tailieunhanh - STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR PHIL BRYANT _part3

Tiền thu ròng của $ (bao gồm cả $ trong tiền lãi tích lũy và $ trong chuyển giao từ Quỹ Dịch vụ trước khi vấn đề nợ và sau khi thanh toán USD phí bảo lãnh phát hành và các chi phí phát hành khác) được sử dụng để mua chứng khoán chính phủ Mỹ. | SUNFLOWER COUNTY Notes to Financial Statements For the Year Ended September 30 1997 Advance Refunding - On September 1 1997 the county issued 1 020 000 in general obligation bonds with an average interest rate of to advance refund 975 000 of the following outstanding bonds Issue Average Interest Rate South Sunflower County Hospital general obligation refunding bonds Outstanding Amount 975 000 The net proceeds of 1 021 210 including 2 980 in accrued interest and 50 990 in transfers from prior issue Debt Service Funds and after payment of 52 760 in underwriting fees and other issuance costs were used to purchase . government securities. Those securities were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the bonds. As a result those bonds are considered to be defeased and the liability for those bonds has been removed from the General Long-term Debt Account Group. The county advance refunded the above bonds to reduce its total debt service payments over the next 9 years by 132 639 and to obtain an economic gain difference between the present values of the debt service payments on the old and new debt of 67 622. The following changes occurred in liabilities reported at year end Styling Balance Oct. 1 1996 Additions Reductions Balance Sept. 30 1997 General Long-term Debt Account Group General obligation bonds 3 575 000 4 020 000 1 400 000 6 195 000 Capital leases 135 155 19 402 60 219 94 338 Other loans 1 467 000 542 000 925 000 Total 3 710 155 5 506 402 2 002 219 7 214 338 10 Contingencies. Federal Grants - The county has received federal grants for specific purposes that are subject to audit by the grantor agencies. Entitlements to these resources are generally conditional upon compliance with the terms and conditions of grant agreements and applicable federal regulations including the expenditure of resources for allowable purposes. Any disallowance resulting from a grantor audit may become a .