|
CITY OF LA PORTE, TEXAS
<br />NOTES TO THE FINANCIAL STATEMENTS (continued)
<br />Note 6 - Long-Term Debt (continued)
<br />Revenue Bonds
<br />Water and Sewer Revenue Bonds constitute special obligations of the City solely secured by a lien on and
<br />pledge of the net revenues of the water and sewer system. The Revenue Bonds are collateralized by the
<br />revenue of the water and sewer system and the various special funds established by the bond ordinances.
<br />The ordinances provide that the revenue of the system is to be used first to pay operating and maintenance
<br />expenses of the system and second to establish and maintain the Revenue Bond funds. Remaining
<br />revenues may then be used for any lawful purpose. The ordinances also contain provisions, which, among
<br />other items, restrict the issuance of additional Revenue Bonds unless the special funds noted above
<br />contain the required amounts and certain financial ratios are met. The City is in compliance with all
<br />significant financial requirements as of September 30, 2011.
<br />The annual aggregate maturities for each bond type for the years subsequent to September 30, 2011 are as
<br />follows:
<br />General Obligation BondsCertificates of Obligation
<br /> Governmental Activities Governmental Activities
<br />Fiscal YearPrincipalInterestPrincipalInterest
<br />20121,045,000$ 567,149$ 1,125,000$ 1,139,437$
<br />20131,045,000 539,887 1,245,000 1,043,029
<br />20141,165,000 504,849 1,320,000 1,017,699
<br />20151,175,000 471,172 1,385,000 995,164
<br />20161,185,000 435,681 1,445,000 965,646
<br />20171,205,000 398,824 1,500,000 939,113
<br />20181,215,000 354,974 1,575,000 915,480
<br />20191,230,000 313,680 1,650,000 882,446
<br />20201,120,000 267,944 1,725,000 849,313
<br />2021820,000 234,938 1,810,000 807,909
<br />2022845,000 207,710 1,895,000 768,365
<br />2023865,000 174,229 1,975,000 721,526
<br />2024890,000 144,348 2,065,000 677,146
<br />2025915,000 113,300 2,155,000 178,786
<br />2026- - 1,050,000 113,092
<br />2027- - 540,000 70,130
<br />2028- - 560,000 36,330
<br />2029- - 585,000 12,285
<br />$ 4,728,68414,720,000$ 25,605,000$ 12,132,896$
<br />43
<br />
<br />
|