Comprehensive Annual Financial Report - Cobb County

COBB COUNTY, GEORGIA
NOTES TO FINANCIAL STATEMENTS
September 30, 2007
Note 8. Long-Term Debt (Continued)
This amount is being netted against the new debt and will be amortized over the life of the new debt,
which is the same as the remaining life of the refunded debt. This advance refunding was undertaken to
reduce total debt service payments over the next 22 years by approximately $1,159,265 and resulted in
an economic gain of $727,520. The total amount of in-substance defeased debt outstanding that is not
reported in the Authority’s financial statements as of September 30, 2007 is $15,400,000.
Compliance
There are a number of limitations and restrictions contained in the revenue bond indentures. The
Authority is in compliance with all significant limitations and restrictions.
The following is a summary of changes in long-term obligations of the County’s and the Component
Unit’s Governmental Activities and Business-type Activities for the fiscal year September 30, 2007:
Amounts
Beginning Ending Due Within
Governmental Activities: Balance Additions Reductions Balance One Year
GO Bonds:
2007 Parks $ - $ 25,000,000 $ - $ 25,000,000 $ -
2005 Refunding 18,245,000 - (100,000) 18,145,000 1,510,000
2003 Refunding 19,460,000 - (4,535,000) 14,925,000 4,745,000
1996 Recreation Authority 1,390,000 - (1,390,000) - -
Revenue Bonds:
1997 Recreation Authority Refunding 110,000 - (110,000) - -
Total bonds before discounts and premiums $ 39,205,000 $ 25,000,000 $ (6,135,000) $ 58,070,000 $ 6,255,000
Less:
Original issuance discounts $ (355,394) $ - $ 55,914 $ (299,480) $ -
Deferred amounts on refunding (851,144) - 133,668 (717,476) -
Add:
Bond premiums 1,998,240 926,933 (403,355) 2,521,818 -
Total bonds payable $ 39,996,702 $ 25,926,933 $ (6,348,773) $ 59,574,862 $ 6,255,000
Capital leases before discounts $ 20,600,870 $ 6,975,011 $ (9,438,903) $ 18,136,978 $ 6,559,398
Less:
Original issuance discounts (130,446) - 65,224 (65,222) -
Total capital lease payable $ 20,470,424 $ 6,975,011 $ (9,373,679) $ 18,071,756 $ 6,559,398
Intergovernmental contract payable $ 55,255,000 $ - $ (975,000) $ 54,280,000 $ 1,045,000
Compensated absences $ 17,158,451 $ 13,477,800 $ (12,177,111) $ 18,459,140 $ 12,177,111
Total other liabilities $ 92,883,875 $ 20,452,811 $ (22,525,790) $ 90,810,896 $ 19,781,509
Governmental Activities Long-term Liabilities $ 132,880,577 $ 46,379,744 $ (28,874,563) $ 150,385,758 $ 26,036,509
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