HANLEY INTERNATIONAL ACADEMY
NOTES TO FINANCIAL STATEMENTS - Continued
FOR THE YEAR ENDED JUNE 30, 2013
See Independent Auditor's Report
NOTE 8- LONG-TERM OBLICATIONS PAYABLE
The following is a summary of long-tern obligations for the Academy during the year ended June 30, 2013:
Loan Information | |||
Interest Rate | Maturity Date | Other | |
Revenue bond | 6.125% - 9.0% | September, 2040 | Twice yearly payments of principal and interest. Secured by facilities, funds held in trust, and a pledge for 20% of future State School Aid payments. |
Loan Activity | |||||
Balance July 1, 2012 | Additions | Retirements and Payments | Balance June 30, 2013 | Due Within One Year | |
Revenue bond | $8,875,000 | 8,875,000 | |||
Less unamortized discount | 53,056 | ||||
$8,821,944 |
Following are maturities of long-term obligations for principal and interest for the next five years and in total:
Principal | Interest | |
2014 | $ | $629,544 |
2015 | 155,656 | 623,563 |
2016 | 173,050 | 609,706 |
2017 | 178,050 | 593,731 |
2018 | 188,050 | 577,081 |
2019-2023 | 1,060,250 | 2,610,006 |
2024-2028 | 1,300,250 | 2,076,756 |
2029-2033 | 1,665,250 | 1,527,422 |
2034-2038 | 2,245,250 | 929,316 |
2039-2041 | 1,850,694 | 183,597 |