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PINEWOOD SPRINGS WATER DISTRICT
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> December 31, 2011 and 2010
<br /> NOTE 5-LONG TERM DEBT OBLIGATIONS
<br /> Balance Balance
<br /> 12/31/10 Additions Reductions 12/31/2011
<br /> 1998 General Obligation Water Bond $ 175,000 $ - $ 25,000 $ 150,000
<br /> General Obligation CWRPDA Loan 94,732 - 5,347 89,385
<br /> General Obligation CWRPDA Loan 625,478 - 31,004 594,474
<br /> General Obligation CWCB Loan 2,761,556 - 52,140 2,709,416
<br /> $ 3,656,766 $ - $ 113,491 $ 3,543,275
<br /> $500,000 General Obligation Water Bonds, Series, 1998. Bond is dated March 1, 1998
<br /> with interest of 4.25% to 5.8% due semi-annually on June 1 and December 1. Bonds that
<br /> mature December 1, 1998 through December 1, 2008 are not callable prior to maturity. Bonds
<br /> maturing thereafter are subject to redemption prior to maturity, in whole or in part, in inverse
<br /> order of maturity, on December 1, 2008, and on any subsequent interest payment date, upon
<br /> payment of their par value and accrued interest, without redemption premium, at the option of
<br /> the District. The Bonds are general obligations of the District payable from general ad valorem
<br /> taxes to be levied upon all the taxable property within the District without limitation as to rate
<br /> or amount.
<br /> Principal Interest Total
<br /> 2012 $ 25,000 $ 8,500 $ 33,500
<br /> 2013 25,000 7,125 32,125
<br /> 2014 25,000 5,725 30,725
<br /> 2015 25,000 4,312 29,312
<br /> 2016 25,000 2,886 27,886
<br /> 2017 25,000 1,450 26,450
<br /> $ 150,000 $ 29,998 $ 179,998
<br /> $123,200 Drinking Water Revolving Fund Loan. Loan is dated July 26, 2004 from the
<br /> Colorado Water Resources and Power Development Authority to fund a water filtration plant.
<br /> The loan has an annual interest rate of 3.5% and is due semi-annually on June 1 and December
<br /> 1 through December 1, 2024. The loan constitutes a general obligation of the District. The
<br /> District covenants to levy ad valorem taxes on all taxable property within its boundaries
<br /> without limitation as to rate and in amount sufficient to pay the principal of and interest on the
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