|
CITY OF LA PORTE, TEXAS
<br /> Notes to the Financial Statements
<br /> September 30, 2010
<br /> 5. Long Term Liabilities - Continued
<br /> Changes in Outstanding Debt -
<br /> Transactions for the year ended September 30, 2010 are summarized as follows:
<br /> Balance Issues Balance
<br /> October 1, or Payments or September 30, Due within
<br /> 2009 Additions Expenditures 2010 one year
<br /> Governmental Type Activities
<br /> General obligation bonds $ 15,190,000 $ 4,295,000 $ 3,770,000 $ 15,715,000 $ 995,000
<br /> Certificates of obligation 22,445,000 6,265,000 2,360,000 26,350,000 1,070,000
<br /> Premium on debt issues 302,015 224,008 47,400 478,623 -
<br /> Compensated absences 2,964,115 304,841 70,543 3,198,413 149,000
<br /> Net pension obligation 554,740 3,200,285 2,447,854 1,307,171 -
<br /> Net OPEB obligation 1,554,831 2,119,529 458,254 3,216,106 -
<br /> Arbitrage 304,474 - - 304,474 94,797
<br /> Retainage payable 102,447 - 102,447 - -
<br /> Total governmental type activities 43,417,622 16,408,663 9,256,498 50,569,787 2,308,797
<br /> Business Type Activities
<br /> Revenue bonds 4,605,000 4,085,000 4,605,000 4,085,000 585,000
<br /> Public property finance
<br /> contractual obligation 1,837,500 - 262,500 1,575,000 262,500
<br /> Refunding gain - 13,212 - 13,212 -
<br /> Premium on bonds - 111,846 - 111,846 -
<br /> Compensated absences 370,588 16,181 9,189 377,580 30,000
<br /> Net pension obligation 87,652 520,978 404,681 203,949 -
<br /> Net OPEB obligation 265,031 359,452 80,630 543,853 -
<br /> Total business type activities 7,165,771 5,106,669 5,362,000 6,910,440 877,500
<br /> Total of all activities $ 50,583,393 $ 21,515,332 $ 14,618,498 $ 57,480,227 $ 3,186,297
<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. A liability of $94,797 has been determined to be
<br /> due in fiscal 2011 and an allowance has been created as a safe harbor in anticipation of future rebate
<br /> calculations. As provided for by the bond indentures, this amount has been recorded as a liability in the
<br /> governmental activities for the benefit of the federal government and will be paid as required by applicable
<br /> regulations.
<br /> Certain General Obligation Bonds and Certificate of Obligations Bonds are to be repaid by revenues of the
<br /> proprietary funds.
<br /> Also, for the governmental activities, compensated absences are generally liquidated by the general fund
<br /> and for business -type, compensated absences are paid from the utility fund.
<br /> 61
<br />
|