Rock Valley College Comprehensive Annual Financial Report ...

ROCK VALLEY COLLEGE
ILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511
NOTES TO FINANCIAL STATEMENTS (Continued)
Note 5 - Long-Term Debt
Changes in long-term debt for the year ended June 30, 2008 is as follows:
Balance Balance Current
June 30, 2007 Additions Reductions June 30, 2008 Portion
Accrued compensated absences $ 589,278 $ 622,875 $ 589,278 $ 622,875 $ 93,431
Early termination benefits 1,027,957 134,144 191,148 970,953 160,288
Community College General Obligation
Bonds, Series 1999 1,755,000 - 830,000 925,000 925,000
Community College General Obligation
Bonds, Series 2000 5,285,000 - - 5,285,000 -
Community College General Obligation
Bonds, Series 2002A 11,175,000 - 1,410,000 9,765,000 1,450,000
Community College Capital Appreciation
Bonds, Series 2002B* 4,582,595 205,000 - 4,787,595 -
Community College General Obligation
Bonds, Series 2003A 890,000 - 625,000 265,000 265,000
Community College General Obligation
Bonds, Series 2003B 7,000,000 - - 7,000,000 295,000
Community College General Obligation
Bonds, Series 2005 9,970,000 - - 9,970,000 -
Community College General Obligation
Bonds, Series 2006 7,610,000 - - 7,610,000 -
Community College General Obligation
Refunding Bonds, Series 2007 1,490,000 - 690,000 800,000 800,000
Debt Certificates, Series 2007 - 9,900,000 9,900,000 - -
Community College General Obligation
Bonds, Series 2008 - 9,995,000 - 9,995,000 400,000
Unamortized Bond Premium - 82,852 11,835 71,017 -
Deferred accounting loss on advanced
refundings, net of accumulated amortization (1,445,502) - (157,934) (1,287,568) -
Total $ 49,929,328 $ 20,939,871 $ 14,089,327 $ 56,779,872 $ 4,388,719
*Includes annual accretion of interest of Series 2002B Capital Appreciation Bonds.
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