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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 />G. Long-TermDebt
<br />
<br />General Obligation Certificates of Obligation and Note:
<br />
<br />$120,600 note payable for the construction of aircraft hangars and associated appurtenances at the
<br />City's Cox Field was obtained February 27, 1991. The note bears interest at 5% with principal and
<br />interest payments of$9,677 made in annual installments through March 2011.
<br />
<br />$6,000,000 Combination Tax and Revenue Certificates of Obligation, Series 2000, due in annual
<br />installments varying from $220,000 to $495,000 with final payment due December 15, 2019.
<br />Interest is payable semi-annually at rates ranging from 5.30% to 6.75%. On December 15, 2009,
<br />or any date thereafter, unpaid principal installments may be prepaid or redeemed prior to their
<br />scheduled due dates at the City's option.
<br />
<br />$6,060,000 Combination Tax and Revenue Certificates of Obligation, Series 2002, due in annual
<br />installments varying from $210,000 to $460,000 with final payment due December 15, 2021.
<br />Interest is payable semi-annually at rates ranging from 4.00% to 4.70%. On December 15,2012,
<br />or any date thereafter, unpaid principal installments may be prepaid or redeemed prior to their
<br />scheduled due dates at the City's option.
<br />
<br />$7,130,000 General Obligation Refunding Bonds, Series 2003, due in annual installments varying
<br />from $410,000 to $800,000 with fmal payment due December 15,2014. Interest is payable semi-
<br />annually at rates ranging from 2.5% to 3.9%. On December 15, 2009, or any date thereafter,
<br />unpaid principal installments may be prepaid or redeemed prior to their scheduled due dates at the
<br />City's option.
<br />
<br />The ordinances require that ad valorem taxes be levied and collected at a rate sufficient to pay
<br />principal and interest as they come due. They also require that these funds be placed in special
<br />Interest and Sinking Funds created solely for the benefit of the obligations. At September 30,
<br />2005, the balances in the Interest and Sinking Funds are $1,087,396. Revenues from the
<br />Waterworks and Sewer System are also pledged to secure the Certificates of Obligation.
<br />
<br />Water and Sewer Revenue Bonds and Certificates of Obligation:
<br />
<br />$5,000,000 Waterworks and Sewer System Revenue Bonds, Series 1997, due in annual
<br />installments varying from $235,000 to $420,000 with [mal payment due June 15,2016. Interest is
<br />payable semi-annually at rates ranging from 4.5% to 6.5%.
<br />
<br />$6,905,000 Waterworks and Sewer System Revenue Refunding Bonds, Series 1998, due in annual
<br />installments varying from $635,000 to $850,000 with final payment due December 15, 2011.
<br />Interest is payable semi- annually at rates ranging from 4.3% to 4.95%.
<br />
<br />$5,810,000 Tax and Revenue Refunding Bonds, Series 1998, due in annual installments varying
<br />from $540,000 to $715,000 with [mal payment due December 15,2011. Interest is payable semi.
<br />annually at rates ranging from 4.3% to 4.95%.
<br />
<br />$9,500,000 Waterworks and Sewer System Revenue Bonds, Series 2000, due in annual
<br />installments varying from $380,000 to $835,000 with [mal payment due June 15,2020. Interest is
<br />payable semi-annually at rates ranging from 5.375% to 6.875%.
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