 $658,271 $0 $2,984,316 8,398
<br />2016 $441,494 $1,285,257 $237,617 $106,519 $D $0 $237,662 $658,271 $0 $2,966,839 8,581
<br />2017 $441,494 $1,285,257 $237,617 $106,519 $D $0 $237,682 $658,271 $0 $2,966,839 8,764
<br />2018 $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 $656,271 $0 $3,091,022 9,130
<br />2020 $1,103,735 $0 $792,055 $217,992 $0 $0 $486,419 $654,694 $0 $3,254,894 9,312
<br />2021 $1,103,735 $0 $792,055 $217,992 $0 $0 $486,419 $654,694 $0 $3,254,894 9,495
<br />2022 $1,677,677 $0 $792,055 $173,403 $0 $0 $386,924 $0 $0 $3,030,058 9,678
<br />2023 $1,765,976 $0 $377,018 $0 $0 $0 $0 $D $0 $2,142,994 9,861
<br />2024 $1,185,411 $0 $0 $0 $0 $0 $0 $0 $0 $1,185,411 10,044
<br />2025 $0 $0 $0 $0 $0 $0 $0 $0 $0 $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 $9,866,911 $3,584,509 $57,405,141
<br />Student
<br />$601
<br />Uucount tLa{e 1111 -..
<br />Net Present Value
<br />[1] Graaelly Hill MS (new). Issued in 2005 (2001 Bonds (Installment #3))
<br />(2] Pathways ES (new); rendaation carious. Issued in 2005 (1997 Bonds (Installment #1) 62000 Tura-Thirds Bonds (rejt in 2005)]
<br />(3] Graaelly Hill MS (new). Issued in 2004 (2001 Bonds (Installment #Z)]
<br />(4] Graoetiy Hill MS (new); Hillsborough ES (renoa). Issued in 2003 (2001 Bonds, (Installment #1)]
<br />(51 New Hope ES (new), AL Stanback MS (new); rends: Cameron Pk ES, Central ES, Orange HS, Hillsborough ES. Issued in 2003 (2003 Refunding Bonds (#8); 1988 & 1992 Bonds (orig issue)]
<br />I6] Cedar Ridge HS (nerd). Issued in 2001(/nstallmenf Note #21j
<br />(7] AL Stanback MS (new). Issued in 2001(2001 Refunding Serial Bonds (#7); 1992 Bonds (orig issue)]
<br />(8] Cedar Ridge H5 (renoal. Issued in ZODl [1997 Bonds (Installment #2))
<br />(9] Pathways ES (new); renoaation carious. Issued in 2000 (1997 Bonds (Installment #1)]
<br />(10) SeeAppendix for enrollment projections; starting in 2018, enrollment is projected based an historical aaerage growth rate of2.4%.
<br />(11] To account for the tines ealue of money, total paynwnt per student is discounted using a net present aalue formula assuming the aaerage interest rate from outstanding debt as shown.
<br />Sources: Orange County; Tischler8ise
<br />$5,108
<br />Tischlerl~ise 18
<br />nxc2, [cAtlnnicSi.PlirnLl~tmeutianu.
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