C.A.F.R., FY 2004-05 - Laserfiche WebLink

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City of Paris, Texas Notes to Financial Statements September 30, 2005 V. Detailed Notes on All Funds (Continued) G. Long-Term Debt (Continued) Water and Sewer Revenue Bonds and Certificates of Obligation: (Continued) $5,130,000 Tax and Revenue Refunding Bonds, Series 2001, due in annual installments varying from $485,000 to $605,000 with fmal payment due December 15,2011. Interest is payable semi- annually at rates ranging from 3.35% to 4.125%. On June 15,2007, for series 1997; on December 15, 2008, for both 1998 series; on June 15,2010, for Series 2000, and on December 15, 2009, for Series 2001, or any date thereafter, the unpaid installments of principal may be prepaid or redeemed prior to their scheduled due dates at the option of the City. The revenues of the Waterworks and Sewer System, after deducting the expenses of operation and maintenance, are pledged for payment of bonds and interest. The ordinances authorizing the issuance of the bonds require that monthly deposits be made to Interest and Sinking Funds in amounts sufficient to pay the next maturing bonds and interest. A Reserve Fund is required to be accumulated with a required reserve amount of at least $1,677,519, the average annual principal and interest requirements of the 1997, 1998, and 2000 Series bonds. The ordinances also call for the creation of a Contingency Fund into which equal monthly deposits are made until the balance is $500,000. At September 30,2005, the balances in the Interest and Sinking Funds, Reserve Fund, and Contingency Fund are $2,536,471, $1,789,443, and $688,145, respectively. In addition, Series 1994 and Series 1998 Tax and Revenue Refunding Bonds ordinances require that ad valorem taxes be levied and collected at a rate sufficient to pay bonds and interest as they come due. Water Rights Debt: The City has rights to water storage at Pay Mayse Lake. Payments for these rights are $49,826 due annually, including principal and interest at 3.137% through 2017 and $25,211 for ten years after that. Long-term debt service requirements for the next five years and after in five year increments are as follows: 46