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Repayment Contract Status
<br />During the year 2003, the balance owed on
<br />the Project dropped below the $100 million
<br />level. Payments to Reclamation in calendar
<br />year 2003 totaled $6,237,351. This total was
<br />comprised of; property taxes ($4,876,863),
<br />Winter water storage charges ($89,239), Project
<br />water allocations ($243,054) and other payments
<br />($1,028,195). Other payments represent
<br />temporary If & When leases and O &M payments
<br />by other entities.
<br />s
<br />01:3
<br />2003 Payments — $6,241,943
<br />Winter Water Project Water
<br />$89,239 $243,054
<br />1 % 4%
<br />Other
<br />$1, 028,195 Property Tax
<br />16% $4,876,863
<br />79%
<br />The property tax portion of the payment
<br />represents the ad valorem tax collections during the year that are designated for repayment of the
<br />Fry -Ark Project. These designated taxes account for 95 percent of the District's total property tax
<br />collections. One hundred percent of the revenues from Winter water storage and Project water
<br />allocations go directly to Reclamation. Other payments are direct remittances to Reclamation for use
<br />of the Fry -Ark Project facilities by various water users for storage and delivery of non - Project water
<br />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%
<br />per annum), next to M &I debt obligation, and
<br />lastly to Irrigation debt obligation. Payments to
<br />Reclamation from 1982 through September 30,
<br />2003 total $84,293,199 and have been applied
<br />as follows: O &M costs $16,353,748, interest
<br />$33,242,245 and debt obligation payments of
<br />$34,751,263 broken out to M &I $30,344,341
<br />and Irrigation $4,407,922. The 2003 payment
<br />of $6,241,943 was applied to O &M costs of
<br />$1,227,841 and interest of $955,269 with the
<br />final $4,058,833 applied against the remaining obligation.
<br />Allocation of Total Payments
<br />$84,293,199
<br />Interest Paid M &I Payments
<br />$33,242,245 $30,344,341
<br />40% 36%
<br />0 & M Costs
<br />$16,353,748
<br />ition Payments
<br />$4,407,922
<br />M &I Irrigation Total
<br />Beginning Balance, 1982 $57,888,485 $74,348,993 $132,237,478
<br />Less: Payments (FFY 1982 — 2003) $30,344,341 $ 4,407,922 $ 34,751,263
<br />Ending Balance, Sep. 30, 2003 $27,544,144 $69,941,071 $ 97,486,215
<br />Anyone desiring a more detailed analysis of the repayment contract may contact the District office.
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