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PARIS ECONOMIC DEVELOPMENT CORPORATION <br />(A Component Unit of the City of Paris, Texas) <br />Notes to the Financial Statements (Continued) <br />September 30, 2016 <br />11. Detailed Notes on All Activities and Funds (Continued) <br />G. Long -Term Liabilities (Continued) <br />Bonds Payable (Continued) <br />A Reserve Fund is required to be maintained with a balance of at least $354,466, the average annual principal <br />and interest requirements of the bonds. At September 30, 2016, the balances in the Debt Service Fund and <br />Reserve Fund are $30,569 and $374,276, respectively. <br />Debt Service requirements related to the bonds are as follows for the years ended September 30: <br />Bonded Debt Requirements <br />Years Principal Interest Total <br />2017 $ 325,000 $ 28,251 $ 353,251 <br />2018 340,000 14,926 354,926 <br />$ 665,000 $ 43,177 $ 708,177 <br />A summary of long -term liability transactions for the year ended September 30, 2016, is as follows: <br />Due <br />Balance Balance Within <br />9/30/15 Additions Reductions 9 /30116 One Year <br />$ 980,000 $ - $ 315,000 $ 665.000 $ 325,000 <br />H. Interfund Transfers <br />During the year, transfers are used to move revenues from the fund with collection authorization to the Debt <br />Service Fund as debt service principal and interest payments become due. The interfund transfers are <br />reported as Other Financing Sources (Uses). <br />10 <br />