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Paris Economic Development Corporation
<br />(A Component Unit of the City of Paris, Texas)
<br />Notes to Financial Statements
<br />September 30, 2014
<br />Note 5: Bonds Payable (continued)
<br />Debt Service requirements related to these bonds are as follows for the years ended September 30:
<br />$ 1,280,000 $ 133,669 $ 1,413,669
<br />A summary of long -term liability transactions for the year ended September 30, 2014, is as follows:
<br />Due
<br />Balance Balance Within
<br />9/30/13 Additions Reductions 9/30/14 One Year
<br />$ 1,570,000 $ - $ 290,000 $ 1,280,000 $ 300,000
<br />Note 6: Pension Plan
<br />PEDC contributes to a simplified employee pension plan for its employees, administered by Edward
<br />Jones. The contribution rate is 5% and amounted to $5,189 during the year ended September 30,
<br />2014.
<br />Note 7: Commitments
<br />PEDC has extended several incentive agreements to various companies and other commitments:
<br />(1) Warehouse Company - Company is to create 35 new jobs providing an incentive amount of
<br />$105,000 of which $30,000 remains to be satisfied as of September 30, 2014.
<br />(2) Commercial Dairy - The incentive is to provide cash payments for creating 150 new jobs in Paris
<br />and Lamar County for five years. This amount is estimated to be $664,300 and expected to
<br />begin in 2017.
<br />(3) Truck Accessories - Company is to open a manufacturing facility in Paris, Texas, and create 15
<br />new jobs. The incentive is for $324,250 for new jobs, training, and infrastructure. At September
<br />30, 2014, $14,746 of the incentive remains to be satisfied. PEDC has also executed a guaranty
<br />in connection with a $75,000 note to a bank.
<br />(4) Retail and Office Structure - Incentive is to participate in reimbursement of sewer line
<br />construction to the extent of $250,000.
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<br />Bonded Debt Requirements
<br />Years
<br />Principal Interest
<br />Total
<br />2015
<br />$ 300,000 $ 50,271
<br />$ 350,271
<br />2016
<br />315,000 40,221
<br />355,221
<br />2017
<br />325,000 28,251
<br />353,251
<br />2018
<br />340,000 14,926
<br />354,926
<br />$ 1,280,000 $ 133,669 $ 1,413,669
<br />A summary of long -term liability transactions for the year ended September 30, 2014, is as follows:
<br />Due
<br />Balance Balance Within
<br />9/30/13 Additions Reductions 9/30/14 One Year
<br />$ 1,570,000 $ - $ 290,000 $ 1,280,000 $ 300,000
<br />Note 6: Pension Plan
<br />PEDC contributes to a simplified employee pension plan for its employees, administered by Edward
<br />Jones. The contribution rate is 5% and amounted to $5,189 during the year ended September 30,
<br />2014.
<br />Note 7: Commitments
<br />PEDC has extended several incentive agreements to various companies and other commitments:
<br />(1) Warehouse Company - Company is to create 35 new jobs providing an incentive amount of
<br />$105,000 of which $30,000 remains to be satisfied as of September 30, 2014.
<br />(2) Commercial Dairy - The incentive is to provide cash payments for creating 150 new jobs in Paris
<br />and Lamar County for five years. This amount is estimated to be $664,300 and expected to
<br />begin in 2017.
<br />(3) Truck Accessories - Company is to open a manufacturing facility in Paris, Texas, and create 15
<br />new jobs. The incentive is for $324,250 for new jobs, training, and infrastructure. At September
<br />30, 2014, $14,746 of the incentive remains to be satisfied. PEDC has also executed a guaranty
<br />in connection with a $75,000 note to a bank.
<br />(4) Retail and Office Structure - Incentive is to participate in reimbursement of sewer line
<br />construction to the extent of $250,000.
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