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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2021
<br />IV. Detailed Notes on All Activities and Funds (Continued)
<br />K. Long -Term Liabilities (Continued)
<br />are reported as other financing uses. Issuance costs, even if withheld from the actual net proceeds received, are
<br />reported as debt service expenditures.
<br />General Obligation Certificates of Obligation and Other Long -Term Obligations:
<br />$4,505,000 General Obligation Refunding Bonds, Series 2012, due in annual installments varying from
<br />$395,000 to $405,000 with final payment due December 14, 2021. On December 18, 2012, the City issued this
<br />series bearing interest of 2.5% to refund Outstanding Combination Tax and Revenue Certificates of Obligation,
<br />Series 2002 ($3,440,000) bearing interest ranging from 4.0% to 4.7% and General Obligation Refunding Bonds,
<br />Series 2003 ($1,210,000) bearing interest ranging from 3.75% to 3.9%. The net proceeds of $4,652,190 (after
<br />payment of various fees and including premium and accrued interest) were deposited in an escrow fund to
<br />prepay the refunded bonds. The issuance of the bonds produced a gross debt service savings of $612,058 and a
<br />net present value savings of $584,806.
<br />$9,750,000 General Obligation Bonds, Series 2017, due in annual installments varying from $405,000 to
<br />$635,000 with final payment due June 15, 2037. On July 17, 2017, the City issued this series bearing interest
<br />ranging from 2.125% to 3.0%. On December 15, 2027, or any date thereafter, the outstanding bonds may be
<br />redeemed prior to their scheduled maturities at the City's option. The bonds were issued at a premium to
<br />provide funds to pay the costs of construction, improving, extending, expanding, upgrading and developing
<br />streets and roads, bridges and intersections including, utility relocation, landscapting, sidewalks, traffic safety
<br />and operational improvements, the purchase of any necessary right-of-way, drainage, and other related costs,
<br />and improving and equipping parks, trails and recreational facilities.
<br />$2,900,000 Combination Tax and Surplus Revenue Certificates of Obligation, Series 2013, due in annual
<br />installments varying from $150,000 to $165,000 with final payment due June 15, 2032. Interest is payable semi-
<br />annually at rates ranging from 0.56% to 1.45%. On June 15, 2023, or any date thereafter, the outstanding bonds
<br />may be redeemed prior to their scheduled maturities at the City's option. These bonds were issued to provide
<br />funds to pay the costs of improving the potable water distribution system and related costs. The certificates are
<br />also secured by a pledge of net revenues of the water works and sewer system. In addition to the purchase of
<br />these bonds by the Texas Water Development Board, the City received $500,778 in connection with a loan
<br />forgiveness program. The bonds are reported as obligations of the Enterprise Fund.
<br />$33,925,000 General Obligation Bonds, Series 2013, due in annual installments varying from $1,730,000 to
<br />$2,850,000 with final payment due December 15, 2032. Interest is payable semi-annually at rates ranging from
<br />4.0% to 5.0%. On December 15, 2023, or any date thereafter, the outstanding bonds may be redeemed prior to
<br />their scheduled maturities at the City's option. These bonds were issued August 15, 2014, at a premium for the
<br />purpose of replacing and extending water distribution lines and sewer collection lines and making repairs
<br />necessitated by the replacement. Voters of the issuer approved the issuance of $45,000,000 in tax bonds. The
<br />bonds are reported as obligations of the Enterprise Fund.
<br />$8,780,000 General Obligation Bonds, Series 2016, due in annual installments varying from $355,000 to
<br />$550,000 with final payment due December 15, 2036. Interest is payable semi-annually at rates ranging from
<br />3.0% to 4.0%. On December 15, 2026, or any date thereafter, the outstanding bonds may be redeemed prior to
<br />their scheduled maturities at the City's option. These bonds were issued December 1, 2016, at a premium for
<br />the purpose of constructing and acquiring improvements and equipping the City's waterworks and sewer system
<br />and for replacing and extending water distribution lines and sewer collection lines and construction repairs to
<br />streets and drainage infrastructure necessitated by such water and sewer line construction. Voters approved the
<br />issuance of $45,000,000 in tax bonds. The bonds are reported as obligations of the Enterprise Fund.
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