7998-R1_ML&P_Hollis_2020-2021_AnnualReport_Web

TOWN OF HOLLIS, MAINE NOTES TO FINANCIAL STATEMENTS JUNE 30, 2021

NOTE 6 - LONG-TERM DEBT (CONTINUED) The following is a summary of the bond payable as of June 30, 2021: $3,000,000 - 2018 General obligation bond payable to the Maine Municipal Bond Bank for road improvements. Annual principal payments due in the amount of $300,000 and semi-annual interest payments at a fixed rate of 1.92% to 2.99% per annum. Maturity in November of 2028. The annual principal and interest requirements to amortize the bond is as follows: Principal Interest Total

2,400,000 $

2022 2023 2024 2025 2026

$

300,000 300,000 300,000 300,000 300,000 900,000

$

60,300 53,280 45,915 38,205 30,180 39,690

$

360,300 353,280 345,915 338,205 330,180 939,690

2027-2031

2,400,000 $

267,570 $

2,667,570 $

All bonds payable are direct obligations of the Town, for which its full faith and credit are pledged. The Town is not obligated for any special assessment debt. All debt is payable from taxes levied on all taxable property within the Town. NOTE 7 - OTHER LONG-TERM OBLIGATIONS A summary of changes in the other long-term obligations for the year ended June 30, 2021 is as follows:

Balance,

Balance, 6/30/21

Current Portion

7/1/20

Additions Deletions

Net OPEB liability

$

80,172

$

20,214

$

(312)

100,074 $

$

-

See Note 12 for more detailed information regarding other long-term obligations.

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