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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 />G. Long-Term Debt (Continued)
<br />A summary of long-term liability transactions for the year ended September 30, 2007, follows:
<br />Balance
<br />September 30,
<br />2006 Additions
<br />Governmental Activities
<br />Certificates of Obligation
<br />Note
<br />Capital Leases
<br />Compensated Absences
<br />Governmental Activities
<br />Long-Term Liabilities
<br />Business-Type Activities
<br />Revenue Bonds
<br />Water Rights Debt
<br />Capital Leases
<br />Compensated Absences
<br />Business-Type Activities
<br />Long-Term Liabilities
<br />Component Unit
<br />Bonds Payable
<br />Note Payable
<br />Note Payable
<br />Component Unit-
<br />Long-Term Liabilities
<br />Balance
<br />September 30,
<br />Reductions 2007
<br />Due Within
<br />One year
<br />$ 13,054,000 $ - $ 757,400 $ 12,296,600 $ 792,000
<br /> 41,897 - 7,582 34,315 7,962
<br /> 103,798 639,650 203,616 539,832 227,548
<br /> 658,165 63,831 48,889 673,107 51,000
<br />
<br />$ 13,857,860 $ 703,481 $ 1,017,487 $ 13,543,854 $ 1,078,510
<br />
<br />$ 26,451,000 $ - $ 2,717,600 $ 23,733,400 $ 2,843,000
<br /> 609,619 - 30,702 578,917 31,665
<br /> - 129,392 27,727 101,665 40,661
<br /> 109,896 13,605 8,244 115,257 8,700
<br />
<br />$ 27,170,515 $ 142,997 $ 2,784,273 $ 24,529,239 $ 2,924,026
<br />
<br />$ 3,130,000 $ - $ 180,000 $ 2,950,000 $ 190,000
<br /> 371,360 - 209,370 161,990 161,990
<br /> 677,852 - 197,102 480,750 207,058
<br />
<br />$ 4,179,212 $ - $ 586,472 $ 3,592,740 $ 559,048
<br />For the governmental activities, compensated absences are liquidated by the general fund.
<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, 2007, was $161,990. 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, 2007, was $480,750. Both notes are secured by a tax assignment and security
<br />agreement and contain, to the extent permitted by law, a right of set off in all accounts PEDC has
<br />with the lender.
<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 $190,000 to
<br />$365,000.
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