|
CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2020
<br />IV. Detailed Notes on All Activities and Funds (Continued)
<br />K. Long -Term Liabilities (Continued)
<br />General Obligation Certificates of Obligation and Other Long -Term Obligations: (Continued)
<br />Long-term debt service requirements for the next five years and after, in five year increments, are as follows:
<br />Year Ending General Obligation
<br />Water and Sewer
<br />PEDC
<br />September 30,
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />2021
<br />$ 1,170,000
<br />$1,452,739
<br />$ 2,300,000
<br />$ 1,538,633
<br />$ 91,196
<br />$ 57,628
<br />2022
<br />1,205,000
<br />328,141
<br />2,345,000
<br />1,445,168
<br />94,725
<br />54,100
<br />2023
<br />730,000
<br />300,309
<br />2,445,000
<br />1,342,040
<br />98,389
<br />50,434
<br />2024
<br />750,000
<br />279,100
<br />2,555,000
<br />1,233,861
<br />101,803
<br />47,547
<br />2025
<br />775,000
<br />256,957
<br />2,665,000
<br />1,119,951
<br />105,474
<br />44,403
<br />2026-2030
<br />4,260,000
<br />930,594
<br />14,640,000
<br />3,940,502
<br />594,532
<br />154,850
<br />2031-2035
<br />2,835,000
<br />425,221
<br />10,870,000
<br />950,873
<br />471,275
<br />32,948
<br />2036-2037
<br />1,250,000
<br />53,723
<br />1,055,000
<br />32,938
<br />-
<br />-
<br />Totals
<br />$12,975,000
<br />$4,026,784
<br />$38,875,000
<br />$11,603,966
<br />$1,557,394
<br />$441,910
<br />PEDC has an outstanding $697,000, Note Payable, issued November 27, 2018, due in monthly installments of
<br />$5,086 through November 27, 2033, bearing an interest rate of 3.75%. At September 30, 2020, the balance of
<br />the Note Payable was $631,512.
<br />PEDC has an outstanding $1,000,000, Note Payable, issued March 5, 2019, due in monthly installments of
<br />$7,316 through March 27, 2034, bearing an interest rate of 3.75%. At September 30, 2020, the balance of the
<br />Note Payable was $925,882.
<br />Sales and Use Taxes (one-quarter of one percent) levied by the City of Paris, Texas, within its boundaries under
<br />the Development Corporation Act of 1979, are pledged for payment of bonds and interest of PEDC. The
<br />resolution authorizing the issuance of the bonds requires that monthly deposits be made to the Debt Service
<br />Fund in an amount sufficient to pay the next maturing bonds and interest.
<br />L. Interfund Transfers
<br />During the year ended September 30, 2020, the City made transfers from the Water and Sewer fund to the Debt
<br />Service fund of $563,321 to make debt service payments. The City also made a transfer of bond proceeds from
<br />the Debt Service fund to the Capital Projects fund of $1,438,000. The City made transfers due to reclassification
<br />of special revenue funds from General fund to Other Governmental funds of $470,328. Other minor transfers
<br />were made between funds making up transfers of
<br />Water
<br />Debt Other Capital and Transfers
<br />General Service Governmental Projects Sewer Out
<br />General $ - $ - $ 29,319 $ - $ - $ 29,319
<br />Debt Service 49,658 - - 1,438,000 730,000 2,217,658
<br />Other
<br />Governmental 470,328 - - - - 470,328
<br />Water and Sewer 20,000 563,321 - - - 583,321
<br />Transfers In $539,986 $563,321 $ 29,319 $1,438,000 $ 730,000 $3,300,626
<br />63
<br />
|