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<br /> ,' Swan's Nest Metropolitan District
<br />Notes to Financial Statements
<br /> , December 31, 2008
<br />3. Capital Assets
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<br />4.
<br />Capital assets of the District as of Decernber 31, 2008 consist of:
<br />Balance Bafance
<br />12/31/2007 Additions Disposais 12/31/2008
<br />Non-depreciable Assets�
<br />Land $3,761,750 $3,761,750
<br />Depreciable Assets:
<br />Water lines & tanks 1,806,132 2,732 1,808,864
<br />Asphalt �
<br />7otal Assets Being Depreciated 1,806,132 2,732 fl �>$ds�
<br />Less Accumulated Depreciation for:
<br />Water lines & tanks
<br />Roads
<br />Total Accumulated Depreciatian
<br />7otal Net Capitai Assets Being
<br />Depreciated
<br />Total Capital Assets, Net
<br />Bonds Payable
<br />(264,737) (30,148) (294,885}
<br />0
<br />{264,737) (30,148) _ � (294,885)
<br />1,541,395 (30,148) 0 1,513,979
<br />$5,303,145 ($30,148) $0 $5,275,729
<br />In 2002, the Board determined that it was in the best interests of the
<br />District, and the residents and taxpayers thereof, that the District issue
<br />general obligation refunding bonds in the tatal principal amount
<br />$1,710,000 to refund the District's General Obligation Refunding Bonds,
<br />Series 2000.
<br />Long-term debt as of December 31 consists of the following:
<br />Note payable to American National Bank, semi-annual installments,
<br />maturing December 15, 2025, and secured by District revenues, including
<br />property taxes.
<br />2008 2007
<br />$ 1,645,OQ0 $ 1,70Q,000
<br />Current maturities (60,000) (55,000)
<br />$ 'l,585,000 $ 1,645,000
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