Distrito Escolar del - Osceola County School District

Series 2003A bond issue (including the $1,350,000 principal refunded) is still presented as a long-term
liability on the face of the financial statements, and the $1,305,199 payment to bond escrow agent is reported
as a deferred asset at June 30, 2012. A gain on refunding will be recognized in the subsequent year, when the
refunding becomes an in-substance defeasance and the debt is retired.
The Series 2011A bonds were issued to reduce the total debt service payments of the 2003A bonds over the
next 11 years by approximately $13,924 and to obtain an economic gain (difference between the present
value of the debt service payments on the old and new debt) of $31,321.
On June 30, 2012, the following are considered defeased in substance:
Series
Certificates of Participation, Series 2002
Amount Defeased in Substance
$57,620,000
Sales Tax Revenue Bonds, Series 2001 $32,840,000
State School Bonds, Series 2001A $750,000
State School Bonds, Series 2002A $540,000
12. CHANGES IN LONG-TERM LIABILITIES
The following is a summary of changes in long-term liabilities:
Description Balance Additions Deductions Balance Due in
7-1-11 6-30-12 One Year
GOVERNMENTAL ACTIVITIES
Installment-Purchases Payable $ 669,702 $ - $ 326,056 $ 343,646 $ 250,366
Notes Payable 18,779,495 - 2,734,528 16,044,967 2,881,673
Bonds Payable 86,957,160 1,287,496 5,605,427 82,639,229 5,269,754
Certificates of Participation Payable 206,341,984 - 6,966,347 199,375,637 7,212,438
Educational Facilities Benefit District
Agreement Payable 9,715,199 - 369,084 9,346,115 372,526
Other Postemployment Benefits Payable 27,279,863 7,491,394 2,188,105 32,583,152 -
Compensated Absences Payable 19,401,616 6,401,382 3,729,144 22,073,854 1,920,304
Total Governmental Activities $ 369,145,019 $ 15,180,272 $ 21,918,691 $ 362,406,600 $ 17,907,061
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