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NOTES TO FINANCIAL STATEMENTS - Continued
<br />December 31, 1985
<br />Note 5: Long -Term Debt - Continued
<br />B. Statement of Chanqes in Long -'Perm Debt:
<br />General Special
<br />Long -Term Assessment
<br />Debt Debt Total
<br />Long-term debt, beginning of year $ 245,577 $2,785,000 $3,030,577
<br />Debt retired (35,000) (405,000) (440,000)
<br />Debt acquired 900,000 900,000
<br />Net change in vacation and
<br />severance benefits payable 15,830 15,830
<br />'gong -Term Debt, End of Year $ 22E,407 $3,280,000 $3,506,407
<br />C. Mi.- mum Annual Principal and Interest Payments Requited to Retire
<br />. Lonq-Term Debt Excluding Vacation and Severance Benciits Payable:
<br />• General Spe Aal
<br />Year Ending Obligation Assessment
<br />December 31, Bonds Debt Total
<br />1986 $ 39,986 $ 652,654 $ 692,640
<br />1987 42,970 636,280 679,250
<br />1988 35,945 492,219 528,164
<br />,"9 470,725 47_,725
<br />424,813 424,813
<br />U1 1,961,481 1,961,481
<br />$ 118,901 $4,638,172 $4,757,073
<br />D. Descrip — ons and Restrictions of Long -Term Debt:
<br />General (`'?igation Bonds - These bonds were issued for improvements
<br />or proie(_ which benefit the City as a whole and are, therefore,
<br />repaid from ad valorem levies.
<br />vacation and Severance Benefits Payable - This liability represent:-
<br />vrtsted benefits earned by employees through the end of the year,
<br />_ which will .-)e pa'i ur used in future periods.
<br />Special Assessineut Bonds - These bonds were issued to finance
<br />various improvements and will be repaid primarily from special
<br />assessme►its levied on the properties rx i nancedgbfroam the valorem
<br />improvements. Some issues ckre partly
<br />levies.
<br />The Refundinq Bonds of 1976 were iss'ied to refund the Improvement
<br />Bonds of 1970A, 1970B, and 1974. The assets and liabilities
<br />relating to these refunded issues are not included in these finan-
<br />cial statements.
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