C.A.F.R., FY 2005-06 - Laserfiche WebLink

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City of Paris, Texas Notes to Financial Statements September 30, 2006 IV. Detailed Notes on All Funds and Component Unit (Continued) F. Capital Leases (Continued) The following is a schedule of the future minimum lease payments under these capital leases and the present value of the net minimum lease payments at September 30, 2006: September 30, 2007 2008 2009 Total Minimum Lease Payments Amount Representing Interest Present Value ofFuture Minimum Lease Payments Obligation $ 68,590 27,290 10,917 1 06,797 (2,999) $ 103,798 G. Long-Term Debt General Obligation Certificates of Obligation and Note: $120,600 note payable for the construction of aircraft hangars and associated appurtenances at the City's Cox Field was obtained February 27, 1991. The note bears interest at 5% with principal and interest payments of $9,677 made in annual installments through March 2011. $6,000,000 Combination Tax and Revenue Certificates of Obligation, Series 2000, due in annual installments varying from $235,000 to $495,000 with final payment due December 15, 2019. Interest is payable semi-annually at rates ranging from 5.30% to 6.75%. On December 15,2009, or any date thereafter, unpaid principal installments may be prepaid or redeemed prior to their scheduled due dates at the City's option. $6,060,000 Combination Tax and Revenue Certificates of Obligation, Series 2002, due in annual installments varying from $220,000 to $460,000 with fmal payment due December 15, 2021. Interest is payable semi-annually at rates ranging from 4.00% to 4.70%. On December 15,2012, or any date thereafter, unpaid principal installments may be prepaid or redeemed prior to their scheduled due dates at the City's option. $7,130,000 General Obligation Refunding Bonds, Series 2003, due in annual installments varying from $410,000 to $800,000 with fma1 payment due December 15,2014. Interest is payable semi- annually at rates ranging from 2.5% to 3.9%. On December 15, 2009, or any date thereafter, unpaid principal installments may be prepaid or redeemed prior to their scheduled due dates at the City's option. The ordinances require that ad valorem taxes be levied and collected at a rate sufficient to pay principal and interest as they come due. They also require that these funds be placed in special Interest and Sinking Funds created solely for the benefit of the obligations. At September 30, 2006, the fund balances in the Interest and Sinking Funds are $751,574. Revenues from the Waterworks and Sewer System are also pledged to secure the Certificates of Obligation. 41