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<br />
<br />
<br /> City of Paris, Texas
<br /> Notes to Financial Statements
<br /> September 30, 2009
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<br /> IV. Detailed Notes on All Funds and Component Unit (Continued)
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<br /> F. Long-Term Debt
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<br /> General Obligation Certificates of Obligation and Other Long-Term Obligations:
<br /> $6,000,000 C mbination Tax and Revenue Certificates of Obligation, Series 2000, due in annual
<br /> installments varying from $280,000 to $495,000 with final payment due December 15, 2019.
<br /> Interest is payable semi-annually at rates ranging from 5.3% to 6.0%. On December 15, 2009, or
<br /> 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 $255,000 to $460,000 with final payment due December 15, 2021.
<br /> Interest is payable semi-annually at rates ranging from 4.0% to 4.7%. On December 15, 2012, or
<br /> 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 $410,00 to $800,000 with final payment due December 15, 2014. Interest is payable semi-
<br /> annually at ra es ranging from 3.1% 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 terest as they come due. They also require that these funds be placed in special
<br /> Interest and S Inking Funds created solely for the benefit of the obligations. At September 30,
<br /> 2009, the fun balances in the Interest and Sinking Funds are $712,570. Revenues from the
<br /> Waterworks a d Sewer System are also pledged to secure the Certificates of Obligation.
<br /> $120,600 not 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.
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<br /> The State of Texas is requiring additional monitoring of a landfill owned by the City that has been
<br /> closed for several years. The City and its' consultants estimate that, based on known
<br /> requirements, future costs may be $84,843. These costs are subject to change resulting from
<br /> inflation, deflation, technology, or changes in applicable laws or regulations.
<br /> Water and Sewer Revenue Bonds and Certificates of Obligation:
<br />
<br /> $5,000,000 Waterworks and Sewer System Revenue Bonds, Series 1997, due in annual
<br /> installments varying from $305,000 to $420,000 with final payment due June 15, 2016. Interest is
<br /> payable semi- annually at rates ranging from 4.5% to 5%.
<br />
<br /> $6,905,000 aterworks and Sewer System Revenue Refunding Bonds, Series 1998, due in annual
<br /> installments varying from $770,000 to $850,000 with final payment due December 15, 2011.
<br /> Interest is payable semi- annually at rates ranging from 4.6% to 4.95%.
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