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Year of Balance Balance Due Within Description Issue/Maturity Original Issue Interest Rate 1/1/2024 Additions Payments 12/31/2023 One Year General Fund 2012 Troopers Barracks 2012/2034 1,000,000 3.50% $ 590,000 $ - $ 45,000 $ 545,000 $ 45,000 Total General Fund 590,000 - 45,000 545,000 45,000 Water Fund 2012 Water #3 Cole Road 2012/2032 125,000 2.80% 56,250 - 6,250 50,000 6,250 2005 Water Rural LT #1 2005/2040 2,168,500 4.13% 1,719,000 - 71,700 1,647,300 74,700 2010 Water District #3 2010/2048 2,394,000 3.00% 1,865,901 - 48,801 1,817,100 50,600 Total Water Fund 3,641,151 - 126,751 3,514,400 131,550 Total governmental activities $ 4,231,151 $ - $ 171,751 $ 4,059,400 $ 176,550 A default will have occurred if the payment of principal or interest are not paid when due and payable. Upon default in payment in full of the principal of or interest on the bonds, a holder of such defaulted bond has a contractual right to sue the Town of the amount then due thereon. The Town does not have any lines of credit. Lease Liability—The Town holds long-term capital leases for various equipment. The outstanding balance at December 31, 2024 was $8,738 Refer to note 9 for additional information related to the Town’s leases. Compensated Absences—As described in Note 1, the Town records the value of compensated absences in the government-wide financial statements. The annual budgets of the respective funds of which the employees’ payroll is recorded provide for these benefits as they become due. Typically, the Highway—Town Wide Fund have been used in prior years to liquidate the current liability. The liability for compensated absences at December 31, 2024 amounts to $179,285. While the payments of compensated absences are dependent upon many factors, the Town has estimated that $17,928 will become due within one year. Since payment of compensated absences is dependent upon many factors, the timing of future payments is not readily available. Pension Liabilities—The Town reports liabilities for its proportionate share of the net pension liability for the Employees’ Retirement System of $496,713 and the total pension liability for LOSAP of $6,785,481. Refer to Notes 6 and 7 for additional information related to the Town’s pension liability. A maturity schedule of the Town’s indebtedness is presented below: Year Ending Serial Lease Compensated Net Pension Total Pension December 31, Bonds Liability Absences Liability—ERS Liability—LOSAP Total 2025 176,550 $ 4,523 $ 17,928 $ - $ - $ 199,001 2026 186,450 3,260 - - - 189,710 2027 191,450 955 - - - 192,405 2028 196,750 - - - - 196,750 2029 207,150 - - - - 207,150 2030-2034 1,133,150 - - - - 1,133,150 2035-2039 989,900 - - - - 989,900 2040-2044 581,000 - - - - 581,000 2045 and Thereafter 397,000 - 161,357 496,713 6,785,481 7,840,551 Total $ 4,059,400 $ 8,738 $ 179,285 $ 496,713 $ 6,785,481 $ 11,529,617 - 40 -