1,123,676 1,225,828 1,225,828 1,225,828 1,225,828 3,987.763
10,014,751 1,554,619 8,460,132
Year Ending June 30 2008 2009 2010 2011 2012
20013-2017 Total minimum lease payments Less: amount representing interest
Present value of minimum lease payments
The future minimum lease obligations and the net present value of these minimum lease payments as of June 30,2006, were as follows:
10) Deficit Fund Balance
As of June 30,2007, there was a deficit of $7,984 in the 2005 Paving Projects fund. If necessary, the deficit will be funded by the GeneralFund.
11) Dedication of Sales Tax Proceeds
Proceeds of the 2'/2% sales and use tax levied by the City of Sulphur, Louisiana are dedicated to the following purposes:
After distributionof !/z% to 1998 public improvement bonds and 1991 capital improvement paygo fund and payment of all costs of levy and collection:
Fifty Percent (50%), but not to exceed the total annual debt service on any and all bonds secured by pledge of Proceeds of this fund to the City, which proceeds shall be dedicated and used for any of the following capital improvements: opening, construction, paving and improving streets, sidewalks, roads and alleys, constructing bridges, purchasing or constructing water works, sewerage and sewerage disposal works, drains, drainage canals, pumping plants and waste disposal facilities, facilities for pollution control and abatement, water and waste water systems, halls, courthouses, auditoriums,jails, public parks and recreation facilities. Other public works and/or buildings, title to which said works, buildings and improvements shall be in the Public.
After payment of above costs:
Ten percent (10%), but not to exceed $150,000 annually, without subsequent approval of the Council of the City of Sulphur, Louisiana,to the Streets and Parks Departmentfor any lawful purpose.
Ten percent (10%), but not to exceed $150,000 annually, without subsequentapproval- of the Council of the City of Sulphur, Louisiana, to the Public Utilities Department for any lawful purpose.