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Notes to Combined Financial Statements, Continued NOTE 5 Deferred Compensation Plan The District offers a Deferred Compensation Plan created in accordance with Internal Revenue Code Section 457 to its employees, allowing them to defer or postpone receipt of income, Amounts so deferred may not be paid to the employee during employment with the District except for a catastrophic circumstance cre- ating an undue financial hardship for the employee, Investments made under the Deferred Compensation Plan are stated at market value, and all gains and losses realized on such investments accrue directly to the benefit or detriment of the participants, At December 31, 1994 and 1993, net assets available for benefits amounted to $13,859,002 and $12,826,602, respectively, All amounts of compensation deferred under the plan, all property and rights pur- chased with those amounts, and all income attributable to those amounts, property or rights are, until paid or made available to the employee or other beneficiary, solely the property and rights of the District, without being restricted to the provisions of benefits under the plan, subject only to NOTE 6 Long-Term Debt Long-term debt consists of the following at December 31,1994 and 1993: Certificates of Participation ~ 1990, net of unamortized original issue discount of$1,090,454 and cUffiulativeaccretion of $1,825,157 on capital appreciation certificates (note 7) Certificates of Participation -1991, net of unamor- tized original issue discount of $48,002 (note 7) Certificates of Participation -1993, net of unamor- tized original issue discount of$447,952 (note 7) Certificates of Participation -1994, nelof unamor- tized original issue premium of $309,279 (note 7) Water bonds payable (note 9) Obligation under capital lease (note .10) Certificates of Participation - 1990, net of unamortized original issue discount of $1,161,724 and cumulative accretion of $1,374,046 on capital appreciation certificates (note 7) Certificates of Participation -1991, net of unamor- tized original issue discount of $62,548 (note 7) Certificates of Participation -1993, net of unamor- tized original issue discount of $478,219 (note 7) All-American Canal obligation (note 8) Water bonds payable (note 9) Obligation under capital lease (note 10) 3,830,000 47,587,322 51,417,322 5,745,000 26,092,452 31,837,452 375,000 43,441,781 43,816,781 40,803 613,075 1,948,343 2,013,502 422,508 123,425 504,214 l,317,061 2,370,851 10,114,228 117,625,769 131,015,193 Water Department Current Portion Long-Term Portion $ 67,800 1,880,544 171,980 252,242 $ 239,780 2,132,786 Water Department Current Portion Long-Term Portion $ 572,272 65,159 266,914 $ 904,345 the claims of the District's general credi- tors, Participant's rights under the plan are equal to those general creditors of the District in an amount equal to the fair mar- ket value of the deferred account for each participant, It is the opinion of the District's legal coun- sel that the District has no liability for loss- es under the plan, but does have the duty of due care that would be required of an ordinary prudent investor, The District believes that it is unlikely that it will use the assets of the plan to satisfy the claims of general creditors in the future, 1994 Power Department Current Portion Long-Term Portion Total 4,070,000 44,039,703 48,109,703 6,030,000 20,076,998 26,106,998 385,000 43,087,048 43,472,048 100,000 59,914,279 60,014,279 1,948,344 130,130 374,816 929)68 10,715,130 167,492,844 180,580,540 1993 Power Department Current Portion Long-Term Portion Total