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<br />City of Paris, Texas
<br />Notes to Financial Statements
<br />September 30,2006
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<br />IV. Detailed Notes on All Funds and Component Unit (Continued)
<br />G. Long-Term Debt (Continued)
<br /> Balance Balance
<br /> September 30, September 30, Due Within
<br /> 2005 Additions Reductions 2006 One year
<br />Governmental Activities
<br />Certificates of Obligation $ 13,776,800 $ $ 722,800 $ 13,054,000 $ 757,400
<br />Note 49,119 7,222 41,897 7,582
<br />Capital Leases 238,734 134,936 103,798 66,371
<br />Compensated Absences 531,745 244,225 117,805 658,165 144,800
<br />Governmental Activities
<br />Long-Term Liabilities $ 14,596,398 $ 244,225 $ 982,763 $ 13,857,860 $ 976,153
<br />Business- Type Activities
<br />Revenue Bonds $ 29,053,200 $ $ 2,602,200 $ 26,451,000 $ 2,717,600
<br />Water Rights Debt 639,388 29,769 609,619 30,702
<br />Compensated Absences 89,172 28,4 71 7,747 109,896 9,900
<br />Business-type Activities
<br />Long - T erm Liabilities $ 29,781,760 $ 28,471 $ 2,639,716 $ 27,170,515 $ 2,758,202
<br />Component Unit
<br />Bonds Payable $ 3,295,000 $ $ 165,000 $ 3,130,000 $ 180,000
<br />Note Payable 573,083 201,723 371,360 209,299
<br />Note Payable 865,384 187,532 677,852 197,023
<br />Component Unit-
<br />Long-Term Liabilities $ 4,733,467 $ $ 554,255 $ 4,179,212 $ 586,322
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<br />For the governmental activities, compensated absences are liquidated by the general fund.
<br />
<br />PEDC has two notes payable to a bank to fund an incentive agreement with a corporation planning
<br />to create and operate a computer services business in Paris, Texas and for funding for an industrial
<br />park. One note bears interest at a rate of 3.692% with principal and interest payments due on a
<br />monthly basis. The balance of the note at September 30, 2006, was $371,360. A second note
<br />bears interest at a rate of 4.942% with principal and interest due on a monthly basis. The balance as
<br />of September 30, 2006, was $677,852. Both notes are secured by a tax assignment and security
<br />agreement and contain, to the extend permitted by law, a right of set off in all accounts PEDC has
<br />with the lender.
<br />
<br />PEDC has outstanding Paris Economic Development Corporation Taxable Sales Tax Revenue
<br />Bonds, Series 1998, originally issued at $4,200,000, bearing interest at 6.625% to 7.75%. Principal
<br />payments are due serially in varying annual amounts to September 1, 2018, from $180,000 to
<br />$365,000.
<br />
<br />Sales and Use Taxes (one-quarter of one percent) levied by the City of Paris, Texas, within its
<br />boundaries under the Development Corporation Act of 1979, are pledged for payment of bonds and
<br />interest. The resolution authorizing the issuance of the bonds requires that monthly deposits be
<br />made to the Debt Service Fund in an amount sufficient to pay the next maturing bonds and interest.
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