Long-term liabilities as of June 30, 2013, are summarized as follows:
| Beginning Balance | Additions | Reductions | Ending Balance | Current Portion | Noncurrent portion | |
|---|---|---|---|---|---|---|
| General receipts bonds | $ 4,165,000 | - | $ 375,000 | $ 3,790,000 | $ 385,000 | $ 3,405,000 |
| Note payable – City of Frankfort | - | 500,000 | 200,000 | 300,000 | 50,000 | 250,000 |
| Capital lease obligations-energy savings | 4,565,078 | - | 425,465 | 4,139,613 | 443,913 | 3,695,700 |
| Bond discount | (57,460) | - | (3,831) | (53,629) | (3,831) | (49,798) |
| Total bonds payable and capital lease obligations | 8,672,618 | 500,000 | 996,634 | 8,175,984 | 875,082 | 7,300,902 |
| Federal grants refundable | 991,709 | - | - | 991,709 | - | 991,709 |
| Total long-term liabilities | $ 9,664,327 | $ 500,000 | $ 996,634 | $ 9,167,693 | $ 875,082 | $ 8,292,611 |
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, 2014.
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 totaled $4,013,670 and $4,362,446 as of June 30, 2014 and 2013, respectively.
In August 2009, the University signed a 10 year promissory note with the City of Frankfort, for the purchase of real property. The note and all current and prior payments were recognized and recorded as of June 30, 2013.