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$72,000 paving project 1999-1 dated 4/1/99; due in annual installments of $7,209 through April 1, 2009

15,225

$120,240 paving project 2000-1 dated 12/1/00 due in annual installments of $12,024 through December I, 2010, interest at 4.93%

48,096

$140,496 paving project 2001-1 dated November 28, 2001, due in annual installments of $14,049 through November 1, 2011, interest at 4.75%

70,248

$19,742 paving project 2004 dated January 1, 2004, due in annual installments of $1,974 through January 1, 2014

13,819

$54,693 paving project 2007 dated April 1, 2007, due in annual principal installments of $5,471 , plus interest, through April 1,2017, interest at 5,75%

54,693 10,662,034

Other long-term debt: Accrued leave payable - governmental activities Accrued leave payable - business-type activities

538,089 156,216

9) Capital Leases

The City has entered into two lease agreements as lessee for financing of equipment that is a component of the wastewater plant expansion. The lease obligation will be serviced by proceeds of sales tax revenues generated through governmental activities. These lease agreements qualify as capital lease for accounting purposes and, therefore, have been recorded at the present value of their future minimum lease payments as of the inception date.

$

1,072,522 1,105,384 1,135,231 1,194,909 1,234,789 4,919,199

$

10,662,034

Total long-term liabilities

The annual requirements to amortize all bonds are as follows:

Year Ending June 30

$

546,388 492,900 438,090 381,208 321,644 635,487

$

2,815,717

$

11,356,239

2008 2009 2010 2011 2012 2013-2017

Governmental Principal

Activities Interest

The assets acquiredthrough capital leases are as follows:

Utility Fund

41

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