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<br /> <br /> <br /> City of Paris, Texas <br /> Notes to Financial Statements <br /> September 30, 2009 <br /> <br /> <br /> IV. Detailed Notes on All Funds and Component Unit (Continued) <br /> <br /> B. Receivables (Continued) <br /> <br /> Receivables as f year-end for PEDC are as follows: <br /> <br /> Sales T Receivable $ 202,286 <br /> Accrued Interest Receivable 7,715 <br /> Notes Receivable 2,297,282 <br /> Total Receivables $ 2,507,283 <br /> <br /> PEDC has a n ate receivable bearing interest at 7.0% from a corporation located in Paris, Texas, to <br /> assist with the purchase of an existing business. The note is due in monthly installments of <br /> principal and interest of $32,000 through April 15, 2017, at which time the remaining principal is <br /> due. This no is secured by a security agreement, which lists PEDC as having a subordinate <br /> interest in all espects to the financial institution involved and to other individuals as listed in the <br /> security agreement. The balance of this note at September 30, 2009, was $2,247,281. <br /> In past years, EDC granted incentives to a company to assist in locating a business locally and <br /> who did not omply with the terms of the incentive agreement. As a result, the company is <br /> repaying a po ion of the incentive $6,000 monthly. The balance remaining at September 30, <br /> 2009, is $50,0 0. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 36 <br />