St. Luke's Hospital d/b/a Sumner Regional Medical Center

St. Luke’s Hospital d/b/a Sumner Regional Medical Center
A Component Unit of the City of Wellington, Kansas
Notes to Financial Statements
December 31, 2011 and 2010
Note 7:
Long-term Debt
The following is a summary of long-term debt transactions for the Hospital for the years ended
December 31, 2011 and 2010:
2011
Beginning Ending Current
Balance Additions Deductions Balance Portion
Long-term debt
Public building commission
bonds payable - 2007 $ 730,000 $ - $ 90,000 $ 640,000 $ 95,000
Public building commission
bonds payable - 2010 1,175,000 - 65,000 1,110,000 65,000
Capital lease obligations 457,600 1,772,700 279,951 1,950,349 447,894
$ 2,362,600 $ 1,772,700 $ 434,951 $ 3,700,349 $ 607,894
2010
Beginning Ending Current
Balance Additions Deductions Balance Portion
Long-term debt
Public building commission
bonds payable - 2007 $ 820,000 $ - $ 90,000 $ 730,000 $ 90,000
Public building commission
bonds payable - 2010 - 1,175,000 - 1,175,000 65,000
Capital lease obligations - 528,000 70,400 457,600 105,600
$ 820,000 $ 1,703,000 $ 160,400 $ 2,362,600 $ 260,600
Building Commission Bonds Payable – 2007
The Public Building Commission bonds payable consist of City of Wellington, Kansas Public
Building Commission Revenue Bonds Series 2007 in the original amount of $985,000 dated
December 15, 2007, which bear interest at 3.30% to 3.65%. The bonds are payable in annual
installments beginning December 1, 2009 through December 1, 2017. Semi-annual interest only
payments are due beginning June 1, 2008 through June 1, 2017. The Hospital is required to make
monthly deposits to the debt service account of approximately $9,500. The bonds are secured by a
pledge of the gross revenues of the Hospital and the restricted cash funds set aside under the bond
documents.
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