03-22-21 Regular Meeting of the La Porte City Council

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CITY OF LA PORTE, TEXAS Exhibit A-10 NOTES TO FINANCIAL STATEMENTS (continued) Note 6 Î Long-Term Debt and Other Long-Term Obligations The City issues a variety of long-term debt instruments in order to acquire and/or construct major capital facilities and equipment for governmental and business-type activities. These instruments include general obligation bonds, certificates of obligation and revenue bonds. Future ad valorem tax revenues, water and sewer system revenues or liens on property and equipment secure these debt obligations. The schedule below details the terms of public property finance contractual obligation, general obligation bonds, certificates of obligations and revenue bonds outstanding as of September 30, 2020: Governmental Activities 2012 General Obligation Refunding Bonds due in annual payments through March 15, 2025; interest at .65% to 3.00% $9,435,000 issued to refund previous debt.7,085,000$ 2014 General obligation Refunding Bonds due in annual payments through March15, 2025; interest at 2.00% to 3.50% $9,300,000 issued to refunding previous debt. 4,410,000 2015 Certificates of Obligation due in annual installments through March 15, 2030; interest at 2.25% to 3.00% $7,770,000 issued for water and sewer system improvements, and street and drainage improvements. 5,970,000 2016 General Obligation Refunding Bonds due in annual payments through March 15, 2029; interest at 2.00% to 4.00% $3,165,000 issued to refund previous debt. 2,465,000 2017 Certificates of Obligation due in annual payments through March 15, 2037; interest at 0.14% to 1.82% $10,635,000 issued for construction of wastewater system.9,215,000 2020 General Obligation Refunding Bonds due in annual payments through March 15, 2026; interest at 3.0% to 5.0% $2,705,000 issued to refund previous debt.2,690,000 Total Bonds and Certificates of Obligation Payable $ 31,835,000 Draft 3-12-21 54 Fiscal Year 2020 Annual Report