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City of Paris, Texas
<br />Notes to Financial Statements
<br />September 30, 2011
<br />IV. Detailed Notes on All Funds and Component Unit (Continued)
<br />F. Long-Term Debt (Continued)
<br />General Obligation Certificates of Obligation and Other Long-Term Obligations (Continued)
<br />$17,075,000 General Obligation Refunding Bonds, Series 2010, due in annual installments
<br />varying from $1,050,000 to $3,445,000, with final payment due June 15, 2020. Interest is payable
<br />semi-annually at rates ranging from 2.0% to 4.0%. On June 15, 2018, or any date thereafter, the
<br />outstanding bonds may be redeemed prior to their scheduled maturities at the City's option. These
<br />bonds were issued February 15, 2010, at a premium for the purpose of refunding $17,220,000 in
<br />outstanding bonds reported as Enterprise Fund debt and General Obligation debt.
<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, 2011,
<br />the fund balances in the Interest and Sinking Funds are $2,076,272.
<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 $66,873. These costs are subject to change resulting from
<br />inflation, deflation, technology, or changes in applicable laws or regulations.
<br />Water Rights Debt:
<br />Long-term debt service requirements for the next five years and after in five year increments are as
<br />follows:
<br />Year Ending
<br />September 30,
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017-2021
<br />2022-2026
<br />2027-2030
<br />General Obligation
<br />Principal Interest
<br />$ 1,080,200 $ 422,842
<br />1,119, 800
<br />1,164,000
<br />1,016,800
<br />860,000
<br />4,390,000
<br />1,340,000
<br />860,000
<br />384,778
<br />343,164
<br />302,096
<br />268,655
<br />845,430
<br />265,873
<br />72,285
<br />Water and Sewer
<br />Principal
<br />$ 3,489,800
<br />1,350,200
<br />1,411,000
<br />1,233,200
<br />1,040,000
<br />2,730,000
<br />$ 11,830,800 $ 2,905,123 $ 11,254,200
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<br />Interest
<br />327,220
<br />243,358
<br />209,284
<br />162,501
<br />134,206
<br />240,113
<br />$ 1,316,682
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