NOTES TO FINANCIAL STATEMENTS - Continued
FOR THE YEAR ENDED JUNE 30, 2013
See Independent Auditor's Report

NOTE 8 - LONG-TERM OBLIGATIONS PAYABLE

The following is a summary of long-term obligations for the Academy during the year ended June 30, 2013:

Loan Information

Certificates of Participation 2004

Interest Rate: 6.25%
Maturity Date: December 2024
Other: Collateralized by a mortgage on the Academy's facility as well as a pledge for 20% of the state school aid payments and funds held in trust for debt service

Certificates of Participation 2004

Interest Rate: 7.00%
Maturity Date: December 2036
Other: Collateralized by a mortgage on the Academy's facility as well as a pledge for 20% of the state school aid payments and funds held in trust for debt service

Loan Activity

Certificates of Participation 2004

Balance July 1, 2012: $2,715,000
Retirements and Payments: $110,000
Balance June 30, 2013: $2,605,000
Due Within One Year: $120,000

Certificates of Participation 2006

Balance July 1, 2012: $4,995,000
Retirements and Payments: $85,000
Balance June 30, 2013: $4,910,000
Due Within One Year: $90,000

Totals

Balance July 1, 2012: $7,710,000
Retirements and Payments: $195,000
Balance June 30, 2013: $7,515,000
Due Within One Year: $210,000

Following are maturities of long-term obligations for principal and interest for the next five years and in total (Principal - Interest):

2014
($210,000 - $480,975)

2015
($220,000 - $467,769)

2016
($235,000 - $453,119)

2017
($250,000 - $436,819)

2018
($265,000 - $419,494)

2019-2023
($1,635,000 - $1,792,213)

2024-2028
($1,710,000 - $1,151,388)

2029-2033
($1,250,000 - $748,438)

2034-2038
($1,740,000 - $4263,125)