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City of Paris, Texas
<br />Notes to Financial Statements
<br />September 30, 2007
<br />IV. Detailed Notes on All Funds and Component Unit (Continued)
<br />F. Capital Leases (Continued)
<br />The following is a schedule of the future minimum lease payments under these capital leases and
<br />the present value of the net minimum lease payments at September 30, 2007:
<br />Fiscal Year Ending General
<br />September 30, Obligation
<br />2008 $ 247,753
<br />2009 231,383
<br />2010 91, 860
<br />Total Minimum Lease Payments 570,996
<br />Amount Representing Interest (31,164)
<br />Present Value of Future
<br />Minimum Lease Payments $ 539,832
<br />G. Long-Term Debt
<br />General Obligation Certificates of Obligation and Note:
<br />Water and
<br />Sewer
<br />$ 44,612
<br />44,612
<br />18,588
<br />107,812
<br />(6,147)
<br />$ 101,665
<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 />$6,000,000 Combination Tax and Revenue Certificates of Obligation, Series 2000, due in annual
<br />installments varying from $265,000 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 />$6,060,000 Combination Tax and Revenue Certificates of Obligation, Series 2002, due in annual
<br />installments varying from $230,000 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 />$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 />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 />2007, the fund balances in the Interest _and Sinking Funds are $736,869. Revenues from the
<br />Waterworks and Sewer System are also pledged to secure the Certificates of Obligation.
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