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Sub-total
Retained earnings:

At beginning of year
Net income (loss)
Depreciation
Capital outlay
(Increase) decrease - reserves
(Increase) decrease - other
Bond principal
At end of year

1,616,366
2,089,208
2,174,312
(3,495,330)
(378,293)

45,064
(520,000)

1,531,327
2,731,554
2,367,864
(3,643,321)
(1,605,529)

26,468
(520,000)

1,531,327 $42,938,310

888,363 $48,620,820

1,234,868 (415,451) (520,000) 2,928,104 $ 55,183,757

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BONDS AUTHORIZED AND UNISSUED: $19,500,000 consisting of $1,500,000 Water (balance of a $6,500,000 authorization) approved by the voters at an election on 4/6/1974 and $18,000,000 Electric ($10,000M now offered) approved by the voters at an election on 12/16/1975. An offering date for the remaining authorization has not been established at this time, but it is anticipated that the remaining $8,000,000 Electric will be sold in approximately six months.

LEGAL OPINION: A certified copy of the approving legal opinion of Brown, Wood, Ivey, Mitchell & Petty, New York City, to be issued on the date of delivery of the bonds now offered, will be printed on the back of such bonds.

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FAYETTEVILLE, County Seat of Cumberland County is located in the coastal plains area of North Carolina - sixty miles south of the capital city of Raleigh. Fort Bragg and Pope Air Force Base, one of the largest military complexes in the world, is located within five miles of outer city limits boundary line,west of the City. It is an old City, rich in history, which since World War II has experienced phenomenal growth in population, territory (presently 30 sq. miles) and commercial activity. Retail sales have grown from 194,000,000 in 1963 to 610,400,000 in 1974 for a growth of 215%. This growth is due to the City's location as a distribution center, its abundance of raw water, its exceptionally mild year-round climate, which makes it attractive to many army retirees and to new industrial concerns. In recent years nine internationally known companies started construction on new plants and these, with a number of smaller ones, which have located here recently will furnish employment to 10,000 people. The City is favorably situated with respect to transportation facilities. The Cape Fear River affords an eight foot yearround channel to the Atlantic Ocean and is used considerably by barge traffic. Three major north-south highways pass through the City and its 2,540 motel rooms make it a mecca for tourists. Numerous truck and transfer warehouses and facilities are in and around the City in addition to four railroads and a modern airport. On air, passengers rose from 25,215 in 1963 to 150,808 in 1974. Off air, passengers rose from 27,381 to 154,918 over the same period. Although the City's downtown business area has slowed in growth, several successful shopping centers have been developed, and more than offset this factor. Today, manufacturing - principally automobile tires, small tools, plastics and textiles - is a major factor in the City's economy, but agriculture is still important. Tobacco, soybeans, poultry, cattle and swine are major farm products. The City has operated under the council-manager plan of government since 1949 and has never de. faulted in the payment of any of its indebtedness.

ANNUAL DEBT REQUIREMENTS FROM JUNE 30, 1975, AND MATURITIES OF BONDS NOW OFFERED:

UTILITIES

Existing Debt
Principal Principal

& Interest

Bonds

Now
Offered

OTHER

Existing Debt
Principal Principal

& Interest

ALL PURPOSES

Existing Debt
Principal Principal

& Interest

Fiscal
Year

Bonds

Now
Offered

Fiscal
Year

1975-76 $ 620,000
1976-77 620,000
1977-78

625,000
1978-79 625,000
1979-80 625,000
1980-81 625,000
1981-82 625,000
1982-83 625,000
1983-84 625,000
1984-85 625,000
1985-86 625,000
1986-87 625,000
1987-88 625,000
1988-89 625,000
1989-90 625,000
1990-91 625,000
1991-92 400,000
1992-93 400,000
1993-94 400,000
1994-95 400,000
1995-96 400,000
1996-97 175,000

$12,165,000

$ 1,239,012.50 $

1,211,775.00
1,190,037.50
1,162,400.00
1,133,850.00
1,104,750.00
1,075,650.00
1,046,175.00
1,016,337.50

991,525.00
956,350.00
923,750.00
891,312.50
857,750.00
823,750.00
789,750.00
530,750.00
506,750.00
482,750.00
458,750.00
433,750.00
183,750.00

$ 337,000

337,000
337,000
335,000
310,000
285,000
285,000
195,000
195,000
195,000
195,000
195,000
195,000
165,000

500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
600,000
600,000
600,000
600,000
600,000

$ 476,735 $

465,020
453,105
439,080
401,600
364,730
353,565
252,390
244,195
235,670
227,135
218,590
209,940
171,290

957,000 $ 1,715,747.50 $
957,000 1,676,795.00
962,000 1,643,142.50
960,000 1,601,480.00
935,000 : 1,535,450.00
910,000 1,469,480.00
910,000 1,429,215.00
820,000 1,298,565.00
820,000 1,260,532.50
820,000 1,227,195.00
820,000 1,183,485.00
820,000 1,142,340.00
820,000 1,101,252.50
790,000 1,029,040.00
625,000 823,750.00
625,000 789,750.00
400,000 530,750.00
400,000 506,750.00
400,000 482,750.00
400,000 458,750.00
400,000 433,750.00
175,000 183,750.00

500,000
500,000
500.000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
600,000
600,000
600,000
600,000
600,000

1975-76
1976-77
1977-78
1978-79
1979-80
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97

$19,010,675.00 $10,000,000 $3,561,000

$4,513,045 $15,726,000 $23,523,720.00 $10,000,000

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