Sixteen Mile Sports Complex | Officially opened ... - Oakville

7. Long-term liabilities:(A) The balance of long-term liabilities reported on the consolidated statement of financial position is made up of the following:2010 2009The municipality has assumed responsibility for the payment ofthe principal interest charges on certain long-term serial debenturesissued by Halton Region on behalf of the Town. Interest rates rangefrom 1.60 per cent to 6.00 per cent $ 25,540 $ 22,893The municipality has assumed responsibility for the payment ofthe principal and interest charges on certain long-term liabilitiesissued by Halton Region on behalf of the Town, under the OntarioStrategic Infrastructure Financing Authority (OSEIFA). Interestrates range from 2.37 per cent to 2.43 per cent 5,063 6,193The municipality has assumed responsibility for the payment ofthe principal and interest charges on certain long-term liabilitiesissued by Halton Region on behalf of The Town, under the OSEIFAfor Pine Glen. The amounts are recoverable from the Oakville SoccerClub. Interest rates range from 1.60 per cent to 6.03 per cent 9,405 -$ 40,008 $ 29,086(B) Principal repayments due over the next five years andthereafter are as follows:2011 $ 5,9352012 4,7142013 4,4452014 4,6112015 3,740Thereafter 16,563$ 40,008(C) The long-term liabilities in (a) issued in the name ofthe municipality have received the approval of the OntarioMunicipal Board (or approval by private legislation) for thoseapproved on or before December 31, 1992. Those approved onor after January 1, 1993 have been approved by by-law. Theannual principal and interest payments required to service theseliabilities are within the annual debt repayment limit prescribedby the Ministry of Municipal Affairs and Housing.(D) Total interest on long-term liabilities which are reported onthe consolidated statement of operations amounted to $1,550(2009 - $1,405). The long-term liabilities bear interest at ratesranging from 1.6 per cent. to 6.0 per cent.(E) The balance of long-term liabilities reported on theconsolidated statement of financial position is funded from thefollowing sources:2010 2009Tax levy supported $ 20,929 $ 20,343Development supported 6,040 6,758Oakville Soccer Club 9,405 -Harbours supported 3,634 1,985$ 40,008 $ 29,086Town of Oakville 2010 Annual Report | 33