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NOTE 7 - FIXE~ ASSETS (CONIINUEDI:
<br />Fixed assets by major classes at June 30, 1993 for the General Fixed Assets Aocount Group, Entexprise Funds and Internal
<br />Service Funds comprise:
<br /> Buildings Impmvements
<br /> aad other than Accumulated Conshvction ~
<br /> Land Imorovements Buildin¢s Eauiomeat De~reciation Total
<br />General Fixed
<br />Assets ~ 1,133,367 S 24,761,675 S 552,771 S 14,0%,837 S S 40,544,650
<br />Enterprise Funds 887,892 3,372,659 8,652,881 400,282 (3,300,629) 10,013,085
<br />Intemal Service
<br />Funds 218.105 1.600.967 (999.654) 819.418
<br /> 2 021 59 28 352 439 9 OS 652 16 098 086 S(4~ 3~ ~ S 1~ 7~
<br />NOTE 8- PROPERTY TAXES RECEIVABLE:
<br />'I7ie County reviews, bills, collects and distributes property taxes for all taxing jurisdictions within its boundaries in
<br />accordance with State law. Uncoll~ taxa, including delinquent amounts, are deemed to be substantially colloctible
<br />or recoverable thmugh forxlosure. Acxordingly, no allowance for doubtful ta~c axrnmts is deemed necessaq+. Property
<br />taxes become a liar against the property as of July 1 in the yeaz in which due aad are assessed in October through billing
<br />to the property owner. Payments are due in three oqual installments on Novembcr 15, Febniary 15, and May 15 or in full
<br />in November with a 3°/a discouat available.
<br />NOTE 9 - NOTES PAYABLE:
<br />In May 1985, the County sold certificates of participation to pnrchase an office building Imown as the Ben Franklin
<br />Building. The principal amount of the certificates was ~700,000 with intei+est rates raaging from 6.5 to 10'/o and the
<br />principal payments due each May 1, commencing May 1, 1986 and continuing through May 1, 2005. Interest is payable
<br />in May and November each yesr. 'Ibe certificates are collataraliud by the building.
<br />The gross debt service and the principal sinount due for these cectificates of participation snd changes therein were
<br />recorded in the General Long Term Obligations Account Group, will be repaid through the allocation of rent to the various
<br />County departments occupying the building, and mature as follows: .
<br /> At At
<br />Fiscal Year: June 30, 1992 ents June 30. 1993
<br />1993 ~ 81,817 S (81,817) S -
<br />1994 79,788 79,788
<br />1995 82,538 82,538
<br />1996 79,762 79,762
<br />1997 81,912 81,912
<br />1998 83,500 83,500
<br />1999 79,500 79,500
<br />2000 80,500 80,500
<br />2001 81,000 81,000
<br />2002 81,000 81,000
<br />2003 80,500 80,500
<br />2004 84,500 84,500
<br />2005 82.000 82.000
<br /> 1,058,317 (81,817) 976,500
<br />Less: Amount representing interest (4783171 56.817 (421,500)
<br />Net Note Payable a~ 25 000 5~55.~000
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