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CITY OF LA PORTE, TEXAS
<br />NOTES TO THE FINANCIAL STATEMENTS (continued)
<br />Note 6 - Long-Term Debt (continued)
<br />September 30, 2012
<br />During the year ended , the following changes occurred in long-term liabilities:
<br /> Balance Balance Amounts Due
<br />September 30, September 30, Within One
<br />2011 Additions (Reductions) 2012Year
<br />Governmental Activities:
<br />Bonds and notes payable:
<br />General obligation bonds14,720,000$ 9,435,000$ (5,485,000)$ 18,670,000$ 1,120,000$
<br />Certificates of obligation25,605,000 - (5,455,000) 20,150,0001,245,000
<br /> Premium/Discount on bond issuance
<br />443,032297,437 - 740,469 -
<br /> Deferred Loss on Refunding
<br />$ (896,031)- 36,288 (859,743)-
<br />Total bonds payable40,768,032 8,836,406 (10,903,712) 38,700,726 2,365,000
<br />Compensated Absences3,384,117 115,820 (58,495) 3,441,442 172,072
<br />Net pension obligation2,071,633 3,273,831 (3,032,153) 2,313,311 -
<br />Net OPEB obligation4,655,956 2,032,052 (575,448) 6,112,560 -
<br />Arbitrage304,474 (304,474) - -
<br />Total Governmental Activities
<br />$ 14,258,10951,184,212$ (14,874,282)$ 50,568,039$ 2,537,072$
<br />Balance Balance Amounts Due
<br />September 30, September 30, Within One
<br />2011 Additions (Reductions) 2012Year
<br />Business-type Activities:
<br />Bonds payable:
<br />Revenue bonds3,500,000$ -$ (605,000)$ 2,895,000$ 625,000$
<br /> Public property finance certificates of
<br />obligation
<br /> -1,312,500 (262,500) 1,050,000 262,500
<br />Premium on bond issuance94,534 - (17,312) 77,222 -
<br />Refunding gain 11,168 - (2,049) 9,119 -
<br />Total Bonds Payable4,918,202 - (886,861) 4,031,341 887,500
<br />Compensated absences254,400 - (14,711) 239,689 19,175
<br />Net pension obligation 242,813 384,709 (356,062) 271,460 -
<br />OPEB obligation 608,949 266,132 (75,293) 799,788 -
<br />Total Business-type Activities
<br />$ 650,8416,024,364$ (1,332,927)$ 5,342,278$ 906,675$
<br />Long-term liabilities applicable to the City's governmental activities are not due and payable in the
<br />current period and, accordingly, are not reported as fund liabilities in the governmental funds.
<br />Compensated absences generally are paid by the General Fund for the governmental activities. Net
<br />pension obligation is liquidated by the general fund. Interest on long-term debt is not accrued in
<br />governmental funds, but rather is recognized as an expenditure when due.
<br />General Obligation Bonds and Certificates of Obligations
<br />General Obligation Bonds are direct obligations issued on a pledge of the general taxing power for the
<br />payment of the debt obligations of the City. General Obligations Bonds and Certificates of Obligation
<br />require the City to compute, at the time other taxes are levied, the rate of tax required to provide (in each
<br />years bonds are outstanding) a fund to pay interest and principal at maturity. The City is in compliance
<br />with this requirement.
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