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THE GREELEY AND LOVELAND IRRIGATION COMPANY <br />Greeley, Colorado <br />Notes to Financial Statements <br />October 31, 2000 <br />Note 1 - Summary of Significant Accounting Policies (Continued) <br />Estimates <br />The preparation of financial statements in conformity with generally <br />accepted accounting principles requires management to make estimates <br />and assumptions that affect certain reported amounts and disclosures. <br />Accordingly, actual results could differ from those estimates. <br />Compensated Absences <br />Under the terms of the Company policy, dated February 7, 1984, <br />employees are granted vacation leave in varying amounts, depending upon <br />the length of continuous service the employee has given the Company. <br />Vacation time cannot be accumulated from one anniversary year to <br />another anniversary year and, therefore, no liability is reflected for <br />compensated absences at year end. <br />There is no policy for sick pay. Compensation for sick pay is <br />determined on an individual basis. <br />Note 2 - Note Receivable <br />On February 18, 1998, the Greeley and Loveland Irrigation Company <br />entered into a ten year loan with the Colorado Water Conservation Board <br />to partially finance a feasibility study for themselves and Seven Lakes <br />Reservoir Company. The Board of Directors of the Seven Lakes Reservoir <br />Company agreed to pay the Greeley and Loveland Irrigation Company for <br />40% of this loan. Seven Lakes Reservoir company will make annual <br />payments of $1,111.32 principal and interest, at 3.25 %, to the Greeley <br />and Loveland Irrigation Company beginning February 18, 1999. The loan <br />is uncollateralized. <br />Note 3 - Notes Payable <br />The following is a summary of notes payable at October 31, 2000: <br />Source Current Long -Term Total <br />Colorado Water Conservation Board, <br />3.25% interest payable in ten <br />installments of $2,778.31 beginning <br />April 5, 1999. Collateralized by <br />Certificate of Deposit and a money <br />market account which total $4,670. 2,151 17,148 19,299 <br />Colorado Water Conservation Board, <br />4.21% interest payable in thirty <br />installments of $18,268.60 beginning <br />May 1, 2000. Collateralized by <br />security interest, evidenced by a <br />Security Agreement and a Deed of <br />Trust covering certain revenues and <br />real property and water rights. 5,884 288,286 294,170 <br />Total 8,035 305,434 313,469 <br />