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City of Paris, Texas
<br /> Notes to Financial Statements (Continued)
<br /> September 30, 2002
<br />
<br />Detailed Notes on Ail Funds and Account Groups (Continued)
<br />
<br />E. Long-Term Liabilities (Continued)
<br />
<br />Water and Sewer Revenue Bonds and Certificates of Obligation (Continued):
<br />
<br /> $6,905,000 Waterworks and Sewer System Revenue Refunding Bonds,
<br /> Series 1998, due in annual installments varying from $545,000 to
<br /> $850,000 with final payment due in 2011. Interest is payable semi-
<br /> annually at rates ranging from 4.05% to 4.95%.
<br />
<br /> $5,810,000 Tax and Revenue Refunding Bonds, Series 1998, due in annual
<br /> installments varying from $460,000 to $715,000 with final payment due
<br /> in 2011. Interest is payable semi-annually at rates ranging from 4~05%
<br /> to 4.95%.
<br />
<br /> $9,500,000 Waterworks and Sewer System Revenue Bonds, Series 2000, due
<br /> in annual installments varying from $185,000 to $835,000 with final
<br /> payment due in 2020. Interest is payable semi-annually at rates
<br /> ranging from 5.375% to 6.875%.
<br />
<br /> $5,130,000 Tax and Revenue Refunding Bonds, Series 2001, due in annual
<br /> installments varying from $430,000 to $605,000 with final payment due
<br /> in 2011. Interest is payable semi-annually at rates ranging from 3.5%
<br /> to 4.125%.
<br />
<br /> On Decem~Der 15, 2004, for Series 1994; on June 15, 2007, for series 1997;
<br /> on December 15, 2008, for both 1998 series; on June 15, 2010, for Series
<br /> 2000, and on December 15, 2009, for Series 2001, or any date thereafter,
<br /> the unpaid installments of principal may be prepaid or redeemed prior to
<br /> their scheduled due dates at the option of the City.
<br />
<br /> The revenues of the Waterworks and Sewer System, after deducting the
<br /> expenses of operation and maintenance, are pledged for payment of bonds
<br /> and interest. The ordinances authorizing the issuance of the bonds
<br /> require that monthly deposits be made to Interest and Sinking Funds in
<br /> amounts sufficient to pay the next maturing bonds and interest.
<br />
<br /> A Reserve Fund is required to be accumulated with a required reserve
<br /> amount of at least $1,677,519, the average annual principal and
<br /> interest requirements of the 1997, 1998, and 2000 Series bonds. The
<br /> ordinances also call for the creation of a Contingency Fund into
<br /> which equal monthly deposits are made until the balance is $500,000.
<br /> At September 30, 2002, the balances in the Interest and Sinking Funds,
<br /> Reserve Fund, and Contingency Fund are $2,079,514, $1,709,358, and
<br /> $723,366, respectively. In addition, Series 1994, and Series 1998 Tax
<br /> and Revenue Refunding Bonds ordinances require that ad valorem taxes be
<br /> levied and collected at a rate sufficient to pay bonds and interest as
<br /> they come due.
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