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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 />The ordinances require that property taxes be levied and collected at a rate sufficient to pay principal and
<br />interest as they come due. They also require that these funds be placed in special interest and sinking funds
<br />created solely for the benefit of the obligations. At September 30, 2021, the fund balances in the Interest and
<br />Sinking Funds are $1,928,672.
<br />The State of Texas is requiring additional monitoring of a landfill owned by the City that has been closed for
<br />several years. The City and its' consultants estimate that, based on known requirements, future costs may be
<br />$150,000. These costs are subject to change resulting from inflation, deflation, technology, or changes in
<br />applicable laws or regulations.
<br />A summary of long-term liability transactions for the year ended September 30, 2021, follows:
<br />63
<br />Balance
<br />Balance
<br />September 30,
<br />September 30,
<br />Due Within
<br />2020
<br />Additions
<br />Reductions
<br />2021
<br />One Year
<br />Governmental Activities
<br />Debt Payable
<br />Bonds Payable
<br />$
<br />12,975,000
<br />$
<br />1,765,000
<br />$ 2,910,000
<br />$
<br />11,830,000
<br />$ 1,225,000
<br />Tax Notes Payable
<br />-
<br />1,115,000
<br />160,000
<br />955,000
<br />185,000
<br />Premium
<br />122,856
<br />-
<br />12,719
<br />110,137
<br />-
<br />Capital Leases
<br />950,526
<br />-
<br />158,073
<br />792,453
<br />162,913
<br />Total Debt Payable
<br />14,048,382
<br />2,880,000
<br />3,240,792
<br />13,687,590
<br />1,572,913
<br />Compensated Absences
<br />1,118,504
<br />742,958
<br />698,598
<br />1,162,864
<br />116,287
<br />Landfill Post -Closure
<br />Care Costs
<br />150,000
<br />-
<br />-
<br />150,000
<br />-
<br />Governmental Activities
<br />Long -Tenn Liabilities
<br />$
<br />15,316,886
<br />$
<br />3,622,958
<br />$ 3,939,390
<br />$
<br />15,000,454
<br />$ 1,689200
<br />Business -Type Activities
<br />Debt Payable
<br />Bonds Payable
<br />$
<br />38,875,000
<br />$
<br />-
<br />$ 2,300,000
<br />$
<br />36,575,000
<br />$ 2,345,000
<br />Tax Notes Payable
<br />-
<br />43,855,000
<br />-
<br />43,855,000
<br />-
<br />Premium
<br />794,492
<br />2,425,887
<br />107,373
<br />3,113,006
<br />-
<br />Total Debt Payable
<br />39,669,492
<br />46,280,887
<br />2,407,373
<br />83,543,006
<br />2,345,000
<br />Compensated Absences
<br />211,043
<br />186,856
<br />175,126
<br />222,773
<br />22,277
<br />Business -Type Activities
<br />Long -Term Liabilities
<br />$
<br />392880,535
<br />$
<br />46,467,743
<br />$ 2,582,499
<br />$
<br />83,765,779
<br />$ 2,362,277
<br />63
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