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CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(4) Detailed Notes on All Funds, continued <br /> (I) Noncurrent Liabilities, continued <br />Notes Payable, continued <br />Annual debt service requirements to maturity for notes payable are as follows: <br />Governmental activities <br />Fiscal year <br />ending June 30PrincipalInterest <br />2012$030,780 <br />2013128,00030,297 <br />2014248,00029,200 <br />2015248,00027,953 <br />2016328,00026,403 <br />2017-20211,690,000107,079 <br />2022-20261,990,00060,669 <br />2027-20301,486,0007,197 <br /> $6,118,000319,578 <br />The HUD notes will be repaid from principal and interest payments received from a loan to Beam Properties <br />Eugene LLC, who purchased the property from the City. The loan proceeds from the Beam Properties Eugene <br />LLC loan will be received in the Community Development Special Revenue Fund. <br />Compensated Absences <br />At June 30, 2011, the City reported compensated absences of $8,272,396 in governmental activities. The <br />General Fund, internal service funds, and other governmental funds are typically used to liquidate these <br />liabilities. <br />Internal Service Fund Debt <br />Based on an analysis of billings, governmental activities have been determined to be the predominant source <br />of revenue for all internal service funds. Therefore, noncurrent liabilities of the internal service funds are <br />reported in governmental activities. As of June 30, 2011, internal service fund debt included the Atrium <br />Obligations of $1,175,000, Limited Tax Pension Bonds of $64,109,824, deferred bond discounts net of <br />premiums of $119,547, and $860,335 in compensated absences. <br />continued <br />66 <br />