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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 De it (Continued)
<br /> PEDC has out tanding Paris Economic Development Corporation Taxable Sales Tax Revenue
<br /> Bonds, Series 1998, originally issued at $4,200,000, bearing interest at 6.25% to 6.625°/x. Principal
<br /> payments are due serially in varying annual amounts to September 1, 2018, from $215,000 to
<br /> $365,000.
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<br /> Sales and Use Taxes (one-quarter of one percent) levied by the City of Paris, Texas, within its
<br /> boundaries and r the Development Corporation Act of 1979, are pledged for payment of bonds and
<br /> interest. The m solution authorizing the issuance of the bonds requires that monthly deposits be
<br /> made to the Debt Service Fund in an amount sufficient to pay the next maturing bonds and interest.
<br /> A Reserve Fu rd 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, 2009, the balances in the
<br /> Debt Service Fund and Reserve Fund are $20,333 and $463,783, respectively.
<br /> Debt Service requirements related to these bonds and notes are as follows:
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<br /> Year Ending Bond Debt Requirements Note Payable
<br /> September 30, Principal Interest Principal Interest Total
<br /> 2010 $ 215,000 $ 166,261 $ 55,644 $ 393 $ 437,298
<br /> 2011 230,000 152,716 - - 382,716
<br /> 2012 245,000 138,111 - - 383,111
<br /> 2013 265,000 122,431 - - 387,431
<br /> 2014 280,000 105,206 - - 385,206
<br /> 2015 300,000 87,006 - - 387,006
<br /> 2016 320,000 67,506 - - 387,506
<br /> 2017 340,000 46,706 - - 386,706
<br /> 2018 365,000 24,181 - - 389,181
<br /> $ 2,560,000 $ 910,124 $ 55,644 $ 393 $ 3,526,161
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<br /> G. Restricted Net Assets and Restricted Asset Accounts
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<br /> The City's Water and Sewer Revenue Bonds and Certificates of Obligation covenants require
<br /> certain restrict ions of net assets. The restricted portions are as follows:
<br /> Restricted for Revenue Bond Operations and Maintenance $ 1,446,619
<br /> Restricted for Contingency 744,249
<br /> Total Restricted Net Assets $ 2,190,868
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<br /> Collections o Notes Receivable are restricted by grant agreements to be used for building
<br /> rehabilitation.
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