Long-term liabilities as of June 30, 2010, are summarized as follows:
| Beginning Balance | Additions | Reductions | Ending Balance | Current Portion | Noncurrent portion |
|---|
| Consolidated Educational Building Revenue Bonds | $ 1,825,000 | $ - | $ 890,000 | $ 935,000 | $ 935,000 | $ - |
|---|
| General Receipts Bonds | 5,215,000 | - | 340,000 | 4,875,000 | 350,000 | 4,525,000 |
|---|
| Capital Lease Obligation Master Leases | 189,123 | - | 150,492 | 38,631 | 38,631 | - |
|---|
| Energy Savings | 5,738,293 | - | 374,594 | 5,363,699 | 390,837 | 4,972,862 |
|---|
| Bond discount and issuance costs | (70,720) | - | - | (70,720) | - | (70,720) |
|---|
| Total bonds payable and capital lease obligations | 12,896,696 | - | 1,755,086 | 11,141,610 | 1,714,468 | 9,427,142 |
|---|
| Federal Grants Refundable | 1,187,881 | - | 221,934 | 965,947 | - | 965,947 |
|---|
| Total long-term liabilities | $ 14,084,577 | $ - | $ 1,977,020 | $12,107,557 | $1,714,468 | $ 10,393,089 |
|---|
The Consolidated Educational Buildings Revenue Bonds Series are Series I and had interest rates ranging from 2.0 percent to 3.2 percent. The bonds matured in 2010.
The outstanding General Receipts Bonds Series A Bonds have an interest rate of 3.625%. The bonds mature in 2027. The reserve requirements for these issues have been fully funded as of June 30, 2011.
All bonds are collateralized by University property and the pledge of certain revenues, tuition and fees.