13-50 AGUA - Grant Request - Laserfiche WebLink

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Note D — Property and Equipment Property and equipment consist of the following: Office Equipment $ 17,194 Accumulated Depreciation 1( 5,250) Net Equipment $ 1,944 Note E — Other Assets Other assets consist of 1792 water shares of Excelsior Ditch Company purchased for $1,470,521, change of use expense and exchange cost of the water shares of $235,416 and items that the organization feels has an indefinite life, a recharge pond for $84,377 and Excelsior ditch widening for $34,511. Note F — Long Term Debt The Organization's long term debt consists of the following: Colorado Water Conservation Board (CWCB) - # C153808 $562,602 3% per annum — annual payments principal and interest $30,698 . Matures on April 1, 2038 Interest accrued December 31, 2011 $12,670 This note is secured with 1,007 shares of the Excelsior Irrigating Company stock as collateral. Colorado Water Conservation Board (CWCB) - # Cl 50156 $906,785 2.5% per annum — annual payments of principal and interest $45,419 Matures on August 1, 2039 Interest accrued as of December 31, 2011 $9,441 This note is secured with 785 shares of the Excelsior Irrigating Company stock as collateral. Future scheduled maturities of notes payable are as follows: 2012 $ 36,569 2013 37,553 2014 38,563 2015 39,599 2016 40,665 All Future Years 1,276,438 Total Payments $ 1,469,387 Included in the above loan agreements is a stipulation requiring the establishment of a debt service reserve in which a deposit, in an amount equal to one -tenth of an annual payment, will be made on the due date of the first annual loan payment and annually thereafter for the first ten years of repayment of the loans. In the event that any funds from this reserve are applied to the repayment of the loans, those funds shall be replenished within ninety days of withdrawal of those funds. 8