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Park Center Water District
<br />Notes to the Financial Statements
<br />3 Property, Plant and Equipment .
<br />Table 1 -Schedule of Property and Equipment
<br />Descri tion 2005 2004
<br />Office and shop building $98,429 $98,429
<br />Vehicles 55,893 61,856
<br />Source of supply 70,941 70,941
<br />Treatment plant 1,899,636 1,857,015
<br />Distribution system 1,766,815 1,766,815
<br />Office equipment 22,075 28,575
<br />Land and water ri hts 33,215 33,215
<br />Total fixed assets at cost 3,947,004 3,9/6,846
<br />Accumulated de reciation 1,654,668 1,542,950
<br />Net Property and Equipment $2,292,337 $2,373,896
<br />Depreciation for 2005 and 2004 was $124,423 and $122,577 respectively.
<br />4 Long-term Debt
<br />A Summary of Long-term Debt Activity
<br /> Balance
<br /> Beginning of Proceeds From Balance End of Amount Due
<br />Description Year Borrowings Payments Year Within One Year
<br />Revenue Bonds $ 1,064,117 $ - $ (24,529) $ 1,039,588 $ 25,232
<br />Note Payable 389,863 - (389,863) - -
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<br />Totals $ 1,453,980 $ - $ (414,392) $ 1,039,588 $ 25,232
<br />B Revenue Bonds
<br />Water Revenue Bond principal and interest are payable to Rural Development solely from the water revenues of the District.
<br />The District has issued a Water Revenue Bond Series ] 968 in the principal amount of $102,000 to pay a portion of the cost of
<br />construction of a water system for the District. The bond is payable on January 1 in 34 annual installments of $5,714
<br />including interest. The final payment is due January 1, 2008. The effective annual interest rate is 4.125%. The balance of
<br />these bonds at December 31, 2005 is $14,191.
<br />The District has issued Subordinate Lien Water Revenue Bonds, Series 1983 in the principal amount of $345,400 to pay for
<br />District improvements. The net effective annual interest rate of this issue of bonds is 5.00%. Interest is payable on January 1
<br />and July 1 of each year. The bonds mature serially January 1 of each year. The final payment is due in 2023. The balance of
<br />these bonds at December 31, 2005 is $235,000.
<br />The District has issued Water Revenue Bonds, Series 1993 in the principal amount of $735,000 to pay for construction of a
<br />new treatment plant. The annual interest rate of this issue is 5.125%. Principal and interest are payable on June 1 and
<br />December 1 of each year through 2033. At December 31, 2005, the balance on these bonds is $650,300.
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