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<br />NOTE 4. <br /> <br />NORTH METRO TELECOMMUNICATIONS COMMISSION <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />LO N G- TERL\1 LIABILITIES <br /> <br />In August 2003, the member cities of the Commission issued Cable Franchise <br />Revenue Bonds of 2003 for $2,000,000 secured by a pledge of franchise fees and <br />other revenue of the Commission. Principle is payable in annual installments on <br />December 1 st from December 1, 2003 through December 1, 2017. Interest is paid <br />semi-annually on July 1 st and December 1 st. The bonds were issued to provide <br />funds for the financing of the Commission's building and property. For the year <br />ended December 31, 2004 the Commission paid and capitalized $68,459 of <br />interest costs for construction of their building. <br /> <br />The bonds outstanding are as follows at December 31, 2004: <br /> <br />Year of <br />Maturity <br /> <br />Outstanding <br />Balance 2004 <br /> <br />Due in <br />2005 <br /> <br />Interest <br /> <br />Rates <br /> <br />Cable Franchise Revenue <br />Bonds of 2003 <br />dated August 14,2003 2017 <br /> <br />1.5%-4.9% $ 1,745,000 <br /> <br />$105,000 <br /> <br />Scheduled plincipal maturities as of December 31, 2004 are as follows: <br /> <br />Year Ending <br />December 31 , Amount <br />2005 $ 105,000 <br />2006 110,000 <br />2007 115,000 <br />2008 120,000 <br />2009 120,000 <br />Thereafter 1,175,000 <br /> $ 1,745,000 <br /> <br />A summary ofroll-forwm"d of bonds is as follows: <br /> <br />Balance <br />2003 <br /> <br />Additions <br /> <br />Balance <br />Payments 2004 <br /> <br />$ 1,850,000 <br /> <br />$ <br /> <br />$ (105,000) $ 1,745,000 <br /> <br />P.14) <br />