NOTES TO FINANCIAL STATEMENTS - Continued
FOR THE YEAR ENDED JUNE 30, 2013
See Independent Auditor's Report
NOTE 8 - LONG-TERM OBLIGATIONS PAYABLE
The following is a summary of long-term obligations for the Academy during the year ended June 30, 2013:
Loan Information
Certificates of Participation 2004
Interest Rate: 6.25%
Maturity Date: December 2024
Other: Collateralized by a mortgage on the Academy's facility as well as a pledge for 20% of the state school aid payments and funds held in trust for debt service
Certificates of Participation 2004
Interest Rate: 7.00%
Maturity Date: December 2036
Other: Collateralized by a mortgage on the Academy's facility as well as a pledge for 20% of the state school aid payments and funds held in trust for debt service
Loan Activity
Certificates of Participation 2004
Balance July 1, 2012: $2,715,000
Retirements and Payments: $110,000
Balance June 30, 2013: $2,605,000
Due Within One Year: $120,000
Certificates of Participation 2006
Balance July 1, 2012: $4,995,000
Retirements and Payments: $85,000
Balance June 30, 2013: $4,910,000
Due Within One Year: $90,000
Totals
Balance July 1, 2012: $7,710,000
Retirements and Payments: $195,000
Balance June 30, 2013: $7,515,000
Due Within One Year: $210,000
Following are maturities of long-term obligations for principal and interest for the next five years and in total (Principal - Interest):
2014
($210,000 - $480,975)
2015
($220,000 - $467,769)
2016
($235,000 - $453,119)
2017
($250,000 - $436,819)
2018
($265,000 - $419,494)
2019-2023
($1,635,000 - $1,792,213)
2024-2028
($1,710,000 - $1,151,388)
2029-2033
($1,250,000 - $748,438)
2034-2038
($1,740,000 - $4263,125)