Page 76 - Hudson City Schools CAFR 2017

HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2017

NOTE 8 - LONG-TERM OBLIGATIONS

A. During the fiscal year 2017, the following changes occurred in the District’s long-term obligations.

Balance Balance Amount
Outstanding Outstanding Due in
07/01/16 Additions Deletions 06/30/17 One Year
Governmental activities:
Certificates of participation:
Series 2012 refunding $ 16,785,000 $ - $ (620,000) $ 16,165,000 $ 640,000
General obligation bonds:
Energy conservation bonds 1,305,000 - (200,000) 1,105,000 200,000
Qualified school
construction bonds 1,435,000 - (150,000) 1,285,000 150,000
Total bonds and
certificates of participation 19,525,000 - (970,000) 18,555,000 990,000
Capital leases 540,024 - (184,911) 355,113 197,787
Compensated absences 3,496,072 707,877 (389,652) 3,814,297 396,529
Net pension liability 89,223,912 17,976,445 - 107,200,357 -

Total, governmental activities $ 112,785,008 $ 18,684,322 $ (1,544,563) $ 129,924,767 $ 1,584,316
Add: unamortized premium on bonds 76,599
Total on statement of net position $ 130,001,366

Business-type activities:
Compensated absences $ 20,957 $ 11,855 $ (7,560) $ 25,252 $ 8,845
Net pension liability 999,770 253,806 - 1,253,576 -
Total, business-type activities $ 1,020,727 $ 265,661 $ (7,560) $ 1,278,828 $ 8,845

The energy conservation bonds and qualified school construction bonds will be paid from the general
fund. All bonds are backed by the full faith and credit of the District. The capital leases are paid from
the general fund; see Note 9 for more detail. Compensated absences will be paid from the fund from
which the employee is paid, which is primarily the general fund and the following nonmajor
governmental funds: food service and auxiliary services. See Note 12 for more detail on the net
pension liability.

Certificates of Participation, Series 2012 Refunding

The refunding certificates of participation (COPs) were issued on July 10, 2012 in order to advance
refund the previously outstanding COPs issue. The refunding issue consisted of serial COPs, par value
$13,570,000, and term COPs, par value $5,155,000. The refunding COPs range in interest rates from
2.0% - 4.0% and the final maturity date stated in the issue is June 1, 2034.

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