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City of Paris, Texas
<br /> Notes to Financial Statements (Continued)
<br /> Septeraber 30, 2002
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<br />III. Detailed Notes on Ail Funds and Account Groups (Continued)
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<br /> B. Receivables and Transfers (Continued)
<br />
<br /> Interfund operating transfers during the year consist of the following:
<br />
<br /> Fund
<br /> From To Amount Purpose
<br />
<br /> Water and Sewer General $ 350,000 In Leiu of Franchise Tax
<br /> Water and Sewer General 750,000 Administrative Fee
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<br /> C. Fixed Assets
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<br /> A summary of changes in General Fixed Assets follows:
<br />
<br /> Balance Balance
<br /> Septem~Der 30, September 30,
<br /> 2001 Additions Deletions 2002
<br /> Real Property $ 25,236,758 $ 1,088,568 $ 49,179 $ 26,276,147
<br /> Furniture and Fixtures 1,649,596 1,649,596
<br /> Automobiles, Trucks
<br /> and Equipment 13,052,698 297,579 364,021 12,986,256
<br /> Total General
<br /> Fixed Assets $ 39,939,052 $ 1,386,147 $ 413,200 $ 40,911,999
<br />
<br /> A summary of proprietary fund type property, plant, and equipment at
<br /> September 30, 2002, follows:
<br /> Water and
<br /> Sewer Fund
<br /> Land, Plant, Pumps and Motors $ 30,421,763
<br /> Distribution and Collection Systems 44,245,342
<br /> Furniture, Equipment, and Vehicles 2,633,438
<br /> Construction in Progress 3,826,863
<br /> 81,127,406
<br /> Less Accumulated Depreciation 30,119,960
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<br /> Total Net Fixed Assets $ 51,007,446
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<br /> D. Capital Leases
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<br /> The City has lease agreements as lessee for financing the acquisition of
<br /> equipment. These lease agreements qualify as capital leases for accounting
<br /> purposes and, therefore, have been recorded at the present value of the
<br /> future minimum lease payments as of the date of their inception. The
<br /> following is a schedule of the future minimum lease payments under these
<br /> capital leases and the present value of the net minimum lease payments at
<br /> September 30, 2002:
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