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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2022
<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 />Balance Balance
<br />September 30, September 30, Due Within
<br />IMI AAA4;..r,o D1f;_ IMI nr, Vv
<br />Component Unit
<br />Note Payables $ 1,221,754 $ 2,500,000 $ 1,328,633 $ 2,393,121 $ 145,199
<br />Component Unit
<br />Long -Term Liabilities $ 1,221,754 $ 2,500,000 $ 1,328,633 $ 2,393,121 $ 145,199
<br />For governmental activities, pension -related debt and compensated absences are liquidated by the general fund.
<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 />2023
<br />$ 935,000
<br />$ 269,466
<br />$ 4,230,000
<br />$ 3,154,961
<br />$ 145,199
<br />$ 49,794
<br />2024
<br />955,000
<br />249,868
<br />5,040,000
<br />3,013,978
<br />148,337
<br />46,656
<br />2025
<br />980,000
<br />229,759
<br />5,440,000
<br />2,773,726
<br />151,542
<br />43,451
<br />2026
<br />995,000
<br />208,568
<br />3,800,000
<br />2,557,414
<br />154,817
<br />40,176
<br />2027
<br />825,000
<br />188,097
<br />3,960,000
<br />2,256,288
<br />158,163
<br />36,830
<br />2028-2032
<br />3,685,000
<br />674,416
<br />21,790,000
<br />9,365,402
<br />1,635,063
<br />117,490
<br />2033-2037
<br />3,000,000
<br />261,346
<br />16,025,000
<br />5,181,182
<br />-
<br />-
<br />2038-2042
<br />-
<br />-
<br />12,390,000
<br />3,031,302
<br />-
<br />-
<br />2043-2047
<br />-
<br />-
<br />9,420,000
<br />1,516,688
<br />-
<br />-
<br />2048-2051
<br />-
<br />-
<br />8,345,000
<br />400,887
<br />-
<br />-
<br />Totals
<br />$11,375,000
<br />$2,081,520
<br />$90,440,000
<br />$33,251,828
<br />$2,393,121
<br />$334,397
<br />PEDC has an outstanding $2,500,000 Note Payable to the City issued December 27, 2021, due in monthly
<br />installments of $16,249 through November 27, 2031 and a final payment of $940,083 on December 27, 2031,
<br />bearing an interest rate of 3.14%. At September 30, 2022, the balance of the Note Payable was $2,393,121.
<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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