05 Audit for FY01-02 - Laserfiche WebLink

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City of Paris, Texas __ Notes to Financial Statements (Continued) September 30, 2002 III. Detailed Notes on Ail Funds and Account Groups (Continued) E. Long-Term Liabilities (Continued) General Obligation Certificates of Obligation and Note: $120,600 note payable for the construction of aircraft hangars and associated appurtenances at the City's Cox Field was obtained February 27, 1991. The note bears interest at 5% with principal and interest payments of $9,677 made in annual installments through March 2011. $5,000,000 Certificates of Obligation, Series 1993, due in annual installments varying from $225,000 to $405,000 with final payment due in 2013. Interest is payable semi-annually at rates ranging from 4.5% to 6.0%. On December 15, 2003, or any date thereafter, unpaid principal installments may be prepaid or redeemed prior to their scheduled due dates at the City's option. $6,000,000 Combination Tax and Revenue Certificates of Obligation, Series 2000, due in annual installments varying from $185,000 to $495,000 with final payment due in 2020. Interest is payable semi- annually at rates ranging from 5.30% to 6.75%. On Deceraber 15, 2009, or any date thereafter, unpaid principal installments may be prepaid or redeemed prior to their scheduled due dates at the City's option. $6,060,000 Combination Tax and Revenue Certificates of Obligation, Series 2002, due in annual installments varying from $190,000 to $460,000 with final payment due in 2021. Interest is payable semi- annually at rates ranging from 3.25% to 4.70%. On December 15, 2012 or any date thereafter, unpaid principal installments may be prepaid or redeemed prior to their scheduled due dates at the City's option. The ordinances require that ad valorem taxes be levied and collected at a rate sufficient to pay principal and interest as they come due. They also require that these funds be placed in special Interest and Sinking Funds created solely for the benefit of the obligations. At September 30, 2002, the balances in the Interest and Sinking Funds are $624,713. Revenues from the Waterworks and Sewer System are also pledged to secure the Certificates of Obligation. Water and Sewer Revenue Bonds and Certificates of Obligation: $5,500,000 Certificates of Obligation, Series 1994, due in annual installments varying from $230,000 to $445,000 with final payment due in 2014. Interest is payable semi-annually at rates ranging from 5.4% to 7.4%. $5,000,000 Waterworks and Sewer System Revenue Bonds, Series 1997, due in annual installments varying from $210,000 to $420,000 with final payment due in 2016. Interest is payable semi-annually at rates ranging from 4.5% to 6.5%.