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CITY OF MYRTLE BEACH, SOUTH CAROLINA NOTES TO FINANCIAL STATEMENTS June 30, 2010

Transfers Out

Transfers In

Nonmajor Governmental Funds

Water and Sewer Fund

Totals

Convention Center Fund

300,000

1,631,393

Hospitality Fee Fund

1,930,459

Debt Service Fund

2,181,963

6,833,798

Capital Improvements Fund

502,807

502,807

Nonmajor Governmental Funds

1,787,451

3,827,198

Baseball Stadium Fund

850,000

Solid Waste Management Fund

350,000

General Fund

$

4,743,737 $

1,148,300 $

7,686,037

$

9,515,958 $

1,148,300 $

23,611,692

Transfers are used to (a) move revenues from the fund that ordinance or budget requires to collect them to the fund that ordinance or budget requires to expend them, (b) move revenues restricted to debt service from the funds collecting them to the Debt Service Fund as principal and interest payments become due and (c) move revenues from the funds collecting them to other funds to finance various programs, project costs and administrative costs in accordance with budgetary authorizations.

Note 7 - TRANSACTIONS WITH DISCRETELY PRESENTED COMPONENT UNITS

At June 30, 2010, amounts due to the City from its discretely presented component unit were as follows:

Receivable

Payable

Primary Government: General Fund Convention Center Fund Hospitality Fee Fund MBCCHC

$

$

102,692 $ 17,132,813 205,076

17,440,581

$

17,440,581 17,440,581

On June 1, 2001, the MBCCHC entered into a site lease with the City, which was subsequently amended on May 1, 2004. The site lease is for a 2.71 acre parcel of land upon which the convention center hotel is constructed. The site lease expires April 1, 2036 and requires annual rental payments equal to a fixed rental component plus 3.0% of the MBCCHC’s gross revenues. The rental payments are to be remitted to the City in accordance with the terms of the revenue bond trust indenture. During the year ended June 30, 2010, rent expense for this lease amounted to $2,834,028. Minimum future rental payments for the fixed component of this lease as of June 30, 2010 are as follows:

Year Ending June 30,2011 2012 2013 2014 2015 2016 - 2020 2021 - 2025 2026 - 2030 2031 - 2035 2036

  • -

    50 -

$

$

2,963,688 2,962,888 2,965,744 2,961,988 2,966,188 15,707,264 19,168,290 19,035,250 19,031,500 3,806,250 91,569,050

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