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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 />General Obligation Certificates of Obligation and Other Long -Term Obligations (Continued):
<br />$1,390,000 General Obligation Bonds, Series 2018, due in annual installments varying from $130,000 to
<br />$220,000 with final payment due June 15, 2028. Interest is payable semi-annually at 2.59%. The principal
<br />installments of this bond are not subject to redemption prior to maturity. These bonds were issued May 1, 2018,
<br />in the amount of $1,200,000 for the purpose of constructing and acquiring improvements and equipping the
<br />City's waterworks and sewer system and for replacing and extending water distribution lines and sewer
<br />collection lines and construction repairs to streets and drainage infrastructure necessitated by such water and
<br />sewer line construction and in the amount of $190,000 to pay the costs of construction, improving, extending,
<br />expanding, upgrading and developing streets and roads, bridges and intersections including, utility relocation,
<br />landscapting, sidewalks, traffic safety and operational improvements, the purchase of any necessary right-of-
<br />way, drainage and other related costs. The bonds are reported as Enterprise Fund debt and General Obligation
<br />debt.
<br />$1,500,000 Combination Tax and Surplus Revenue Certificates of Obligation, Series 2020, due in annual
<br />installments varying from $140,000 to $165,000 with final payment due June 15, 2030. Interest is payable semi-
<br />annually at 1.95%. The certificates of this series are not subject to redemption prior to maturity. These bonds
<br />were issued February 1, 2020 for the purpose of paying all or a portion of the City's contractual obligations
<br />incurred in connection with the renovation, repair and other improvement of the City's Love Civic Center and
<br />paying legal, fiscal and engineering fees in connection with such projects. The bonds are reported as General
<br />Obligation debt.
<br />$1,115,000 Tax Notes, Series 2020, due in annual installments varying from $160,000 to $195,000 with final
<br />payment due June 15, 2026. Interest is payable semi-annually at 1.05%. The principal installments of this note
<br />are not subject to redemption prior to maturity. The note was issued November 1, 2020 for the purpose of
<br />paying contractural obligations incurred or to be incurred for the construction of any public work, for the
<br />purchase of materials, supplies, equipment, machinery, buildings, lands and right-of-way for the City's
<br />authorized needs and purposes, and to pay costs of professional services. The note is reported as General
<br />Obligation debt.
<br />$1,765,000 General Obligation Refunding Bonds, Series 2020, due in annual installments varying from
<br />$180,000 to $210,000 with final payment due December 15, 2029. Interest is payable semi-annually at 1.24%.
<br />On December 15, 2020, the City issued this series to refund Outstanding Combination Tax and Revenue
<br />Certificates of Obligation, Series 2010 ($3,005,000) bearing interest ranging from 3.0% to 4.2%. The net
<br />proceeds of $1,772,711 (after payment of various fees, outstanding principal balance, and accrued interest) were
<br />deposited in the Old Paying Agent account to refund the Refunding Bonds on the Redemption Date in
<br />accordance with the Deposit Agreement. The issuance of the bonds produced a present value debt service
<br />savings of $188,730 and an actual debt service savings of $201,195. The bonds are reported as General
<br />Obligation Debt.
<br />$43,855,000 Combination Tax and Surplus Revenue Certification of Obligation, Series 2021, due in annual
<br />installments varying from $620,000 to $2,160,000 with final payment due on December 15, 2050. Interest is
<br />payable semi-annually at rates ranging from 2.0% to 5.0%. On December 15, 2030, or any date thereafter, the
<br />certificate may be redeemed prior to their scheduled maturities at the City's option. The bonds were issued on
<br />May 12, 2021, at a premium for the purpose of refurbishment of portions of the existing waste water treatment
<br />plant as needed in connection with the construction of a new waste water treatment plant. Voters approved the
<br />issuance of $46,065,000 in tax bonds. The bonds are reported as obligations of the Enterprise Fund.
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