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CAFR_FY Ending_09/30/1972AUDIT REPORT VILLAGE OF TEQUESTA GENERAL FUND, SINE~ING FUND AND RESERVE ACCOUNT SEPTEMBER 30, 1972 NOWLEN, LYNCH & STEWART CERTIFIED PUBLIC ACCOUNTANTS WEST PALM BEACH, FLORIDA J VILLAGE OF TEQUESTA MUNICIPAL GENERAL FUND SEPTEMBER 30, 1972 AMENDMENTS ORIGINAL TRANSFERS FINAL BUDGET TO (FROM) BUDGET 530 ADMINISTRATIVE EXPENSES 531 Salary Village Manager $16,000 $ - $16,000 532 Salary Building Official 12,000 - 12,000 533 OASI expense 950 88 1,038 534 Car allowance 600 - 600 535 Council fees 1,200 - 1,200 536 Dues and subscriptions 325 98 423 537 Insurance 5,000 868 5,868 538 Legal 4,000 1,980 5,980 539 Contributions 3,900 - 3,900 540 Advertising and promotional 350 (184) 166 541 Maps 1,000 - 1,000 542 Engineering services 3,000 (1,927) 1,073 543 Building department expense 500 540 1,040 544 Auditing 900 - 900 545 Employees hospitalization insurance premiums 4,900 - 4,900 546 Employees pension premiums 15,000 (2,000) 13,000 547 Tax assessing and collecting 900 - 900 548 Miscellaneous expense 2,000 1,037 3,037 549 Contingencies 2,000 500) 1,500 TOTAL ADMINISTRATIVE EXPENSES 74 525 $ -0- 74,525 OFFICE EXPENSES 551 Salaries $ 9,620 $ (117) $ 9,503 552 OASI expense 510 - 510 553 S upplies 1,200 - 1,200 554 Postage 450 138 588 555 Telephone 750 23 773 556 Utilities 1,700 51 1,751 557 Miscellaneous 1,100 235 1,335 558 New equipment 500 (330) 170 TOTAL OFFICE EXPENSES 15 830 ~~0- $15,830 NOWLEN, LYNCH & STEWART ~~ VILLAGE OF TEQUESTA MUNICIPAL GENERAL FUND SEPTEMBER 30, 1972 .__._~ ._ ij ~4 AMENDMENTS ORIGINAL TRANSFERS FINAL BUDGET TO (FROM) BUDGET 600 PUBLIC SAFETY EXPENSE 601 Chief salary $ 11,000 $ $ 11,000 602 Lieutenant salary 8,000 75 8,075 603 Patrol Sgt. salary 7,800 75 7,875 604 Detective salary 7,500 - 7,500 605 Patrolmen's salaries 29,000 - 29,000 606 Desk Sgt, salary 6,000 23 6,023 607 Dispatcher salaries 16,200 - 16,200 608 Pay for extra work 1,000 - 1,000 609 OASI expense 4,450 - 4,450 610 Car expense 1,800 683 2,4~~3 611 Gas and oil 3,300 537 3,837 612 Car insurance 1,000 56 1,056 613 Equipment and uniforms 1,300 - 1,300 614 Auxiliary police uniforms 300 - 300 615 Telephone 600 35 635 616 Teletype 900 (525) 375 617 Utilities - traffic signals 1,100 (659) 441 618 Judge fee 1,500 (300) 1,200 619 Miscellaneous expense 1,200 - 1,200 620 Traffic signs 700 - 700 621 New equipment 4,000 - 4,000 622 Traffic light installs tion 12,000 - 12,000 623 Civil defense 300 - 300 624 Personnel training 600 - 600 TOTAL PUBLIC SAFETY EXPENSE .$121,550 $ _0_ $121,550 NOWLEN, LYNCH & STEWART r p, I ' VILLAGE OF TEQUESTA MUNICIPAL GENERAL FUND ~EP`I'EMBER 30, 1972 AMENDMENTS ORIGINAL TRANSFERS FINAL BUDGET TO (FROM) BUDGET 700 STREETS AND PARK EXPENSE 701 Salaries $ 18,700 $ - $ 18,700 702 OASI expense 950 - 950 703 Street maintenance 1,500 1,073 2,573 704 Streets and drainage 67,000 (3,200) 63,800 705 Entrance gate expense 1,000 - 1,000 706 Fogging expense 1,500 1,860 3,360 707 General maint enance 5,500 - 5,500 708 Truck and tractor repairs 700 - 700 709 Truck insurance 200 - 200 710 Truck and tractor-Gas & Oil 375 25 400 711 Gas and oil - other 50 10 60 712 Small tools 300 - 300 713 Village hall maintenance 1,700 232 1,932 714 Garbage collection 65,000 (723) 64,277 715 Yard trash collection 25,000 (3,000) 22,000 716 Utilities - street lights 4,200 - 4,200 717 Street name signs 400 - 400 718 New equipment 1,000 - 1,000 719 Beautification 1,000 - 1,000 720 Fire hydrant rental fees 6,000 - 6,000 721 Rec. park - land purchase 9,000 - 9,000 722 Bicycle paths 15,000 - 15,000 723 Painting - exterior village hall 2,500 - 2,500 724 Seal village driveway 1,000 - 1,000 725 Village trash clean-up day 4,000 - 4,000 TOTAL STREETS AND PARKS EXPENSE $233,575 3,723) $229,852 TRANSFERS TO SINKING FUND ~ 17,000 3 723 ~, 20,723 X250,575 ~ $250,575 `f NOWLEN, LYNCH & STEWART . ~ ~ - - VILLAGE OF TEQUESTA TABLE OF CONTENTS STATEMENTS PAGES Accountants' Report 2 ALL FUNDS Exhibit A - Consolidated Balance Sheet 3-4 Schedule A-1 - Schedule of Property, Plant and Equipment 5 Schedule A-2 - Analysis of Equity 6 GENERAL FUND Exhibit B - Statement of_ Receipts Budgeted and Actual 7 Exhibit C - Statement of_ Disbursements - Budgeted and Actual g Schedule C-1 - Administrative Expense g Schedule C-2 - Office Expense 10 Schedule C-3 - Public Safety Expense 11 Schedule C-4 - Streets and Parks Expense 12 Exhibit D - Comparative Summary of Receipts and Disbursements 13 SINKING FUND AND RESERVE ACCOUNT Exhibit E - Statement of Receipts and Disbursements 14 Exhibit F - Amortization Schedule on Excise Tax Revenue Bonds - Series 1964 15 Exhibit G - Amortization Schedule on Excise Tax Revenue Bonds - Series 1969 16 Exhibit H - Amortization Schedule on Excise Tax Revenue Bonds - Series 1972 17 NOWLEN, LYNCH & STEWART NOWLEN, LYNCH & STEWART EVERETT B. NOWLE N, CPA W. F. LYNCH, CPA 11697-19641 V. C. STEW qR T, CPA EDMUND SC HIEV E, CPA ALAN L. TEDAMONSON, CPA DON ADD PAGAN. CPq CERTIFIED PUBLIC ACCOUNTANTS 220 FLAGLER COURT BUILDING POST OFFICE BOX 347 WEST PALM BEACH, FLORIDA 33402 November 24, 1972 The Honorable Mayor and Members of the Village Council Village of Tequesta Tequesta, Florida MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS TELEPH C.vE 033 7758 We have examined the consolidated balance sheet of the General Fund, Sinking Fund and Reserve Account of the Village of Tequesta, Florida, as of September 30, 1972, and the related statements of operations for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying consolidated balance sheet and related statements of operations present fairly the financial position of the General Fund, Sinking Fund and Reserve Account for the Village of Tequesta, Florida, at September 30, 1972, and the results of operations for the year then ended, in conformity with generally accepted accounting principles applicable to governmental entities, applied on a basis consistent with that of the preceding fiscal year. VILLAGE OF TEQUESTA CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 1972 Cash: Petty cash Checking accounts Certificates of deposit Savings accounts Total cash EXHIBIT A ASSETS SINKING FUND GENERAL FUND TOTAL $ - 3,024.11 18,000.00 $ 21,024.11 $ 25.00 22,834.19 90,000.00 36,789.49 $ 149,648.68 Accounts receivable Utility deposits Property, plant and equipment (Schedule A-1) TOTAL 5,215.03 280.,00 $ 25.00 25,858.30 108,000.00 36,789.49 $ 170,672.79 5,215.03 280.00 241,787.50 122,399.85 364,187.35 26L,811.61 $ 277,543.56 $ 540,355.17 ~_ _ - - - -- 3 VILLAGE OF TEQUESTA CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 1972 LIABILITIES AND EQUITY SINKING FUND LIABILITIES Accounts payable and employee payroll deductions Excise tax revenue bonds, Series 1964 (Exhibit F) Excise tax revenue bonds, Series 1969 (Exhibit G) Excise tax revenue bonds, Series 1972 (Exhibit H) TOTAL LIABILITIES EQUITY Village of Tequesta (Schedule A-2) TOTAL $ - GENERAL FUND $ 3,377.99 90,000,00 - 15,000.00 - 73,362,50 - $ 178,362.50 $ 3,377,99 84,449.11 274,165.57 EXHIBIT A TOTAL $ 3,377.99 90,000.00 15,000.00 73,362.50 $ 181,740,49 358,614.68 $ 262,811.61 $ 277,543.56 $ 540,355.17 4 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SCHEDULE A-1 SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT SEPTEMBER 30, 1972 Village Hall and utility garage $ 140,261.80 -~ Village Hall furniture and equipment 7,697.78 Police automobiles, furniture and equipment 31,429.49 Streets and parks machinery and equipment 11,321.56 Streets and parks, sidewalks, bicycle paths 47,746.97 Relocation of water main over Intracoastal Waterway 12,816.53 Land, Section 30, Township 40 South, Range 43 East, Palm Beach County 30,000.00 Drainage improvements 9,550.72 Sewer plant 73,362.50 TOTAL PROPERTY, PLANT AND EQUIPMENT $ 364,187.35 5 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SCHEDULE A-2 ANALYSIS OF EQUITY SEPTEMBER 30, 1972 SINKING GENERAL FUND FUND TOTAL BALANCE ON OCTOBER 1, 1971 $ 67,589.72 $ 168,791.39 $ 236,381.11 Additions: Excess of receipts over disbursements Property, plant and equipment capitalized (included as disbursements in statement of receipts and disbursements) Payment of excise tax revenue bond maturities - Series 1964 Payment of excise tax revenue bond maturities - Series 1969 3,859.39 78,072.68 - 27,301.50 9,000.00 - 81,932.07 27,301.50 9,000.00 4,000.00 - 4,000.00 BALANCE ON SEPTEMBER 30, 1972 $ 84,449.11 6 $ 274,165,57 $ 358,614.68 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA EXHIBIT B GENERAL FUND STATEMENT OF RECEIPTS BUDGETED AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1972 RECEIPTS BUDGET ACTUAL Taxes: Ad valorem $ 135,000.00 $ 135,645.50 Cigarette, revenue sharing and gasoline 127,000.00 145,854.78 Utility 47,600.00 54,101.09 Franchise 37,500.00 34,962.29 Building permits 15,000.00 11,741.00 Occupational licenses 16,000.00 24,749.01 Beverage licenses 2,500.00 2,359.80 State Road and Bridge funds 1,700.00 8,346.15 Water Department: Administrative management 5,000.00 4,999.92 Fire hydrant rental fee 6,000.00 6,000.00 Office and garage rent 3,000.00 3,000.00 Fines and forfeitures 1,200.00 3,052.00 Interest earned - 5,696.32 Miscellaneous income 3,980.00 __ __1,_164.82 TOTAL RECEIPTS $ 401,480.00 $ 441,672.68 Cash balances on October 1, 1971 61,000.00 75,711.32 Advances and accounts receivable on October 1, 1971 - 301.85 Employee deductions on September 30, 1972 - 3,377.99 TOTAL FUNDS TO ACCOUNT FOR $ 462,480.00 $ 521,063.84 7 VILLAGE OF TEQUESTA EXHIBIT C GENERAL FUND STATEMENT OF DISBURSEMENTS BUDGETED AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1972 DISBURSEMENTS BUDGET ACTUAL Administrative expense (Schedule C-1) $ 74,525.00 $ 72,560.22 Office expense (Schedule C-2) 15,830.00 15,698.16 Public safety expense (Schedule C-3) 121,550.00 104,821.27 Streets and parks expense (Schedule C-4) 229,852.00 149,797.75 Transfers to Sinking Fund (Exhibit E) 20,723.00 20,722.60 TOTAL DISBURSEMENTS $ 462,480.00 $ 363,600.00 Cash balances on September 30, 1972 - 149,648.68 Advances and accounts receivable on September 30, 1972 - 5,068.73 Employee payroll deductions on October 1, 1971 - 2,514.95 Accounts payable on October 1, 1971 - 231.48 TOTAL FUNDS ACCOUNTED FOR $ 462,480.OG $ 521,063.84 8 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SCHEDULE C-1 SCHEDULE OF DISBURSEMENTS FOR THE YEAR ENDED SEPTEMBER 30 1972 ADMINISTRATIVE EXPENSE Salaries OA SI expense Car allowance Council fees Dues Insurance Legal Contributions Advertising and promotion Maps Engineering Building department Auditing Employees insurance premiums Employees pension plan premiums Tax assessing and collecting Miscellaneous expense Contingencies TOTAL DOTE (1) Professional services in connection with Zoning Ordinance Review Committee 9 BUDGET ACTUAL $ 28,000.00 $ 27,844.34 1,038.00 1,037.69 600.00 600.00 1,200.00 1,200.00 423.00 422.85 5,868.00 5,867.42 5,980.00 5,980.00 3,900.00 3,890.00 166.00 165.20 1,000.00 1,073.00 836.90 1,040.00 ~ 1,039.84 900.00 825.00 4,900.00 4,475.32 13,000.00 12,986.70 900.00 852.85 3,037.00 3,036.11 1,500.00 1,500.00 (1) $ 74,525.00 $ 72,560.22 $ 1, 500.00 NOWLEN, LYNCH & STEWART OFFICE EXPENSE Salaries OASI expense Supplies Postage Telephone Utilities Miscellaneous New equipment TOTAL VILLAGE OF TEQUESTA SCHEDULE OF DISBURSEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 1972 BUDGET $ 9,503.00 510.00 1,200.00 588.00 773.00 1,751.00 1,335.00 170.00 SCHEDULE C-2 ACTUAL $ 9,501.30 475.91 1,107.02 587.44 772.27 1,750.11 1,334.61 169.50 ~"' $ 15,830.00 $ 15,698.16 10 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SCHEDULE C-3 SCHEDULE OF DISBURSEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 1972 BUDGET ACTUAL PUBLIC SAFETY EXPENSE Police Chief salary $ 11,000.00 $ 10,981.40 Police Lieutenant salary 8,075,00 8,075.00 Police Sergeants'salaries 13,898.00 13,897.65 Detective salary 7,500.00 7,500.00 Patrolmen salaries 29,000.00 27,475.82 Dispatchers salaries 16,200.00 16,054.47 Pay for extra work 1,000.00 320.70 OASI expense 4,450.00 4,028.72 Car expense 2,483.00 2,482.84 Gasoline and oil 3,837.00 3,836.48 Car insurance 1,056.00 1,055.51 Equipment and uniforms 1,600.00 1,299.78 Telephone 635.00 634.99 Teletype 375.00 108.19 Utilities - Traffic signals 441.00 440.52 Judge's fee 1,200.00 1,200.00 Miscellaneous 1,200.00 1,196.88 Traffic signs 700.00 413.17 Equipment 4, 000.00 3 , 789.15 r.-~' Traffic light installation 12,000.00 - Civil defense 300.00 - Personnel training 600.00 30.00 TOTAL $ 121,550.00 $ 104,821.27 11 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SCHEDULE C-4 SCHEDULE OF DISBURSEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 1972 BUDGET ACTUAL STREETS AND PARKS EXPENSE Salaries $ 18,700.00 $ 16,985.45 OASI expense 950.00 865.04 Street maintenance 2,573.00 2,572.10 Streets and drainage 63,800.00 12,792.78 Entrance gate expense 1,000.00 536.83 Fogging expense 3,360.00 3,359.39 General maintenance 5,500.00 5,127.44 Truck and tractor expense 700.00 335.98 Truck insurance 200.00 199.83 Gasoline and oil - truck 400.00 399.92 Gasoline and oil - other 60.00 59.49 Small tools 300.00 58.21 Village Hall maintenance 1,932.00 1,931.49 Garbage collection 64,277.00 63,420.00 Trash collection 22,000.00 21,933.40 Utilities - street lights 4,200.00 3,560.12 Street name signs 400.00 - Equipment 1,000.00 717.78 /~ Beautification 1,000.00 - Fire hydrant rental fees 6,000.00 6,000.00 Recreation - land purchase 9,000.00 - Bicycle paths 15,000.00 8,942.50 Village Hall - painting 2,500.00 - Village Hall - driveway sealing 1,000.00 - Village clean-up day 4,000.OC - TOTAL $ 2'19,852.00 $ 149,7x7.75 12 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA EXHIBIT D COMPARATIVE SUMMARY OF RECEIPTS AND DISBURSEMENTS GENERAL FUND FOR FISCAL YEARS AS INDICATED FISCAL YEARS ENDED SEPTEMBER 30, 1972 1971 1970 1969 RECEIPTS Taxes: Ad valorem $ 135,646 $ 117,114 $ 93,955 $ 41,397 Cigarette, revenue sharing and gasoline 145,855 102,421 90,877 77,447 Utility 54,101 44,403 37,452 28,707 Franchise 34,962 32,137 25,136 18,932 Building permits 11,741 23,279 16,432 24,403 Occupational licenses 24,749 16,824 20,872 19,448 State Road and Bridge Funds 8,346 11,187 1,462 1,365 Beverage licenses 2,360 - - - Water Department 14,000 15,232 12,446 11,360 Fines and forfeitures 3,052 1,327 1,148 912 Miscellaneous income 6,861 6,776 7,185 5,786 TOTAL RECEIPTS ~ 441,673 ~ 370,700 ~ 306,965 $ 229,757 DISBURSEMENTS Streets and parks $ 149,798 $ 141,512 $ 100,546 $ 87,996 Public safety 104,821 98,156 84,481 70,210 Administrative 72,560 76,094 72,289 54,796 Office 15,698 14,176 14,367 11,207 Sinking Fund transfers 20,723 17,175 19,555 15,155 TOTAL DISBURSEMENTS $ 363,600 347,113 291,238 239,364 EXCESS OF RECEIPTS OVER DISBURSEMENTS $ 78,073 $ 23,587 $ 15,727 $ ( 9,607) 13 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA SINKING FUND AND RESERVE ACCOUNT EXCISE TAX REVENUE BONDS STATEMENT OF RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED SEPTEMBER'30, 1972 STNKING FUND BALANCES ON OCTOBER 1, 1971 Cash in checking account Cash in certificates of deposit TOTAL BEGINNING BA~,ANCES RECEIPTS Transfers from General Fund Interest earned TOTAL RECEIPTS TOTAL AVAILABLE DISBURSEMENTS 1964 Excise Tax Revenue Bonds: Interest due April 1, 1972 Interest due October 1, 1972 Principal due October 1, 1972 Paying agent fee 1969 Excise Tax Revenue Bonds: Interest due October 1, 1972 Principal due October 1, 1972 TOTAL DISBURSEMENTS BALANCES ON SEPTEMBER 30, 1972 Cash in checking account Cash in certificates of deposit TOTAL ENDING BALANCES $ 1,164.72 $ 1,164.72 $ 19,973.05 $ 19,973.05 $ 21,137.77 $ 2,067.50 2,067.50 9,000.00 28.66 950.00 4,000.00 $ 18,113.66 $ 3,024.11 RESERVE ACCOUNT $ - 16,000.00 16,000.00 $ 749.55 1,250.-~5 $ 2,000.00 ~ 18,000,00 $ - EXHIBIT E TOTAL $ 1,164.72 16,000.00 ~ 17,164.72 $ 20,722.60 1,250.45 ,S 21,973.05 39,137.77 $ 2,067.50 2,067.50 9,000.00 28.66 - 950.00 - 4,000.00 $ - $ 18,113.66 $ - 18,000.00 $ 3,024.11 18,000.00 $ 3,024.11 $ 18,000.00 $ 21,024.11 14 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA EXHIBIT F AMORTIZATION SCHEDULE EXCISE TAX REVENUE BONDS - SERIES 1964 SEPTEMBER 30, 1972 The bonded debt was incurred in 1964 through the issuance of $148,000 excise tax revenue bonds. The proceeds were used for construction of the Village Hall and Utility Garage. A balance of $90,000 was outstanding on September 30, 1972; the schedule of payments on the outstanding bonds follows: COUPON ANNUAL DUE DATE RATE PRINCIPAL INTEREST TOTAL REQUIREMENT April 1, 1973 4.00% $ $ 1,887.50 $ 1,887.50 $ October 1, 1973 4.00 10,000.00 1,887.50 11,887.50 13,775.00 April 1, 1974 4.00 1,687.50 1,687.50 October 1, 1974 4.00 10,000.00 1,687.50 11,687.50 13,375.00 April 1, 1975 4.00 1,487.50 1,487.50 October 1, 1975 4.25 11,000.00 1,487.50 12,487.50 13,975.00 April 1, 1976 4.25 1,253.75 1,253.75 October 1, 1976 4.25 11,000.00 1,253.75 12,253.75 13,507.50 April 1, 1977 4.25 1,020.00 1,020.00 October 1, 1977 4.25 11,000.00 1,020.00 12,020.00 13,040.00 April 1, 1978 4.25 786.25 786.25 October 1, 1978 4.25 12,000.00 786.25 =:.2,786.25 13,572.50 April 1, 1979 4.25 531.25 531.25 October 1, 1979 4.25 12,000.00 531.25 12,531.25 13,062.50 April 1, 1980 4.25 276.25 276.25 October 1, 1980 4.25 13,000.00 276.25 13,276.25 13,552.50 TOTAL $90.,000,.00 $17,860_00 $107,860_00 $107,860.00 15 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA EXHIBIT G AMORTIZATION SCHEDULE EXCISE TAX REVENUE BONDS - SERIES 1969 SEPTEMBER 30, 1972 The bonded debt was incurred in 1969 through the issuance of $27,000 excise tax revenue bonds. The proceeds were used to acquire land east of Village Hall, Section 30, Township 40 south, Range 43 east, Palm Beach County. A balance of $15,000 was outstanding on September 30, 1972; the schedule of payments on the outstanding bonds follows: COUPON ANNUAL DUE DATE RATE PRINCIPAL INTEREST REQUIREMENT October 1, 1973 5% $ 5,000.00 $ 750.00 $ 5,750.00 October 1, 1974 5% 5,000.00 500.00 5,500.00 October 1, 1975 5% 5,000.00 250.00 5,250.00 TOTAL $ 15,000.00 $ 1,500.00 $ 16,500.00 16 NOWLEN, LYNCH & STEWART VILLAGE OF TEQUESTA EXHIBIT H AMORTIZATION SCHEDULE EXCISE TAX REVENUE BONDS - SERIES 1972 SEPTEMBER 30, 1972 The bonded debt was incurred in 1972 through the issuance of $73,362.50 excise tax revenue bonds. The proceeds were used to acquire the assets of Plantreat, Inc., a Florida corporation, operating a system for the collection and treatment of sewage. A balance of $73,362.50 was outstanding on September 30, 1972; the schedule of payments on the outstanding bonds follows: COUPON RATE June 1, 1973 June 1, 1974 June 1, 1975 June 1, 1976 June 1, 1977 TOTAL 5% a 5% 0 5% 0 5/ 5% PRINCIPAL $ 7,500.00 7,500.00 7,500.00 7,500.00 43,362.50 ANNUAL INTEREST REQUIREMENT $ 3,668.13 $ 11,168.13 3,293.13 2,918.13 2,543.13 2,168.13 10,793.13 10,418.13 10,043.13 45,530.63 X73,362.50 ~ 14,590.65 $ 87,953.15 17 NOWLEN, LYNCH & STEWART