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� <br />, Swan's Nest Metropolitan District <br />Notes to Financial Statements <br />December 31, 2008 <br />4. <br />' <br />' <br />' <br />� <br />' <br />lJ <br /> I, <br />� <br />� <br /> I' <br />� <br /> I' <br /> I� <br />Bonds Payabie (Continued) <br />The annual long-term debt requirements as of December 31, 2008 are as <br />follows: <br />Year ending <br />December 31, <br />2009 <br />2010 <br />2011 <br />2012 <br />2013 <br />2014-2025 <br />Net Loan* <br />Principal Interest Total <br />60,000 92,448 258,738 <br />65,000 89,868 260,873 <br />70,000 86,910 255,004 <br />70,000 83,130 259,538 <br />75,000 79,350 154,350 <br />1,305,000 544,812 1,849,812 <br />$ 1,645,004 $ 976,518 � $ 3,038,315 <br />*Including interest credits anc4 refunding savings <br />Net Assets <br />F� <br />The basic financial statements utilize a net asset presentation. Net assets <br />are categorized as invested in capital assets (net of related debt), <br />restricted and unrestricted. Invested in capitai assets (net of related debt) <br />is intended to reflect the portion of net assets that are associated with non- <br />liquid, capital assets, less outstanding capital asset related debt. <br />Restricted assets are liquid assets generated from revenues that have <br />third-parly (statutory, bond covenant or water user) limitation on their use. <br />Unrestricted net assets are amounts that do not meet the definitions <br />of "invested in capital assets" or "restricted assets" and are available for <br />District operations. Restricted resources are applied first when an <br />expense is incurred for purposes far which both restri�ted and unrestricted <br />net assets are available. Restricted net assets consist of cash reserves <br />for emergency use (see Note 8). <br />i[�7 <br /> I� <br />