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PIEDMONT AREA MENTAL HEALTH, <br />DEVELOPMENTAL DISABILITIES AND SUBSTANCE ABUSE AUTHORITY <br />NOTES TO FINANCIAL STATEMENTS <br />JUNE 30, 2006 <br />NOTE 2 DETAIL NOTES ON ALL FUNDS (CONTINUED) <br />6. Long-Term Opligations <br />As of June 30, 2006, the governmental long-term debt of the financial reporting entity <br />consisted of the following: <br />Installment Ndte Payable, First Charter National <br />Bank, Payable in Monthly Installments of $14,225 at <br />an Annual Interest Rate of 5.83%, Collateralized by <br />the Real Estate and Building: <br />Current Portion $ 159,419 <br />Non-Current Portion 111,410 <br />Total Notes Payable $ 270,829 <br />Accrued Compensated Absences: <br />Non-Current Portion $ 607,583 <br />The annual debtlservice requirements to maturity, including principal and interest, on the <br />installment note payable subsequent to June 30, 2006 are as follows: <br />Year Ending <br />2007 <br />2008 <br />Principal Interest <br />$ 159,419 $ 11,281 <br />111,410 2,442 <br />$ 270,829 $ 13,723 <br />Interest expense on the note payable was $20,057 during 2006. <br />Long-Term Obligation Activity <br />The following is a summary of changes in the Authority's long-term obligations for the fiscal <br />year ended June 30, 2006: <br /> Balance, Net Increase Balance, Amounts Due <br /> July 1, 2005 (Decrease) June 30, 2006 Within One Year <br />Governmental Acti,~ities: <br />Notes Payable ! $ 421,466 $ (150,637) $ 270,829 $ 159,419 <br />Compensated Absences 737,271 (129,688) 607,583 - <br />Total General Long-Term Debt $ 1,158,737 $ (280,325) $ 878,412 $ 159,419 <br /> <br />Compensated absences typically have been liquidated in the general fund and are <br />accounted for on a LIFO basis, assuming that employees are taking leave-time as it is <br />earned. <br />(25) <br />G•y <br />