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Bondholders) of the Town to enforce payments upon such contracts, if necessary, through court action, although the present statute limits interest on the amount adjudged due to creditors to nine per centum per annum from the date due to the date of payment. As a general rule, property and funds of a municipal corporation serving the public welfare and interest have not been judicially subjected to execution or attachment to satisfy a judgment, although judicial mandates have been issued to officials to appropriate and pay judgments out of current funds or the proceeds of a tax levy. The Town does not hold any lines of credit. A summary of changes in the Town’s long-term liabilities at December 31, 2025 is presented below: Balance Balance Due Within 1/1/2025 Additions Reductions 12/31/2025 One Year Serial bonds $ 4,059,400 $ - $ 176,550 $ 3,882,850 $ 186,450 Lease liability 8,738 - 4,522 4,216 3,260 Net pension liability-ERS* 496,713 - 39,272 457,441 - Pension liability-Fire LOSAP 6,785,481 436,503 732,340 6,489,644 - Compensated absences 179,285 31,754 48,026 163,013 47,101 Total $ 11,529,617 $ 468,257 $ 1,000,710 $ 10,997,164 $ 236,811 (*Reductions to the net pension liability are shown net of additions.) Serial Bonds—The Town issues general obligation bonds to provide funds for the acquisition, construction, and renovation of major capital facilities. General obligation bonds have been issued for governmental activities. General obligation bonds are direct obligations and pledge the full faith and credit of the Town. These bonds generally are issued as serial bonds with equal amounts of principal maturing each year with maturities that range from 10 to 38 years. Principal is paid annually, interest is paid semi-annually; these payments are recorded in the associated fund, either being General or Water Funds. A summary of additions and payments for the year ended December 31, 2025, is presented below: Year of Due Original Interest Issue/ Balance Balance Within Description Issue Rate (%) Maturity 1/1/2025 Additions Reductions 12/31/2025 One Year General Fund: Trooper Barracks $ 1,000,000 3.5 2012/2034 $ 545,000 $ - $ 45,000 $ 500,000 $ 50,000 Total General Fund 545,000 - 45,000 500,000 50,000 Water Fund: Water #3 125,000 2.8 2012/2032 50,000 - 6,250 43,750 6,250 Rural Development #1 2,618,500 4.125 2005/2040 1,647,300 - 74,700 1,572,600 77,800 Rural Development #2 2,394,000 3 2010/2048 1,817,100 - 50,600 1,766,500 52,400 Total Water Fund 3,514,400 - 131,550 3,382,850 136,450 Total governmental activities $ 4,059,400 $ - $ 176,550 $ 3,882,850 $ 186,450 - 107 -