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

Capital Lease Obligations

Capital leases were incurred in conjunction with the purchase of equipment. At June 30, 2010, the gross amount of equipment recorded under capital leases totaled $6,011,310. The capital leases are to be repaid by property tax revenues and an internal service fund. The minimum future lease payments due under the capital leases as of June 30, 2010 are as follows:

Year Ending June 30, 2011 2012 2013 2014 2015 2016 - 2019 Total Minimum Lease Payments Amount Representing Interest Present Value of Minimum Lease Payments

$

$

$

919,817 1,191,728 710,584 629,316 629,316 1,916,549 5,997,310 (909,647) 5,087,663

B. Business-Type Activities

Long-term debt of the City’s business-type activities consisted of the following at June 30, 2010:

Revenue Bonds: Waterworks and Sewer System: Series 2007

$

Original Issue Amount

11,710,000

Interest Rates

Final Maturity Date

Amount

4.00 - 5.00%

03/01/28

$

11,710,000

Certificates of Participation: Series 1998

10,295,000

3.65 - 5.00

07/01/18

$

5,760,000

Revenue Bonds

Revenue bonds pledge income derived from acquired or constructed assets to pay debt service. The revenue bonds were issued to finance water and sewer expansion and construction projects. Annual debt service requirements to maturity for the revenue bonds are as follows:

Year Ending June 30, 2011 2012 2013 2014 2015 2016 - 2020 2021 - 2025 2026 - 2028

450,000 $

506,362

$

956,362

470,000

488,363

958,363

485,000

469,562

954,562

505,000

450,163

955,163

525,000

429,962

954,962

2,970,000

1,809,563

4,779,563

3,680,000

1,099,312

2,625,000

239,851

11,710,000 $

5,493,138

$

Principal

Interest

Total

$

$

4,779,312 2,864,851 17,203,138

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