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<br /> 7. CONTRACT REVENUE BONDS PAYABLE, DEBT SERVICE REQUIREMENTS
<br /> AND BONDS RESOLUTION REQUIREMENTS (Continued)
<br /> Bonds payable activity for the year ended September 30, 2010, was as follows:
<br /> Amounts
<br /> Beginning Ending Due Within
<br /> Bonds Balance Additions Retirements Balance One Year
<br /> Contract Revenue Refunding
<br /> Bonds, Series 1999 $ 4,605,000 $ - $ 4,605,000 $ - $ -
<br /> Contract Revenue Refunding
<br /> Bonds, Series 2010 - 4,085,000 - 4,085,000 585,000
<br /> Premium on bonds - 118,628 6,782 111,846 17,294
<br /> Deferred amount of refunding - 13,287 75 13,212 1,938
<br /> $ 4,605,000 $ 4,216,915 $ 4,611,857 $ 4,210,058 $ 604,232
<br /> As of September 30, 2010, the debt service requirements on contract revenue bonds outstanding
<br /> for the next five fiscal years and thereafter through 2017 are as follows:
<br /> Year Ending Total
<br /> September 30, Principal Interest Requirements
<br /> 2011 $ 585,000 $ 104,488 $ 689,488
<br /> 2012 605,000 88,150 693,150
<br /> • 2013 625,000 73,556 698,556
<br /> 2014 630,000 58,650 688,650
<br /> 2015 650,000 41,838 691,838
<br /> 2016 -2017 990,000 29,250 1,019,250
<br /> Total $ 4,085,000 $ 395,932 $ 4,480,932
<br /> In the current year, the Authority defeased certain revenue refunding bonds by placing the
<br /> proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on
<br /> the old bonds. Accordingly, the trust account assets and liabilities for the defeased bonds are not
<br /> included in the Authority's financial statements. On September 30, 2010, there were no bonds
<br /> considered defeased and still outstanding.
<br /> 8. FUND NET ASSETS
<br /> The Authority provides surface water to the City of La Porte, Texas (the "City ") and the Cities of
<br /> Shoreacres and Morgan's Point in order for these entities to comply with certain requirements
<br /> imposed by the Harris County Subsidence District. The City retains the rights to approximately
<br /> 86% of the water capacity of the Authority with the Cities of Shoreacres and Morgan's Point
<br /> retaining the rights to the remaining 14 %. The City and the Cities of Shoreacres and Morgan's
<br /> Point have agreed to service the debt on the Authority's contract revenue bonds and to fund
<br /> operations of the Authority in relation to their capacity rights and to purchase water based on
<br /> actual consumption.
<br /> (continued)
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