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2. CAPITAL ASSETS <br />Capital asset activity for the year ended December 31, 2007 and 2006 is as follows: <br />Balance at Balance at <br />Janttary 1, December 31, <br />2007 Increases Decreases 2Q07 <br />Lana $ 3,761,750 $ 3,761,750 <br />Water lines and tanks 1,806,132 1,806,132 <br />Roads 277.605 2'77.605 <br />Total capital assets 5,845.487 $ — $ — 5.845.487 <br />Less accumulated depreciation for: <br />Water lines and tanks <br />Roads <br />Total accumulated depreciation <br />Capital assets, net <br />Land <br />Water Iines and tanks <br />Roads <br />Total capital assets <br />Less accumulated depreciation far: <br />Water lines and tanks <br />Roads <br />Total accumulated depreciation <br />Capital assets, net <br />(234,851) (29,886) (264,737) <br />(105.005) (13,880} (118,885) <br />_�339,8561 (43.766) (383,622) <br />5.�505_631 � (43.7b6) � — $ 5_461.$65 <br />Balance at Balance at <br />January 1, December 31, <br />2006 Increases Decreases 2006 <br />$ 3,761,750 $ 3,761,750 <br />1,806, I32 1,806,132 <br />277.645 277.605 <br />5,845,487 $ — $ — 5,845,487 <br />(204,965} (29,886) {234,851) <br />(91,125) (13.880} (105,005) <br />(296,Q90) (43,766} — (339.856) <br />$ 5.549397 $ l43_766) 4 — $ 5 505_631 <br />3. GENERAL OBLIGATION REFUNDING BONDS PAYABLE <br />A summary of bonds payable is as follows: <br />General Obligation <br />Refunding Bonds Series <br />2002 — $1,89U,000 <br />originally issued with <br />interest rates ranging <br />fram 4_OS to 5.75% <br />Balance at Balance at Due <br />January 1, December 31, Within <br />2�07 Increase Decrease 2007 One Year <br />� �t� + ��� t� �i� ��t7 <br />-7- <br />