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<br />IMPERIAL IRRIGATION DISTRICT
<br />Notes to Combined Financial Statements, Continued
<br />
<br />NOTE 9 Bonds Payable
<br />
<br />In 1988, pursuant to the State of California
<br />Clean Water Bond Law of 1984, the State of
<br />California loaned the District $1,600,000 to
<br />pay costs associated with a water conserva-
<br />tion program, The amounts are payable in
<br />
<br />semiannual installments on April 1 and
<br />October 1 until the principal is repaid,
<br />Interest accrues at 4,013% per annum,
<br />In 1990, the State of California loaned the
<br />District an additional $680,000 to pay for
<br />eligible project costs, therefore increasing
<br />
<br />the total obligation to $2,280,000. The
<br />unpaid balance at December 31, 1994 and
<br />1993 was $1,948,343 and $2,013,502, respec-
<br />tively,
<br />
<br />The debt service on such obligation is as
<br />follows:
<br />
<br /> Total Debt
<br /> Principal Interest Service
<br />1995 $ 67,800 77,511 145,311
<br />1996 70,548 74,763 145,311
<br />1997 73,407 71,904 145,311
<br />1998 76,382 68,929 145,311
<br />1999 79,478 65,833 145,311
<br />Thereafter 1,580,729 504,855 2,085,584
<br /> $1,948,344 863,795 2,812,139
<br />
<br />NOTE 10 Capital Leases
<br />
<br />The District has acquired certain operating
<br />and computer equipment through lease
<br />
<br />purchase agreements, The District also
<br />acquired real property in El Centro through
<br />a lease purchase agreement extending over
<br />a ten-year period,
<br />
<br />A summary of the lease payments is as fol-
<br />lows:
<br />
<br /> Operating Computer Real
<br /> Equipment Equipment Property Total
<br />1995 $ 106,183 191,615 53,416 351,214
<br />1996 1,232 168,067 53,416 222,715
<br />1997 166,097 53,416 219,513
<br />1998 141,588 53,416 195,004
<br />1999 295 53,416 53,711
<br />Thereafter 8,903 8,903
<br /> 107,415 667,662 275,983 1,051,060
<br />Less interest portion (3,104) (67,993) (50,795) (121,892)
<br />Net $ 104,311 599,669 225,188 929,168
<br />
<br />NOTE 11 Employee Benefit Plan
<br />The District has a defined benefit pension
<br />plan (the Plan) covering substantially all of
<br />its employees, Under the terms of the
<br />Plan, employees are eligible to participate
<br />after completing six months of continuous
<br />service, Employees become vested in the
<br />Plan after four years of continuous service
<br />and after attaining the age of 40,
<br />
<br />The District's contribution to the Plan is
<br />determined by the aggregate-entry-age-
<br />normal-cost method, That is, it takes into
<br />account those benefits that are expected to
<br />be earned in the future as well as those
<br />already accrued, Contributions made by
<br />the District and retirement benefits vary
<br />
<br />Normal cost
<br />Unfunded actuarial accrued liability
<br />Total contributions
<br />
<br />1994
<br />$ 2,080,623
<br />1,604,022
<br />$ 3,684,645
<br />
<br />Retirement benefits are payable beginning
<br />at age 65 based on 75% of the employee's
<br />highest basic monthly salary times the
<br />ratio of completed months of credited ser-
<br />vice, Vested employees may retire at or
<br />after age 55 and receive reduced retirement
<br />
<br />benefits provided 10 years of continuous
<br />service has been achieved, Benefits are
<br />payable based on the actuarial equivalent
<br />of accrued benefits, The Plan also includes
<br />death and disability benefits,
<br />
<br />depending upon the age of the employee
<br />at the date of entry into the Plan, the aver-
<br />age basic salary attained and the employ-
<br />ee's retirement age,
<br />
<br />The District's contributions to the Plan
<br />were as follows:
<br />
<br />December 31
<br />
<br />1993
<br />2,062,306
<br />1,269,392
<br />3,331,698
<br />
<br />A summary of the financial position of the
<br />Plan at January 1,1994 and 1993, the most
<br />recent actuarial data available, is as fol-
<br />lows:
<br />
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