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PINE RIVER IRRIGATION DISTRICT <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31, 1994 <br /> G. Contractual Rights to Reservoir and Water. <br /> The District's right to operate and use the facility is perpetual. Therefore, the District's records <br /> reflect an intangible asset(Contract Rights)at its cost to the District of$1,983,535. As the District's <br /> right does not diminish in value and was acquired in 1943, the requirement to amortize intangibles <br /> according to Accounting Principles Board Opinion Number 17 is not applicable. <br /> H. Property, Plant and Equipment: <br /> Property, plant and equipment of the District as of December 31, 1994, consists of the following <br /> amounts: <br /> Cost <br /> Building & Improvements $ 22,476 <br /> Equipment 160,609 <br /> Other 29,411 <br /> 212,496 <br /> Accumulated Depreciation (68,955) <br /> Total $ 143,541 <br /> Depreciation is computed on the straight line basis for all fixed assets over the following estimated <br /> lives: <br /> Buildings & Improvements 15 - 20 years <br /> Equipment 5 - 15 years <br /> I. Cash and Cash Equivalents: <br /> For purposes of the statement of cash flows, the District considers all highly liquid investments <br /> (including restricted assets) with an original maturity of three months or less when purchased to be <br /> cash equivalents. <br /> J. Comparative Data <br /> Comparative data for the prior year have been presented in the accompanying financial statements <br /> in order to provide an understanding of changes in the District's financial position and operations. <br /> 9 <br />