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REPAYMENT CONTRACT STATUS
<br />During the year 2002, payments to Reclamation
<br />totaled $5,262,236. This total was comprised of;
<br />property taxes ($4,270,479), Winter water storage
<br />charges ($108,366), Project water allocations
<br />($60,610) and other payments ($822,781).
<br />The property tax portion of the payment represents
<br />the ad valorem tax collections during the year that
<br />are designated for repayment of the Fry -Ark Project.
<br />These designated taxes account for 95 percent of
<br />the District's total property tax collections. One
<br />h d d f h
<br />2002 Payments — $5,262,236
<br />Winter Water Project Water
<br />$108,366 $60,610
<br />2% 1%
<br />Other
<br />$822,781 Property Tax
<br />16% $4,270,479
<br />81%
<br />un re percent o t e revenues from Winter water
<br />storage and Project water allocations go directly to Reclamation. Other payments are direct remittances
<br />to Reclamation for use of the Fry -Ark Project facilities by various water users for storage and delivery of
<br />non - Project water and are also credited to the repayment of Project debt.
<br />The Repayment Contract requires that revenues
<br />first be applied to annual Operation and
<br />Maintenance costs (O &M), then to interest on the
<br />Municipal and Industrial (M &I) balance (3.046% per
<br />annum), next to M &I debt obligation, and lastly to
<br />Irrigation debt obligation. Payments to Reclamation
<br />from 1982 through September 30, 2002 total
<br />$78,043,269 and have been applied as follows:
<br />O &M costs $15,070,850, interest $32,298,171 and
<br />debt obligation payments of $30,674,248 broken
<br />out to M &I $26,266,326 and Irrigation $4,407,922.
<br />The 2002 payment of $5,262,236 was applied to
<br />O &M costs of $924,253 and interest of $1,062,163
<br />with the final $3,275,820 applied against the
<br />remaining obligation.
<br />M &I Irrigation Total
<br />Beginning Balance, 1982 $57,888,485 $74,348,993 $132,237,478
<br />Less: Payments (FFY 1982 - 2002) $26,527,054 $ 4,407,922 $30,934,976
<br />Ending Balance, Sep. 30, 2002 $31,361,431 $69,941,071 $101,302,502
<br />Anyone desiring a more detailed analysis of the repayment contract may contact the District office.
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