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Debt Obligation

The County issues bonds to provide funds for the acquisition and construction of major capital facilities. Bonds payable as of September 30, 2015 were as follows:

Issue Description  Original Balance Interest Rate Issue & Maturity Date Outstanding Balance
2006 Combination Tax and Revenue Certificates of Obligations $ 9,500,000 4.00-4.75% 2007-2024 $ 240,000
2009 Limited Tax Refunding Bonds $ 3,830,000 2.00-4.00% 2010-2019 $ 1,745,000
2010 Combination Tax and Revenue $ 10,810,000 2.00-3.25% 2011-2030 $ 8,800,000
2012 Limited Tax Refunding $ 6,425,000 2.00-3.00% 2012-2023 $ 4,875,000
2013 Limited Tax Refunding $ 9,120,000 2.00-3.00% 2013-2025 $ 8,505,000
2014 Combination Tax and Revenue Certificates of Obligation $ 9,335,000 3.00-4.00% 2016-2034 $ 9,335,000
2015 Limited Tax Refunding $ 4,715,000 3.00-3.50% 2016-2021 $ 4,715,000
Total Bonds Payable $ 38,215,000
  2015  2014 2013 2012 2011
 Assessed Value of Real Property  $ 4,669,808,487  $ 4,104,480,966  $ 3,903,583,148  $ 3,709,450,229  $ 3,732,448,963
 Debt Limit Rate
 5%
 5%  5%  5%  5%
 Debt Limit
 $ 233,490,424
 $ 205,224,048  $ 195,179,157  $ 185,472,511  $ 186,622,448
 Total Bonded Debt
 $ 38,215,000
 $ 42,792,880  $ 36,154,465  $ 38,000,000  $ 40,815,000
 Less: Amount Set Aside for Repayment
 $ 1,706,520
 $ 1,377,739  $ 1,377,739  $ 1,200,225  $ 1,044,358
 Total Net Debt Applicable to Limit
 $ 36,508,480
 $ 41,415,141  $ 34,776,726  $ 36,779,775  $ 39,770,642
 Legal Debt Margin
 $ 196,981,944
 $ 163,808,907  $ 160,402,431  $ 148,692,736  $ 146,851,806
Total Tax-Supported Debt Obligations
2015 2014  2013  2012 2011
$ 9,572,982  $ 4,453,187  $ 14,129,417  $ 10,926,008  $ 4,100,116

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