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<br />City of Paris, Texas <br />Notes to Financial Statements <br />September 30, 2005 <br /> <br />IV. Detailed Notes on All Funds (Continued) <br /> <br />E. Interfund Receivables, Payables, and Transfers (Continued) <br /> <br />Miscellaneous Transfers: <br />General Fund to Water and Sewer Fund <br />General Fund to Debt Service Fund <br />Other Governmental to General Fund <br />Other Governmental (Special Revenue) <br />to Permanent Library Fund <br /> <br />$ 36,456 <br />30,000 <br />18,472 <br /> <br />22,323 <br /> <br />F, Capital Leases <br /> <br />The City has lease agreements as lessee for fmancing the acquisition of equipment. These lease <br />agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at <br />the present value of the future minimum lease payments as of the date of their inception. <br /> <br />The assets acquired through capital leases are as follows: <br /> <br />Governmental <br />Activities <br /> <br />Asset: <br />Machinery and Equipment <br />Less: Accumulated Depreciation <br />Total <br /> <br />$ 830,802 <br />(618,299) <br />$ 212,503 <br /> <br />The following is a schedule of the future minimum lease payments under these capital leases and <br />the present value of the net minimum lease payments at September 30, 2005: <br /> <br />September 30, <br />2006 <br />2007 <br />2008 <br />2009 <br />Total Minimum Lease Payments <br />Amount Representing Interest <br />Present Value of Future <br />Minimum Lease Payments <br /> <br />Obligation <br />$ 142,212 <br />68,590 <br />27,290 <br />10,918 <br />249,010 <br />10,276 <br /> <br />$ 238,734 <br /> <br />44 <br />