Annual report of the Town of Hampton, New Hampshire

TOWN OF HAMPTON
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1991
Annual
Requirements To Amortize General Obligation Debt
Fiscal Year Ending
General Obligation Debt
December 31, Principal Interest Total
1992 $ 621,000 $ 559,826 $ 1,180,826
1993 620,000 509,770 1,129,770
1994 545,000 460,585 1,005,585
1995 480,000 418,225 898,225
1996 480,000 380,090 860,090
1997-2006 4,485,000 1,779,741 6,264,741
Totals $7, 231, 000 $4,108,237 $11,339,237
All debt is general obligation debt of the Town, which is backed by
its full faith and credit.
Legal Debt Margin
According to State Law, Town borrowing (exclusive of those
exceptions allowed under the provision of the Municipal Finance Act)
may not exceed one and seventy-five hundredths percent (1.75%) of
the valuation of property based upon the applicable locally assessed
valuation of the municipality as last equalized by the Commissioner
of Revenue Administration. At December 31, 1991, the Town of
Hampton is using an equalized value of $1,331,135,908 and a legal
debt margin of $23,294,878.
Capital
Lease Agreements for Equipment
The Town has entered into lease-purchase agreements for vehicles and
equipment, which provide for annual principal and interest payments
as follows:
Fiscal Year Ending
December 31, Principal
Interest
Total
1992 $ 43,615 $13,757 $ 57,372
1993 34,086 10,083 44,169
1994 33,492 6,420 39,912
1995 27,678 3,719 31,397
1996 23,000 1,531 24,531
1997 8,636 197 8,833
Totals $170,507 $35,707 $206,214
Payments of $35,246 principal and $11,146 interest were made in the
fiscal year ending December 31, 1991. The lease-purchase agreements
contain non-appropriation funding clauses whereby, in the event no
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