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<br />City of Paris, Texas
<br />Notes to Financial Statements
<br />September 30, 2005
<br />
<br />[v. Detailed Notes on All Funds (Continued)
<br />B, Receivables (Continued)
<br /> Special Capital Debt
<br /> General Revenue Projects Service Enterprise
<br />Receivables:
<br />Interest $ $ $ $ $ 7,991
<br />Property Taxes 761,852 70,617
<br />Sales Tax 894,000
<br />Accounts 161,768 195 2,027,923
<br />Other Governments 146,388 618,421 71,404
<br />Street Assessments 26,473
<br />Fines 130,926
<br />EMS 1,142,178
<br />Notes Receivable 69,474
<br />Gross Receivables 3,263,585 688,090 71,404 70,617 2,035,914
<br />Less: Allowable for
<br />Uncollectibles 1,146,919 17,654
<br />Net Total Receivables $ 2,116,666 $ 688,090 $ 71,404 $ 52,963 $ 2,035,914
<br />
<br />Receivables as of year-end for PEDC are as follows:
<br />
<br />Sales Tax Receivable
<br />Accrued Interest Receivable
<br />Note Receivable
<br />Note Receivable
<br />
<br />$ 178,778
<br />10,266
<br />3,036,168
<br />1,400,000
<br />$ 4,625,212
<br />
<br />PEDC has a note receivable bearing interest at 7.00% from a corporation located in Paris, Texas, to
<br />assist with the purchase of an existing business. The note is due in monthly installments of principal
<br />and interest of $32,000 through April 15, 2017, at which time the remaining principal is due. This
<br />note is secured by a security agreement, which lists PEDC as having a subordinate interest in all
<br />respects to the financial institution involved and to other individuals as listed in the security
<br />agreement. The balance of this note at September 30, 2005, was $3,036,168.
<br />
<br />PEDC has a second non-interest bearing note receivable from a Minnesota corporation to assist with
<br />plans to create and operate a computer services business in Paris, Texas. The note is due in annual
<br />installments of $100,000 beginning June 15, 2005, with the provision that the corporation shall
<br />receive credits against the annual principal installments equal to $1 for every $10 in salaries which
<br />the corporation pays during the preceding year to all new employees working for the corporation in
<br />Paris, Texas. The maximum amount of the credit allowed in any twelve month period shall not
<br />exceed the annual loan payment. The balance of this note at September 30,2005, was $1,400,000.
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