Comprehensive Annual Financial Report (CAFR) - Johnson City

CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTSFor the Fiscal Year Ended June 30, 20114. DETAILED NOTES ON ALL FUNDS (CONTINUED):E. Lease RevenueThe City acts as ·a lessor for various City properties. The City collects rents on these properties andmaintains signed lease agreements with the various tenants. The revenue is reflected in the fundthat owns the property. During the year ended June 30, 2011, the City earned revenue from theleases in the amount of $229,647.F. Long-Term DebtGovernmental Activities:Notes Payable:General obligation notes currently outstanding and the funds from which they will be paid are asfollows:Date Amount Interest OutstandingIssued· Issued Rate June 30, 2011Debt Service Fund:Capital Outlay Note -School Buses 12/20/2004 $ 620,000 Variable $ 98,000$ 98,000General Fund:Note Payable- LandKeefauver Farms 9/2/2009 $ 700,000 n/a $ 525,000$ 525,000Notes payable for school buses issued December 20, 2004, debt service requirements to maturityin 2012 are as follows:Fiscal YearEnding June 302012Principal$ 98,000$ 98,000InterestTotal3,381 101,3813,381 101,38170