Laserfiche WebLink
<br />3. DETAILED NOTES ON ALL FUNDS <br /> <br />Deposits <br /> <br />Custodial Credit Risk. In the case of deposits, this is the risk that in the event of a bank <br />failure, the Authority's deposits may not be returned to it. State statutes require that all <br />deposits in financial institutions be fully collateralized by U. S. Government obligations or its <br />agencies and instrumentalities, or direct obligations of Texas or its agencies and <br />instrumentalities that have a fair value of not less than the principal amount of deposits. As <br />of September 30, 2008, $221,179 of the Authority's $321,179 deposit balance was <br />collateralized with securities held by the pledging financial institution. The remaining <br />balance, $100,000, was covered by FDIC insurance. <br /> <br />Lonl!;-term Oblie:ations - Due to the City of La Porte <br /> <br />The City of La Porte financed capital improvements on behalf of the Authority. A payment <br />schedule has not been determined between the City and the Authority. Long-term liability <br />activity for the year ended September 30, 2008, was as follows: <br /> <br /> Beginning Ending <br /> Balance Additions Reductions Balance <br />Governmental activities: <br />Due to the City of <br />La Porte $ 662,000 $ $ 46,974 $ 615,026 <br /> $ 662,000 $ $ 46,974 $ 615,026 <br /> <br />10 <br />