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Notes to Basic Financial Statements For the Fiscal Year Ended June 30,2004 <br /> NOTE 7-SHORT-TERM FINANCING , <br /> Short-term debt may be authorized and issued to fund the following: ' <br /> • Current operating costs prior to the collection of revenues through issuance of revenue anticipation notes <br /> (RAN)or tax anticipation notes (TAN). ' <br /> • Capital project costs and other approved expenditures incurred prior to obtaining permanent financing <br /> through issuance of bond anticipation notes(BAN)or grant anticipation notes(GAN). <br /> Short-term loans are general obligations and carry maturity dates that are limited by statute. Interest ' <br /> expenditures for short-term borrowings are accounted for in the general fund. <br /> Details related to the short-term debt activity for the fiscal year ended June 30,2004,are as follows: ' <br /> Origination Maturity Interest Balance at Balance at <br /> Type Description Date Date Rate 6/30/2003 Increases Decreases 6/30/2004 <br /> BAN Landbank Amy Brown........ 9/16/02 9/16/03 2.50% $ 550,000 $ - $ (550,000) $ - , <br /> BAN Fire Truck......................... 9/16/02 9/16/03 2.50% 650,000 - (650,000) <br /> BAN Cemetery.......................... 9/16/02 9/16/03 2.50% 400,000 - (400,000) <br /> BAN Trout Brook...................... 9/16/02 9/16/03 2.50% 93,840 - 1 (93,840) , <br /> BAN Landbank Santuit............... 9/16/02 9/16/03 2.50% 3,200,000 - (3,200,000) <br /> BAN Land Acquisition................ 1/17/03 9/16/03 1.75% 208,200 - (208,200) - <br /> BAN Land Acquisition................ 4/21/03 9/16/03 1.75% 194,650 - (194,650) <br /> GAN Senior Citizens Addition...... 2/27/04 11/19/04 1.50% - 1,500,000 - 1,500,000 ' <br /> Total................................ $ 5,296,690 $ 1,500,000 $ (5,296,690) $ 1,500,000 <br /> Subsequent Event <br /> On September 22,2004,the Town issued a BAN totaling$604,272 for land acquisition. The note carries an interest ' <br /> rate of 2.6% and matures on September 22,2005. <br /> NOTE 8-LONG-TERM DEBT ' <br /> Chapter 44,Section 10,of the MGL authorizes indebtedness up to a limit of 5% of the equalized valuation. Debt ' <br /> issued in accordance with this section of the law is designated as being"inside the debt limit'. However,debt <br /> may be authorized in excess of that limit for specific purposes. Such debt,when issued,is designated as being <br /> "outside the debt limit". <br /> Town of Mashpee,Massachusetts 34 Basic Financial Statements <br />