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Additional information on the City of Paris' capital assets can be found in note IV. D. of the Notes to the Financial
<br />Statements.
<br />Long -Term Debt
<br />The City has two capital leases with $792,453 in principal outstanding at year end. The City of Paris also has total
<br />debt outstanding in the amount of $94,290,860 (includes the two capital leases). Of this amount, $13,860,860
<br />comprises debt being paid for by property tax or hotel tax revenues, and $80,430,000 represents bonds being paid
<br />for by water and sewer revenues.
<br />Paris' bond debt increased by $41,119,834 during the fiscal year. This was due to the $43,855,000 Tax & Revenue
<br />COs issued in 2021 for the purpose of building a new waste water plant. The City's underlying bond rating from
<br />Moody's is Aa3. The maximum tax rate permitted by Article XI, Section 5 of the State of Texas constitution is
<br />$2.50 per $100 of assessed valuation. Consequently, no legal debt margin can be calculated. The state attorney
<br />general has traditionally allowed up to $1.50 per $100 valuation to be applied to debt service. The City levied a tax
<br />rate of $0A8078 per $100 valuation for the 2020-21 fiscal year. This rate was broken down into $0.39788 per $100
<br />valuation for operations and $0.08290 per $100 valuation for debt service. Using the traditional allowance of the
<br />state attorney general as a guide, the City of Paris is utilizing only 5.53% of its debt capacity.
<br />Additional information on the City of Paris' tang -term debt can be found in note IV. K. of the Notes to the Financial
<br />Statements.
<br />Economic Factors and Next Year's Budgets and Rates
<br />• Sales tax revenues are projected to grow 3% in the coming year.
<br />• New construction amounted to 17 residential units and 8 commercial units.
<br />• Local population growth is expected to be minimal.
<br />• The tax rate is expected to drop below $0.44 per $ 100 of value as property values continue to grow.
<br />• Franchise fees are expected to remain stable.
<br />All of these factors were considered in preparing the City of Paris' budget for 2021-22.
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<br />Moody's
<br />Revenue
<br />Final
<br />Investors
<br />Issue
<br />Tax Supported
<br />Supported
<br />Maturity
<br />Rating
<br />2012 G.O. Refunding Bonds
<br />$ 405,000
<br />$ -
<br />12-15-2021
<br />Aa3
<br />2013 C.O.s (TWDV)
<br />-
<br />1,710,000
<br />06-15-2032
<br />N/A
<br />2013 G.O. Bonds
<br />27,065,000
<br />12-15-2032
<br />Aa3
<br />2016 G.O. Bonds
<br />-6,900,000
<br />12-15-2036
<br />Aa3
<br />2017 G.O. Bonds
<br />8,200,000
<br />-
<br />06-15-2037
<br />Aa3
<br />2018 G.O. Bonds
<br />95,000
<br />900,000
<br />09-30-2028
<br />Aa3
<br />2020 Tax and Rev C.O.s
<br />1,365,000
<br />-
<br />06-15-2030
<br />N/A
<br />2020 G.O. Refunding Bonds
<br />1,765,000
<br />12-15-2029
<br />Aa3
<br />2020 Tax Notes
<br />955,000
<br />06-15-2026
<br />N/A
<br />2021 Tax & Rev. C.O.s
<br />43,855,000
<br />12-15-2050
<br />Aa3
<br />SuRRMA Loan
<br />283,307
<br />-
<br />06-29-2025
<br />N/A
<br />Capital Leases — Firetrucks
<br />792,453
<br />-
<br />01-28-2026
<br />N/A
<br />$ 13,860,760
<br />$ 80,430,000
<br />Paris' bond debt increased by $41,119,834 during the fiscal year. This was due to the $43,855,000 Tax & Revenue
<br />COs issued in 2021 for the purpose of building a new waste water plant. The City's underlying bond rating from
<br />Moody's is Aa3. The maximum tax rate permitted by Article XI, Section 5 of the State of Texas constitution is
<br />$2.50 per $100 of assessed valuation. Consequently, no legal debt margin can be calculated. The state attorney
<br />general has traditionally allowed up to $1.50 per $100 valuation to be applied to debt service. The City levied a tax
<br />rate of $0A8078 per $100 valuation for the 2020-21 fiscal year. This rate was broken down into $0.39788 per $100
<br />valuation for operations and $0.08290 per $100 valuation for debt service. Using the traditional allowance of the
<br />state attorney general as a guide, the City of Paris is utilizing only 5.53% of its debt capacity.
<br />Additional information on the City of Paris' tang -term debt can be found in note IV. K. of the Notes to the Financial
<br />Statements.
<br />Economic Factors and Next Year's Budgets and Rates
<br />• Sales tax revenues are projected to grow 3% in the coming year.
<br />• New construction amounted to 17 residential units and 8 commercial units.
<br />• Local population growth is expected to be minimal.
<br />• The tax rate is expected to drop below $0.44 per $ 100 of value as property values continue to grow.
<br />• Franchise fees are expected to remain stable.
<br />All of these factors were considered in preparing the City of Paris' budget for 2021-22.
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