STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITO_part3

SENATOBIA THÀNH PHỐ HỌC CHÁNH Thuyết minh báo cáo tài chính năm kết thúc ngày 30 tháng Sáu, năm 1997 trái phiếu nghĩa vụ chung của C. phải nộp. Trái phiếu nghĩa vụ chung là nghĩa vụ trực tiếp và cam kết đức tin đầy đủ và tín dụng của khu học chánh. | SENATOBIA MUNICIPAL SCHOOL DISTRICT Notes to Financial Statements For the Year Ended June 30 1997 C. General obligation bonds payable. General obligation bonds are direct obligations and pledge the full faith and credit of the school district. General obligation bonds currently outstanding are as follows Description Interest Rate Issue Date Maturity Date Amount Issued Amount Outstanding General obligation bonds series 1987 -7 3-1-1987 3-1-2007 _ 1 550 000 1 025 000 Total 1 550 000 1 025 000 The following is a schedule by years of the total payments due on this debt Year Ending June 30 Principal Interest Total 1998 75 000 65569 140 569 1999 80 000 61 163 141 163 2000 85 000 56 362 141 362 2001 90 000 51 177 141 177 2002 95 000 45 598 140 598 Thereafter 600 000 125 182 725 182 Total 1 025 000 _ 405 051 1 430 051 The amount of bonded indebtedness that can be incurred by the school district is limited by state statute. Total outstanding bonded indebtedness during a year can be no greater than 15 of the assessed value of the taxable property within such district according to the then last completed assessment for taxation unless certain conditions as set forth in state statutes have been met. As of June 30 1997 the amount of outstanding bonded indebtedness was equal to 3 of property assessments as of October 1 1996. 6 Defined Benefit Pension Plan. Plan Description. The school district contributes to the Public Employees Retirement System of Mississippi PERS a cost-sharing multiple-employer defined benefit pension plan. PERS provides retirement and disability benefits annual cost-of-living adjustments and death benefits to plan members and beneficiaries. Benefit provisions are established by state law and may be amended only by the State of Mississippi Legislature. PERS issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to Public Employees Retirement System .