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11. Deferred Revenue <br /> ' The balance of the General Fund deferred revenues account is equal to <br /> the total of all June 30, 1999 receivable balances, except real and personal <br /> property taxes that are accrued for subsequent 60 day collections. The <br /> Town's statutory "allowance for abatements and exemptions" (overlay) <br /> account, with a balance of$ 1,068,921 has been reclassified to deferred <br /> revenue for reporting purposes. <br /> 12. Anticipation Notes Payable <br /> The Town had the following notes outstanding at June 30, 1999: <br /> ' Interest Date of Date of Balance at <br /> Rate Issue Maturit June 30, 1999 <br /> Bond anticipation 3.50% 03/26/99 12/02/99 $ 2,300,000 <br /> Bond anticipation 3.50% 02/16/99 12/02/99 205,000 <br /> ' Bond anticipation 3.60% 12/02/98 12/02/99 73,330 <br /> Bond anticipation 4.00% 10/01/98 10/01/99 220,000 <br /> Bond anticipation 3.50% 03/31/99 12/02/99 120,000 <br /> Total $ 2 918 330 <br /> 13. Other Liabilities <br /> ' This balance consists primarily of performance bonds. <br /> 14. Long-Term Debt <br /> ' A. General Obligation Bonds <br /> The Town issues general obligation bonds to provide funds for the acqui- <br /> t sition and construction of major capital facilities. Payment is not limited <br /> to a particular revenue source. However, as previously noted, the Town's <br /> ability to raise property taxes is restricted by the enactment of legislation <br /> known as "Proposition 2 1/2". General obligation bonds currently out- <br /> standing are as follows: <br /> 16 <br />