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CITY OF LA PORTE, TEXAS
<br />NOTES TO THE FINANCIAL STATEMENTS (continued)
<br />Note 6 - Long-Term Debt
<br />September 30, 2014
<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 />2013 Additions (Reductions) 2014 Year
<br />Governmental Activities:
<br />Bonds and notes payable:
<br />General obligation bonds17,550,000$ 9,300,000$ (3,740,000)$ 23,110,000$ 1,890,000$
<br />Certificates of obligation18,905,000 - (8,060,000) 10,845,0001,385,000
<br /> Premium/Discount on bond issuance
<br />675,372608,166 (127,585) 1,155,953
<br /> -
<br />Total bonds payable 37,130,372 9,908,166(11,927,585) 35,110,953 3,275,000
<br />Compensated Absences 3,273,660 120,556 (238,593) 3,155,623 157,781
<br />Net pension obligation 2,336,170 3,179,939 (3,156,875) 2,359,234
<br /> -
<br />Net OPEB obligation 7,531,737 2,285,135 (777,410) 9,039,462
<br /> -
<br />Total Governmental Activities$ 50,271,939$ 15,493,796$ (16,100,463)$ 49,665,272$ 3,432,781
<br />Balance Balance Amounts Due
<br />September 30, September 30, Within One
<br />2013 Additions (Reductions) 2014 Year
<br />Business-type Activities:
<br />Bonds payable:
<br />Revenue bonds$ 2,270,000$ $ 1,640,000$ 650,000
<br />$ -(630,000)
<br />Public property finance certificates of obligation787,500 525,000 262,500
<br /> -(262,500)
<br />Premium on bond issuance 59,862 - (17,312) 42,550
<br /> -
<br />Total Bonds Payable 3,117,362 2,207,550 912,500
<br /> - (909,812)
<br />Compensated absences 211,931 2,477 (2,976) 211,432 16,915
<br />Net pension obligation 274,194 372,955 (370,364) 276,785
<br /> -
<br />OPEB obligation 988,830 309,621 (102,826) 1,195,625
<br /> -
<br />Total Business-type Activities$ 4,592,317$ 685,053$ (1,385,978)$ 3,891,392$ 929,415
<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.
<br />3/5/2015
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