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<br />City of Paris, Texas
<br />Notes to Financial Statements
<br />September 30, 2006
<br />
<br />IV, Detailed Notes on All Funds and Component Unit (Continued)
<br />
<br />G. Long-Term Debt (Continued)
<br />
<br />A Reserve Fund is required to be maintained with a balance of at least $388,708, the average
<br />annual principal and interest requirements of the bonds. At September 30, 2006, the balances in the
<br />Debt Service Fund and Reserve Fund are $56,218 and $428,807, respectively.
<br />
<br />Debt Service requirements related to these bonds and notes are as follows:
<br />
<br />Year Ending
<br />September 30,
<br />2007
<br />2008
<br />2009
<br />2010
<br />2011
<br />2012-2016
<br />2017-2018
<br />
<br />Bond Debt Requirements
<br />Principal Interest
<br />$ 180,000 $ 207,436
<br />190,000 193,486
<br />200,000 178,761
<br />215,000 166,261
<br />230,000 152,716
<br />1,410,000 520,261
<br />705,000 70,888
<br />
<br />Note Payable
<br />Principal Interest
<br />$ 209,299 $ 10,340
<br />162,061 2,549
<br />
<br />Note Payable
<br />Principal Interest
<br />$ 197,023 $ 29,477
<br />207,058 19,442
<br />217,733 8,767
<br />56,038 473
<br />
<br />Total
<br />$ 833,575
<br />774,596
<br />605,261
<br />437,772
<br />382,716
<br />1,930,261
<br />775,888
<br />
<br />$ 3,130,000 $ 1,489,809 $ 371,360 $ 12,889 $ 677,852 $ 58,159 $ 5,740,069
<br />
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<br />
<br />H. Restricted Net Assets and Restricted Asset Accounts
<br />
<br />The City's Water and Sewer Revenue bonds and Certificates of Obligation covenants require
<br />certain restrictions of net assets. The restricted portions are as follows:
<br />Restricted for Revenue Bond Operations and Maintenance
<br />Restricted for Contingency
<br />Total Restricted Net Assets
<br />
<br />$ 750,076
<br />645,234
<br />$ 1,395,310
<br />
<br />Collections of Notes Receivable are restricted by grant agreements to be used for building
<br />rehabilitation.
<br />
<br />The balances of the City's restricted asset accounts are as follows:
<br />
<br /> Certificates of Accrued
<br /> Deposits and Interest and
<br /> Cash and Cash Other Other
<br /> Equivalents Investments Receivables
<br />Customer Deposits $ 77,825 $ 576,689 $
<br />Revenue Bond Contingency 38,240 605,485 1,509
<br />Revenue Bond Construction Account 1,487,008
<br />Revenue Bond Current Debt Service Account, 1,993,586
<br />Revenue Bond Future Debt Service Account 87,550 1,760,035 2,234
<br />Funding Future Water Storage Rights 2,371,431 19,052
<br />Notes Receivable 55,882
<br />Total Restricted Assets $ 6,055,640 $ 2,942,209 $ 78,677
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