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<br />Note 3: <br /> <br />Note 4: <br /> <br />P- 1'1\", <br />:.: , ~<'f, '-'.. <br />,~_, 'it:<,. ,; ~" '",'.- .-, ,_' _' <br />,~.,lll "'..""', .'.-.- ..-.....' .....-.~_ ",...-,-:t; <br />; II =j~~~1 <br /> <br />r~';1 f <br />1;....1....,.'J'~6I t <br />UlJu <br /> <br />THE BIJOU IRRIGATION COMPANY <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />NOTES RECEIVABLE <br /> <br />On March 17, 2003, the Company loaned The Bijou Lateral Operating Committee $3,700 for the <br />purchase of a ditch weed burner, receiving a promissory note for repayment. The note is to be paid <br />on or before March 17, 2006. Interest on the note is 2.75% per annum, changing to 3.75% for any <br />amount still not received by March 17,2006. The weedburner is collateral on the note. In 2005 <br />the Company received $402 of principal and $262 of interest. <br /> <br />On August 11, 2004, the Company loaned The Bijou Lateral Ditch Company $3,000, receiving a <br />promissory note for repayment. The note is to be paid on or before August 11,2007. Interest on <br />the note is 3.5% per annum, changing to 5.5% for any amount still not received by August 11, <br />2007. Security for payment is annual assessments from the Bijou Lateral Ditch Company <br />members. The note was repaid in 2005. The Company received $3,000 in principal and $82 <br />interest. <br /> <br />CAPITAL ASSETS <br /> <br />The following is a summary of changes in the Capital Assets during the year: <br /> <br />Governmental Activities <br />Non-depreciable Assets <br />Land (Bijou Reservoir Company) <br /> <br />Depreciated Assets <br />System Improvements <br />Buildings & Improvements <br />Bijou Ditch & Bijou NO.2 Reservoir <br />Goedert pond rights <br />Equipment <br />Less: accumulated depreciation <br /> <br />Total Depreciable Assets <br /> <br />Net Capital Assets - <br />Governmental Activities <br /> <br />Balance <br />December 31, <br />2004 <br /> <br />Deletions <br />and <br />Adjustments <br /> <br />Balance <br />December 31, <br />2005 <br /> <br />Additions <br /> <br />$ 132,191 $ 132,191 <br />521,325 521,325 <br />109,801 109,801 <br />452,301 452,301 <br />87,188 87,188 <br />68,177 68,177 <br />(700,781) $ (19,374) (720,155) <br />538,011 (19,374) 518,637 <br /> <br />$ 670,202 <br /> <br />$ (19,374) <br /> <br />$ -0- <br /> <br />$ 650,828 <br /> <br />Depreciation expense was charged to functions/programs of the primary government as follows: <br /> <br />$19,374 <br /> <br />Conservation of Natural Resources <br /> <br />-11- <br />