Harnett County, North Carolina
Computation of Legal Debt Margin
June 30, 2001
 
Assessed value of taxable property  $ 2,812,359,112
                    0.08
Debt Limit - 8 percent of total assessed value 224,988,729
Amount of debt applicable to debt limit-
Gross debt:    
           Certificates of participation 55,305,000
           Notes payable   11,560,521
           Revolving loan 2,400,000
           Issued and outstanding general bond debt-enterprise funds 18,772,650
           Bond anticipation note 1,194,000
           Obligations under capital leases 498,596
           Authorized and unissued debt   1,800,000
91,530,767
Less:  Statutory deductions
            Bonds issued and outstanding for water and sewer purposes 18,772,650
            Bond anticipation note 1,194,000
            Authorized and unissued debt 1,800,000
21,766,650
Total amount of debt applicable to debt limit 69,764,117
Legal debt margin  $    155,224,612