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<br />L7
<br />CITY OF LA PORTE, TEXAS —
<br />Notes to the Financial Statements - Continued
<br />September 30, 2004
<br />6. Long Term Liabilities - Continued
<br />Changes in Outstanding Debt -
<br />Transactions for the year ended September 30, 2004 are summarized as follows:
<br />Balance Issues
<br />Balance
<br />October 1, or
<br />Payments or
<br />September 30,
<br />Due within
<br />2002 Additions
<br />Expenditures
<br />2003
<br />one year
<br />Governmental Type Activities
<br />General Obligation Bonds
<br />$ 12,170,000 -
<br />$ 1,340,000
<br />$ 10,830,000
<br />$ 1,671,536
<br />Certificates of Obligation
<br />2,550,000 -
<br />150,000
<br />2,400,000
<br />280,050
<br />Total governmental fund types
<br />14,720,000 -
<br />1,490,000
<br />13,230,000
<br />1,951,586
<br />Business Type Activities
<br />Revenue Bonds Payable
<br />9,115,000 -
<br />985,000
<br />8,130,000
<br />1,379,750
<br />Less: Unamortized Refunding Loss
<br />(31,642) -
<br />(15,821)
<br />(15,821)
<br />(15,822)
<br />Total business fund types
<br />9,083,358 -
<br />969,179
<br />8,114,179
<br />1,363,928
<br />Total of all fund types
<br />$ 23,803,358 $ -
<br />$ 2,459,179
<br />$ 21,344,179
<br />$ 3,315,514
<br />General Obligation Bonds and Certificates of Obligation -
<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 with
<br />this requirement.
<br />Arbitrage provisions of the Internal Revenue Tax Act of 1986 require the City to rebate excess arbitrage
<br />earnings from bond proceeds to the federal government. As provided for by the bond indentures, this
<br />amount has been recorded as a liability in the General Fund for the benefit of the federal government and
<br />will be paid as required by applicable regulations.
<br />Certain General Obligation Bonds and Certificate of Obligations Bonds are to be repaid by revenues of the
<br />proprietary funds.
<br />.E
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