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City of Paris, Texas
<br />Notes to Financial Statements
<br />September 30, 2012
<br />IV. Detailed Notes on All Funds and Component Unit (Continued)
<br />F. Long-term Liabilities (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 $355,000 to $440,000, with final payment due June 15, 2020. Interest is payable
<br />semi-annually at rates ranging from 2.375% 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 i�
<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, 2012,
<br />the fund balances in the Interest and Sinking Funds are $2,677,910.
<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 $66,873. These costs are subject to change resulting from
<br />inflation, deflation, technology, or changes in applicable laws or regulations.
<br />Long-term debt service requirements for the next five years and after in five year increments are as
<br />follows:
<br />Year Ending
<br />September 30,
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017
<br />2018-2022
<br />2023-2027
<br />2028-2032
<br />General Obligation
<br />Principal Interest
<br />$ 1,119,800 $ 384,778
<br />1,164,000 343,164
<br />1,016,800 302,096
<br />860,000 268,655
<br />890,000 238,434
<br />4,120,000
<br />920,000
<br />660,000
<br />$ 10,750,600
<br />42
<br />680,670
<br />232,934
<br />41,550
<br />$ 2,492,281
<br />Water and Sewer
<br />Principal Interest
<br />$ 1,350,200 $ 243,358
<br />1,411,000 209,284
<br />1,233,200 162,501
<br />1,040,000 134,206
<br />650,000
<br />2,080,000
<br />$ 7,764,400
<br />92,400
<br />147,713
<br />$ 989,462
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