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performance of his bid, but in the event the successful bidder shall fail to comply with the terms of his bid, the check may then be cashed and the proceeds thereof retained as and for full liquidated damages.

It is anticipated that CUSIP identification numbers will be printed on the bonds, but neither the failure to print such numbers on any bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchasers thereof to accept delivery of or pay for the bonds in accordance with the terms of their bid. All expenses in relation to the printing of CUSIP numbers on said bonds and the CUSIP Service Bureau charge for the assignment of said numbers shall be paid for by the City of Fayetteville.

The unqualified approving opinion of Brown, Wood, Ivey, Mitchell & Petty, New York City, will be furnished without cost to the purchaser. There will also be furnished the usual closing papers.

The right to reject all bids is reserved.

LOCAL GOVERNMENT COMMISSION

Raleigh, North Carolina
By: H. E. Boyles
Secretary of the Commission

BID FOR BONDS

1976

Local Government Commission
Albemarle Building, 325 N. Salisbury Street
Raleigh, North Carolina 27611

Sirs:

Subject to the provisions and in accordance with the terms of the annexed Notice of Sale, which are hereby made a part of this bid, we make the following bid for the $10,000,000 Electric Bonds, Series A, of the City of Fayetteville, North Carolina, described in said Notice of Sale, this bid being for not less than all of said bonds:

For the $10,000,000 Electric Bonds, Series A, maturing and bearing interest as follows:

Year of Principal Interest Year of Principal Interest
Maturity Amount
Rate Maturity Amount

Rate 1978 $500,000 % 1988 $500,000

% 1979 500,000 % 1989 500,000

% 1980 500,000 % 1990 500,000

% 1981 500,000 % 1991 500,000

% 1982 500,000 % 1992 600,000

% 1983 500,000 % 1993 600,000

% 1984 500,000

% 1994
600,000

% 1985 500,000 % 1995 600,000

% 1986 500,000 % 1996 600,000

% 1987 500,000

% we will pay $10,000,000 plus a premium of ($.

-). We will also pay accrued interest from the date of the bonds to the date of delivery and will accept delivery of the bonds at

in in accordance with said Notice of Sale.

We enclose herewith a check for $200,000, as required by said Notice of Sale, payable unconditionally to the order of the State Treasurer of North Carolina, which check is to be returned to us if this bid is not accepted, but otherwise is to be applied in accordance with said Notice of Sale.

The closing papers referred to in said Notice of Sale are to include a certificate, dated as of the day of the delivery of the bonds, stating that there is no litigation pending or, to the knowledge of the signers of such certificate, threatened affecting the validity of the bonds.

(No addition or alteration, except as provided above, is to be made to this bid, and it must not be detached from the annexed Notice of Sale. Bidder may for infor. mation only and neither required nor to be construed as a part of the foregoing bid, enter his calculation of net interest cost to be

%.)

FINANCIAL AND STATISTICAL DATA
IN CONNECTION WITH

and
PERTAINING TO

$10,000,000

City

of Fayetteville North Carolina

Electric

Bonds

Series A

for which
SEALED BIDS WILL BE RECEIVED

by the
LOCAL GOVERNMENT COMMISSION

AT ITS OFFICE

in
RALEIGH, NORTH CAROLINA

until 11 O'CLOCK A. M., NORTH CAROLINA TIME, ,

FEBRUARY 10, 1976

CITY OF FAYETTEVILLE, NORTH CAROLINA

FINANCIAL STATEMENT

POPULATION

1950 U.S. Census
1960 U. S. Census
1970 U.S. Census
Estimated Present

34,715 47,106 53,510 59,500

OUTSTANDING DEBT:

At 6/30/1973 $12,540,000* At 12/31/1975 –
At 6/30/1974 11,583,000 Water Bonds

$ 6,530,000 At 6/30/1975 15,726,000* Sanitary Sewer Bonds

2,876,000 Electric Light & Power Bonds 2,815,000 Other Bonds

3,375,000

$15,596,000 *Bonds Issued:

1972-73 $2,500,000 Sanitary Sewer, 11.56 yrs. av. mat., 4.6552% int. cost.
1974-75 $5,000,000 Water, 15.28 yrs. av. mat., 6.1022% int. cost.

Note 1: Bond Anticipation Notes included in Outstanding Debt at 6/30/1973 $100,000. Note 2: Outstanding Debt does not include $142,000 Parking Facility Revenue Bonds,

dated 6/1/1967 which are payable solely from net revenues of the facility.

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*Percentage of appraisal value as set by County officials for fiscal year 1973-74; for fiscal years 1974-75 and 1975-76, Ratio has been established by Statute. Revaluation of real property was made by County officials and became effective with the 1972 tax levy.

+Valuation of railroads, telephone companies and other utilities as determined by the State Board of Assessment.

OVERLAPPING UNIT HAVING OUTSTANDING DEBT:

CUMBERLAND COUNTY 1975-76 Assessed Valuation $1,694,903,100; Rate $1.06 per $100; Outstanding Debt at 12/31/1975 $24,270,000; Population 1970 U. S. Census 212,042; Bonds Authorized and Unissued $9.900,000 ($3,500M Technical Institute, $5,600M County Courthouse and $800M School). Offering of $9,900,000 bonds is scheduled for sale on 2/24/1976.

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BALANCE SHEET GENERAL FUND

At
ASSETS

6/30/1973 Cash

$ 3,748,724 Receivables: Taxes

199,028 Assessments

122,010 Other

24,607 Due from other funds

10,605 Inventories

18,700

$ 4,123,674 LIABILITIES AND FUND BALANCE Accounts payable

$ 254,066 Tax and deposit prepayments

3,700 Due to other funds

279,267 Reserves: Receivables

345,574 Capital improvements

577,216 Inventories

18,700

1,478,523 Fund balance: At beginning of year

319,994 Revenue over (under) expenditures 2,325,003 (Increase) decrease in reserves

154 At end of year

2,645,151 $ 4,123,674

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OPERATIONS - GENERAL FUND

REVENUE
Taxes · Ad Valorem
State of North Carolina:

Intangibles tax
Franchise tax
Beer and wine tax

Highway fund allocation
Local option sales tax
General revenue sharing
Licenses and permits
Court costs and fees
Assessments and interest
Recreation
Cemetery
Airport
Refunds
Sales and service
Interest on investments
Other

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Contribution from other funds

Total revenue

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EXPENDITURES
Administrative
Departmental:

Police
Fire
Street
Sanitation
Engineering
Finance

Building
Recreation
Cemetery
Airport
Other

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Contribution to other funds
Capital outlay

Total expenditures
Revenue over (under) expenditures

978,007 5,639,284 $ 2,325,003

$

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