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CITY OF LA PORTE, TEXAS Exhibit A-10
<br />NOTES TO FINANCIAL STATEMENTS (continued)
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<br />Note 6 Î Long-Term Debt and Other Long-Term Obligations (continued)
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<br />Changes in the CityÓs long-term liabilities for the year ended September 30, 2020 are as follows:
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<br />BalanceBalanceAmounts
<br />September 30September 30Due Within
<br />2019
<br />AdditionsReductions2020One Year
<br />Governmental Activities:
<br />Bonds payable:
<br />General Obligation Bonds$ 16,425,000$ 2,705,000 (2,480,000)$ 16,650,000$ 2,675,000
<br />Certificates of Obligation19,405,000 (4,220,000)- 15,185,000 885,000
<br />Premium on bond issuance1,068,378352,246 (230,152) 1,190,472 -
<br />Total bonds payable 36,898,378 3,057,246 (6,930,152) 33,025,472 3,560,000
<br />Due to developers2,624,6612,369,746 - 4,994,407 -
<br />Compensated absences3,214,517297,967 (23,023) 3,489,461 174,473
<br />Total Governmental Activities$ 42,737,556$ 5,724,959$ (6,953,175)$ 41,509,340$ 3,734,473
<br />Business-type Activities:
<br /> Compensated absences$ 129,050$ 34,102$ -$ 163,152$ 8,158
<br />Total Business-type Activities$ 129,050$ 34,102$ -$ 163,152$ 8,158
<br />Long-
<br />term liabilities applicable to the CityÓs governmental activities are not due and payable in the current period and,
<br />accordingly, are not reported as fund liabilities in the governmental funds. Compensated absences generally are
<br />paid by the General Fund for the governmental activities.
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<br />General Obligation Bonds and Certificates of Obligation
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<br />General Obligation Bonds are direct obligations issued on a pledge of the general taxing power for the payment of
<br />the debt obligations of the City. General Obligations bonds and Certificates of Obligation require the City to
<br />compute, at the time other taxes are levied, the rate of tax required to provide (in each years bonds are outstanding)
<br />a fund to pay interest and principal maturity. The City is in compliance with this requirement.
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<br />Governmental Activities
<br />FiscalGeneral Obligation BondsCertificate of Obligation
<br />Year PrincipalInterestPrincipalInterest
<br />20212,675,000$ $526,450885,000$ $277,328
<br />20222,755,000 440,875 895,000 263,653
<br />2023 2,830,000 352,825 915,000 248,787
<br />2024 2,915,000 257,400 925,000 232,752
<br />2025 2,965,000 156,000 945,000 215,587
<br />2026 - 20302,510,000 177,500 6,565,000 721,601
<br />2031 - 2035 - - 2,845,000 230,708
<br />2036 - 2038 - - 1,210,000 2 2,023
<br />$ 16,650,000$ 1,911,050$15,185,000$2,212,439
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<br />Draft 3-12-21
<br /> 55 Fiscal Year 2020 Annual Report
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