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<br /> , lozf< <br /> Interest and Sinking Fund Budget Projection <br /> Estimated General Purpose Debt Service Requirements, Fiscal Year Ending 9-30-95........................................... S 3,422,800 <br /> Interest and Sinking Fund, 9-30-94....................................................................................................$450,482 <br /> 1994 Interest and Sinking Fund Tax Levy @ 95% Collection ............................................................2,189,297 <br /> Transfer fìom Waterworks and Sewer System ................................................................................... 869,550 <br /> Estimated Accrued Interest... ...................................... ....... ....,................ ..................... """"""""""" 58.351 3.567.680 <br /> Estimated Balance, 9-30-95 .................................................................................................................................. S 144,880 <br /> , Computation of Self-Supporting Debt <br /> ! <br /> Net Revenue fÌ'om the Waterworks and Sewer System, Fiscal Year Ended 9-30-94............................................... $ 1,952,367 <br /> Less: Revenue Bond Requirements, 1995 Fiscal Year.......................................................................................... 892.979 <br /> Balance Available for Other Purpose.................................................................................................................... S 1,059,388 <br /> System General Obligation Bond Requirements, 1995 Fiscal Year ....................................................................... S 869.550 <br /> Balance................. """"""" ...... """"""" ............ ........ ""'" ............. ................................ ..................................... 5 189,838 <br /> Percentage of System General Obligation Bonds Self-Supporting ......................................................................... 100.00% <br /> Authorized But Unissued General Obligation Bonds - None. <br /> Anticipated Issuance of General Obligation Bonds <br /> The City does not anticipate issuing additional general obligation debt during the next 12 months. <br /> < <br /> Funded Debt Limitation <br /> No direct funded debt limitation is imposed on the City under current State law or the City's Home Rule Charter. Article XI, <br /> Section 5 of the Texas Constitution is applicable to the City, and limits its maximum ad valorem tax rate to 52.50 per $100 <br /> assessed valuation for all City purposes. The City operates under a Home Rule Charter which adopts the constitutional <br /> proVISIOns. <br /> Other Obligations <br /> The City has no unfunded debt outstanding as of May 31, 1995. <br /> Pension Fund <br /> All qualified employees of the City are members of the Texas Municipal Retirement System. The City employees also <br /> participate in the U. S. Social Security program. <br /> Covered employees of the City contribute 5% of gross covered salary. The City's contribution is detennined annually by <br /> actuarial study. For the year ending September 30,1994, the contribution rate was 5.7% <br /> <br />