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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 />Advance Refunding
<br />The City issued $1,765,000 in general obligation bonds with an interest rate of 1.24%. The proceeds were used to
<br />advance refund $1,740,000 of outstanding 2010 Combination Tax and Revenue Certificates of Obligation which had
<br />interest rates ranging from 3.0% to 4.2%.
<br />Long-term debt service requirements for the next five years and after, in five year increments, are as follows:
<br />Year Ending
<br />Balance
<br />Balance
<br />PEDC
<br />September 30,
<br />September 30,
<br />Due Within
<br />Principal
<br />2020 Additions
<br />Reductions 2021
<br />One Year
<br />Component Unit
<br />$ 1,410,000
<br />$ 296,074
<br />$ 2,345,000
<br />Note Payables
<br />$ 1,557,394 $ -
<br />$ 335,640 $ 1,221,754
<br />$ 104,446
<br />Component Unit
<br />269,466
<br />3,655,000
<br />2,645,865
<br />Long -Term Liabilities
<br />$ 1,557,394 $ -
<br />$ 335,640 $ 1,221,754
<br />$ 104,446
<br />For governmental activities, pension -related debt and compensated absences are liquidated by the general fund.
<br />Advance Refunding
<br />The City issued $1,765,000 in general obligation bonds with an interest rate of 1.24%. The proceeds were used to
<br />advance refund $1,740,000 of outstanding 2010 Combination Tax and Revenue Certificates of Obligation which had
<br />interest rates ranging from 3.0% to 4.2%.
<br />Long-term debt service requirements for the next five years and after, in five year increments, are as follows:
<br />Year Ending
<br />General Obligation
<br />Water and Sewer
<br />PEDC
<br />September 30,
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />2022
<br />$ 1,410,000
<br />$ 296,074
<br />$ 2,345,000
<br />$ 2,942,296
<br />$ 104,446
<br />$ 44,377
<br />2023
<br />935,000
<br />269,466
<br />3,655,000
<br />2,645,865
<br />108,461
<br />40,363
<br />2024
<br />955,000
<br />249,868
<br />4,440,000
<br />2,460,311
<br />112,238
<br />37,113
<br />2025
<br />980,000
<br />229,759
<br />4,650,000
<br />2,249,651
<br />116,284
<br />33,593
<br />2026
<br />995,000
<br />209,168
<br />3,530,000
<br />2,072,538
<br />120,915
<br />28,962
<br />2027-2031
<br />3,960,000
<br />761,338
<br />18,530,000
<br />8,147,963
<br />446,065
<br />83,704
<br />2032-2036
<br />2,915,000
<br />344,423
<br />14,910,000
<br />4,282,544
<br />213,345
<br />11,217
<br />2037-2041
<br />635,000
<br />18,098
<br />8,840,000
<br />2,641,768
<br />-
<br />-
<br />2042-2046
<br />-
<br />-
<br />9,215,000
<br />1,721,875
<br />-
<br />-
<br />2047-2051
<br />-
<br />-
<br />10,315,000
<br />618,725
<br />-
<br />-
<br />Totals
<br />$12,785,000
<br />$22378,194
<br />$80,430,000
<br />$29,783,536
<br />$1,221,754
<br />$279,329
<br />PEDC has an outstanding $697,000, Note Payable, issued November 27, 2018, due in monthly installments of
<br />$5,086 through May 27, 2027, bearing an interest rate of 3.75%. At September 30, 2021, the balance of the
<br />Note Payable was $349,386.
<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, 2021, the balance of the
<br />Note Payable was $872,368.
<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.
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