athens tn acfr fy2024
City of Athens · annual comprehensive financial report · 202 pages · Descriptive metadata inferred from filename
Extracted text for page 79
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CITY OF ATHENS, TENNESSEE NOTES TO FINANCIAL STATEMENTS JUNE 30, 2024 A - 47 NOTE 5 –LONG-TERM LIABILITIES (Continued) Utilities Board Long-term liabilities are summarized as follows: Original Interest Final Principal Series Principal Rates Maturity June 30,2024 Power Division Note payable – Series 2003 $ 3,000,000 3.98% 05/25/32 $ 1,425,011 Note payable – Series 2008 2,600,000 3.98% 05/25/37 1,572,000 Water Division Water revenue and tax bonds – Series 2009 1,414,000 3.25% 05/25/48 1,067,277 Note payable – Series 2013 2,000,000 3.18% 01/20/35 964,205 Note payable – Series 2014 2,550,000 1.69% 07/20/37 1,387,630 Sewer Division Note payable – Series 2003 17,500,000 3.98% 01/20/35 8,357,562 Note payable SRF base – Series 2009 2,370,000 2.39% 06/20/31 960,792 Note payable ARPA base – Series 2009 2,370,000 2.39% 06/20/31 192,160 Note payable – Series 2023 1,738,000 0.57% 10/25/42 1,703,601 Total debt payable from all funds $35,542,000 $17,630,238 During the year ended June 30, 2024, changes in long-term debt were as follows: Amount Balance Balance Due Within July 1, 2023 Additions Reductions June 30, 2024 One Year Sewer Division: Note payable – Series 2003 $ 9,404,202 $ - $ 1,046,640 $ 8,357,562 $ 1,041,250 Note payable – SRF Base 1,085,411 - 124,619 960,792 127,626 Note payable – ARPA base 217,083 - 24,923 192,160 25,525 Note payable – Series 2023 - 1 ,738,000 34,399 1,703,601 96,168 10,706,696 1,738,000 1,230,581 11,214,115 1,290,569 Power Division: Note payable – Series 2003 1,603,371 - 178,360 1,425,011 183,750 Note payable – Series 2008 1,660,000 - 88,000 1,572,000 92,000 3,263,371 - 266,360 2,997,011 275,750 Water System: 2009 Revenue bonds 1,096,796 - 29,519 1,067,277 30,497 Note payable – Series 2013 1,046,129 - 8 1,924 964,205 78,234 Note payable – Series 2014 1,481,602 - 93,972 1,387,630 95,568 3,624,527 - 205,415 3,419,112 204,299 Total Utilities Board $17,594,594 $ 1,738,000 $ 1,702,356 $17,630,238 $ 1,770,618 (Continued)