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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2023
<br />IV. Detailed Notes on All Activities and Funds (Continued)
<br />K. Long -Tenn Liabilities (Continued)
<br />General Obligation Certificates of Obligation and Other Long -Term Obligations (Continued)
<br />$26,795,000 Waterworks and Sewer System Revenue Bonds, Series 2022, due in annual installments varying
<br />from $375,000 to $1,725,000 with final payment due on June 15, 2051. Interest is payable semi-annually at
<br />rates ranging from 4.0% to 5.25%. On June 15, 2031, or any date thereafter, the bonds may be redeemed prior
<br />to their scheduled maturities at the City's option. The bonds were issued on November 9, 2022, at a discount for
<br />the purpose of acquiring, constructing, installing and equipping additions, improvements and extensions to the
<br />City's waterworks and sewer system. The bonds are reported as obligations of the Enterprise Fund.
<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, 2023, the fund balances in the Interest and
<br />Sinking Funds are $2,002,722.
<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 />$150,000. These costs are subject to change resulting from inflation, deflation, technology, or changes in
<br />applicable laws or regulations.
<br />A summary of long-term liability transactions for the year ended September 30, 2023, follows:
<br />Governmental Activities
<br />Debt Payable
<br />Bonds Payable
<br />Tax Notes Payable
<br />Premium
<br />Financed Purchases
<br />Total Debt Payable
<br />Compensated Absences
<br />Right -to -use Lease Liability
<br />Right -to -use SBITA Liability
<br />Landfill Post -Closure
<br />Care Costs
<br />Governmental Activities
<br />Long -Term Liabilities
<br />Balance
<br />Balance
<br />September 30,
<br />September 30,
<br />Due Within
<br />2022
<br />Additions
<br />Reductions
<br />2023
<br />One Year
<br />$ 10,605,000
<br />$ -
<br />$ 745,000
<br />$ 9,860,000
<br />$ 765,000
<br />770,000
<br />-
<br />190,000
<br />580,000
<br />190,000
<br />98,032
<br />-
<br />11,470
<br />86,562
<br />-
<br />62%538
<br />-
<br />167,801
<br />461,737172,835
<br />12,102,570
<br />-
<br />1,114,271
<br />10,988,299
<br />1,127,835
<br />1,250,858
<br />918,816
<br />871,959
<br />1,297,715
<br />135,637
<br />218,870
<br />13,421
<br />53,850
<br />178,441
<br />41,395
<br />-
<br />218,091
<br />50,567
<br />167,524
<br />36,772
<br />150,000
<br />-
<br />-
<br />150,000
<br />-
<br />$ 13,722,298
<br />$ 1,150,328
<br />$ 2,090,647
<br />$ 12,781,979
<br />$ 1,341,639
<br />70
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