tailieunhanh - A Component Unit of the State of Montana Consolidated Statements of Net Assets_part5

Thuyết minh báo cáo tài chính hợp nhất (tiếp theo) vấn đề này, cùng với các nguồn tài nguyên nhất định của trường Đại học, sẽ cung cấp tài chính để trả tiền và xả một phần của trái phiếu doanh thu F Series, và tài chính, tái cấp vốn, các chi phí của việc mua lại, trang trí nội thất, xây dựng, trang bị , cải tạo, cải thiện cơ sở vật chất trường Đại học nhất định | A-33 Notes to the Consolidated Financial Statements continued issue together with certain resources of the University will provide funds to pay and discharge a portion of the Series F Revenue Bonds and finance or refinance the costs of acquisition construction furnishing equipping renovation or improvement of certain University facilities. The University of Montana recorded 11 120 000 of the Series J 2005 Revenue Bonds to advance refund 10 010 000 of outstanding Series F Facilities Improvement Revenue Bonds to reduce annual debt service payments. The interest rates on the advanced refunded revenue bonds ranged from percent to percent. The Series F Facilities Improvement Revenue Bonds are considered legally defeased and as a result the liability for those bonds is no longer recorded in the consolidated financial statements. The debt service cash flows for Series J 2005 Revenue Bonds Refunding portion are less than the debt service cash flows for the advanced refunded bonds by 862 000. The economic gain for the University of Montana from the advanced refunding was 600 786 difference between the present values of the debt service payments on the old and new debt . Defeased Bonds The University has defeased certain bond issues by placing proceeds of new bonds in an irrevocable trust. The proceeds together with interest earned thereon will be sufficient for future debt service payments on the refunded issues. Accordingly the trust account assets and the liability for the defeased bonds are not included in the University s consolidated financial statements. As of June 30 2008 and 2007 49 029 871 and 51 481 125 respectively of bonds outstanding were considered defeased. Revenue Bonds Payable As of June 30 2008 annual principal payments are as follows Series C 1995 Partial Fiscal Year Interest Rate Principal 2009 475 000 2010 495 000 2011 525 000 1 495 000 Series E 1998 Fiscal Year Interest Rate Principal 2009 405 000 2010 310 000 2011 .