KENTUCKY STATE UNIVERSITY
NOTES TO FINANCIAL STATEMENTS
June 30, 2010 and 2009
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 obligations | | | | | | |
|---|
| 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 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 |
|---|
Long-term liabilities as of June 30, 2009, are summarized as follows:
| Beginning Balance | Additions | Reductions | Ending Balance | Current Portion | Noncurrent Portion |
|---|
| Consolidated Educational Building Revenue Bonds | $ 2,690,000 | $ - | $ 865,000 | $ 1,825,000 | $ 890,000 | $ 935,000 |
|---|
| General receipts bonds | 5,535,000 | - | 320,000 | 5,215,000 | 340,000 | 4,875,000 |
|---|
| Capital lease obligations | | | | | | |
|---|
| master leases | 359,749 | - | 170,626 | 189,123 | 150,492 | 38,631 |
|---|
| Energy savings | 6,097,319 | - | 359,027 | 5,738,292 | 374,594 | 5,363,698 |
|---|
| Bond discount and issuance costs | (70,720) | - | - | (70,720) | - | (70,720) |
|---|
| Total bonds and capital lease obligations | 14,611,348 | - | 1,714,653 | 12,896,695 | 1,755,086 | 11,141,609 |
|---|
| Federal grants refundable | 1,049,212 | 138,669 | - | 1,187,881 | - | 1,187,881 |
|---|
| Total long-term liabilities | $ 15,660,560 | $ 138,669 | $ 1,714,653 | $ 14,084,576 | $ 1,755,086 | $ 12,329,490 |
|---|
The outstanding Consolidated Educational Buildings Revenue Bonds Series are Series I and have interest rates ranging from 2.0 percent to 3.2 percent. The bonds mature in 2011. The reserve requirement for this issue has been fully funded as of June 30, 2006.
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, 2006.
All bonds are collateralized by University property and the pledge of certain revenues, tuition and fees.
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