Annual report of the Town of Hampton, New Hampshire

TOWN OF HAMPTON
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1991
funds or insufficient funds are appropriated by the Town, the lease
shall terminate without penalty or expense to the Town.
3. Compensated Absences
The Town has recognized $453,441 as an accrued liability for
compensated absences which is reflected in the General Long-term
Debt Account Group.
Total Long-Term Debt
General Obligation $7,231,000
Capital Leases Payable 170,507
Compensated Absences Payable 453,441
Total $7,854,948
D. Bonds or Notes Authorized - Unissued
Article 4 of the 1972 Town Meeting approved an appropriation for a
secondary sewage treatment facility, including bonds or notes authorized
not to exceed $38,000.
Tax Anticipation Notes Payable
State Statutes allow the Town to incur debt up to the amount of the
current property tax levy, or the commitment of the prior-year levy
if the tax amount has not been determined for the current year at
the time of borrowing, in order to pay current maintenance and
operation expenses. Notes issued in accordance with these statutes
are general obligations of the Town.
The following tax anticipation notes payable were outstanding at
December 31, 1991:
Fleet Bank issued on December 26, 1991,
due on January 30, 1992; interest at 7.50% $400,000
NOTE 5
- FUND EQUITY
Reservations of Fund Balances
Reserve for Encumbrances
Funds encumbered at year end were as follows:
General Fund $215,951
Special Revenue Fund
350th Anniversary Committee 223
Total $216,174
135
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