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HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015

NOTE 8 - LONG-TERM OBLIGATIONS - (Continued)

Software License Obligation

In March 2013, the District entered into an agreement to license computer software. The District
makes monthly and annual payments over the 3-year contract term for the rights to use the software.
Payments are made from the general fund. The following is a schedule of the future long-term
minimum payments required under the agreement and the present value of these payments as of June
30, 2015:

Fiscal Year Ending June 30 Amount
2016 $ 62,568

Less: amount representing interest (1,410)
Total $ 61,158

B. Principal and interest requirements to retire the general obligation bonds outstanding at June 30, 2015,
are as follows:

Fiscal Year Energy Conservation Bonds Qualified School Construction Bonds

Ending June 30, Principal Interest Total Principal Interest Total

2016 $ 200,000 $ 50,525 $ 250,525 $ 145,000 $ 25,477 $ 170,477
2017 200,000 150,000
2018 200,000 44,525 244,525 150,000 22,984 172,984
2019 215,000 155,000
2020 220,000 38,325 238,325 155,000 20,449 170,449
2021 - 2025 470,000 825,000
31,363 246,363 17,872 172,872

23,200 243,200 15,252 170,252

19,000 489,000 35,364 860,364

Total $ 1,505,000 $ 206,938 $ 1,711,938 $ 1,580,000 $ 137,398 $ 1,717,398

C. Principal and interest requirements to retire the certificates of participation outstanding at June 30,
2015, are as follows:

Fiscal Year Certificates of Participation

Ending June 30, Principal Interest Total

2016 $ 600,000 $ 607,614 $ 1,207,614
2017
2018 620,000 595,614 1,215,614
2019
2020 640,000 583,214 1,223,214
2021 - 2025
2026 - 2030 665,000 568,814 1,233,814
2031 - 2034
690,000 552,189 1,242,189

3,920,000 2,446,553 6,366,553

5,095,000 1,621,152 6,716,152

5,155,000 529,600 5,684,600

Total $ 17,385,000 $ 7,504,750 $ 24,889,750

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