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TOWN OF DEBEQUE, COLORADO <br />NOTES TO FINANCIAL STATEMENTS - continued <br />December 31, 2004 <br />NOTE D - LONG-TERM DEBT <br />Long term liability activity for the year ended December 31, 2004 was as follows: <br />Beginning Ending Current <br />Balance Additions Reductions Balance Portion <br />Business-Type Activities <br />1973 Water and Sewer Bond� $ 43,400 $ - $ (43,400) $ - $ - <br />Water Fund Notes Payable 110,808 100,000 (13,734) 197,074 18,261 <br />Water Fund Contract Payable 73,662 - (3,947) 69,715 4,067 <br />$ 227,870 $lOQ,000 $ 61,081 $ 266,789 $22,328 <br />The Town's governmental activities have no long-term debt, and all compensated absence accruals <br />have consistently been treated as a current liability. <br />Long-term debt outstanding in proprietary funds at year-end consist of: <br />Note payable to Colorado Department of Local Affairs, bearing interest at 5%, payable <br />September, l annually through 2010 <br />Note payable to Colorado Department of Local Affairs, bearing interest at 5%, payable <br />September, 1 St , annually through 2019 <br />$ 97,073 <br />100,000 <br />Contract payable to US Department of the Interior, Bureau of Reclamation, interest at <br />3%, payable in annual installment through 2019 69,715 <br />$266,788 <br />19 <br />