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<br /> Note 11 Lone-Term Debt
<br /> The Association took out a note payable dated December 7, 2000, for$207,902.52 due in
<br /> 30 annual payments. The note had a variable interest rate of 9.5% per annum set for the
<br /> first 60 months and lowered in 2006 to 7%, and then was adjusted again in December
<br /> 2010 to 3.25%. It was secured by 87.354 shares (Certificate #12277) of capital stock in
<br /> the Bessemer Irrigating Ditch Company.
<br /> Future requirements are as follows:
<br /> Principal Interest Total
<br /> 2012 5,692 4,727 10,419
<br /> 2013 5,877 4,542 10,419
<br /> 2014 6,068 4,351 10,419
<br /> 2015 6,265 4,154 10,419
<br /> 2016 6,469 3,950 10,419
<br /> 2017-2021 35,636 16,459 52,095
<br /> 2022-2026 41,816 10,279 52,095
<br /> 2027-2030 37 631 3,060 40,691
<br /> $145,454 $51,522 $196,976
<br /> In 2011 principal of$5,420 and interest of$4,999 was paid.
<br /> Note 12-Specialized Services
<br /> State rules and regulations governing use of ground water in the Arkansas River Basin,
<br /> Colorado curtails well diversions without proper augmentation. The Colorado Water
<br /> Protective and Development Association assists in providing augmentation water to
<br /> replace depletions resulting from member wells. Specialized services provided through
<br /> CWPDA were as follows:
<br /> Engineering Services $ 94,841
<br /> Legal Services $ 27,3Q4
<br /> Note 13-Water Purchases
<br /> In 2011, $535,463 of water was purchased, with $220,988 included in water inventory as
<br /> of December 31, 2011. Water bought back during 2011 was $120,003. $151,885 was
<br /> shown as prepaid storage fees for 2012.
<br /> Note 14-Related Party Activities
<br /> In 2011, the Association contracted with the Vice-President, Mr. Larry McElroy, for well
<br /> testing, for $27,804. The Association leased farm property to Vice President McElroy
<br /> for$11,200 in 2010.
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