Long-term liabilities as of June 30, 2020, are summarized as follows:
| Beginning Balance | Additions | Reductions | Ending Balance | Current Portion | Non-current Portion | |
|---|---|---|---|---|---|---|
| Debt | ||||||
| General receipts bonds | $ 2,285,000 | $ - | $ 250,000 | $ 2,035,000 | $ 260,000 | $ 1,775,000 |
| Bond discount | (31,861) | - | (4,484) | (27,377) | (4,484) | (22,893) |
| Total bonds | 2,253,139 | - | 245,516 | 2,007,623 | 255,516 | 1,752,107 |
| Other long-term liabilities | ||||||
| Capital lease obligations - energy savings | 1,170,167 | 13,247,087 | 283,296 | 14,133,958 | 886,872 | 13,247,087 |
| Federal grants refundable | 557,842 | - | 32,084 | 525,758 | - | 525,758 |
| Total long-term liabilities | $ 3,981,148 | $13,247,087 | $ 560,896 | $16,667,339 | $1,142,388 | $15,524,952 |
The outstanding General Receipts Bonds Series A Bonds have interest rates from 3.625% - 3.875%. The bonds mature through 2027. The reserve requirements for these issues have been fully funded as of June 30, 2020.
All bonds are collateralized by University property and the pledge of certain revenues, tuition and fees.
The net book value of assets acquired through the capital leases included in the above schedule was $15,516,877 as of June 30, 2020.
The principal and interest repayment requirements relating to the outstanding bonds payable at June 30, 2020, are as follows:
Year ending June 30 Principal Interest Total
2021 $ 260,000 $ 78,791 $ 338,791
2022 270,000 68,781
2023 280,000 58,319
2024 290,000 47,469
2025 300,000 36,231
2026-2028 635,000 37,200 672,200
Total $ 2,035,000 $ 326,791 $ 2,361,791
During 2005, the University entered into a capital lease for an energy management project. The lease obligation has an interest rate of 4.29% and requires annual payments of principal and interest through 2021. The lease obligation will be paid with guaranteed energy savings.
During 2020, the University entered into a capital lease for an additional energy management project. The lease obligation has an interest rate of 2.7095% and requires semi-annual payments of principal and interest beginning in fiscal 2022 through 2036. The lease obligation will be paid with guaranteed energy savings.
30.