athens tn acfr fy2025
City of Athens · annual comprehensive financial report · 197 pages · Descriptive metadata inferred from filename
Extracted text for page 78
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CITY OF ATHENS, TENNESSEE NOTES TO FINANCIAL STATEMENTS JUNE 30, 2025 A - 49 NOTE 5 –LONG-TERM LIABILITIES (Continued) Utilities Board Long-term liabilities are summarized as follows: Original Interest Final Principal Series Principal Rates Maturity June 30,2025 Power Division Note payable – Series 2003 $ 3,000,000 3.98% 05/25/32 $ 1,246,651 Note payable – Series 2008 2,600,000 3.98% 05/25/37 1,480,000 Water Division Water revenue and tax bonds – Series 2009 1,414,000 3.25% 02/25/48 1,036,780 Note payable – Series 2013 2,000,000 3.18% 01/20/35 880,108 Note payable – Series 2014 2,550,000 1.69% 07/20/37 1,292,062 Sewer Division Note payable – Series 2003 17,500,000 3.98% 05/2 5/32 7,310,921 Note payable SRF base – Series 2009 2,370,000 2.39% 06/20/31 833,163 Note payable ARPA base – Series 2009 2,370,000 2.39% 06/20/31 166,634 Note payable – Series 2023 1,738,000 0.57% 06/25/45 2,000,000 Total debt payable from all funds $35,542,000 $16,246,319 During the year ended June 30, 2025, changes in long-term debt were as follows: Amount Balance Balance Due Within July 1, 2024 Additions Reductions June 30, 2025 One Year Sewer Division: Note payable – Series 2003 $ 8, 357,562 $ - $ 1,046,641 $ 7, 310,921 $ 1,041,250 Note payable – SRF Base 960,792 - 127,629 833,163 1 30,710 Note payable – ARPA base 192,160 - 25,526 1 66,634 26,142 Note payable – Series 2023 1,703,601 296,399 - 2, 000,000 94,668 11,214,115 296,399 1,199,796 10,310,718 1,292,770 Power Division: Note payable – Series 2003 1,425,011 - 178,360 1,246,651 183,750 Note payable – Series 2008 1,572,000 - 92,000 1,480,000 96,000 2,997,011 - 2 70,360 2,726,651 279,750 Water System: 2009 Revenue bonds 1,067,277 - 30,497 1,036,780 31,508 Note payable – Series 2013 964,205 - 84,097 880,108 80,759 Note payable – Series 2014 1,387,630 - 95,568 1,292,062 97,200 3,419,112 - 2 10,162 3,208,950 209,467 Total Utilities Board $17,630,238 $ 296,399 $ 1,680,318 $16,246,319 $ 1,781,987 (Continued)