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PINEWOOD SPRINGS WATER DISTRICT
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> December 31,2011 and 2010
<br /> NOTE 5 -LONG TERM OBLIGATIONS - continued
<br /> loan and all other amounts due under the loan. The District is required to maintain an
<br /> operations and maintenance reserve in an amount equal to three months of operation and
<br /> maintenance expenses, excluding depreciation, of the system as set forth in the annual budget
<br /> for the current fiscal year. At December 31, 2011, the District was in compliance with this
<br /> covenant and the reserve balance required is $49,357.
<br /> Principal Interest Total
<br /> 2012 $ 5,537 $ 3,080 $ 8,617
<br /> 2013 5,732 2,885 8,617
<br /> 2014 5,935 2,682 8,617
<br /> 2015 6,144 2,473 8,617
<br /> 2016 6,360 2,257 8,617
<br /> 2017-2024 59,677 9,250 68,927
<br /> $ 89,385 $ 22,627 $ 112,012
<br /> $752,425 Drinking Water Revolving Fund Loan. Loan is dated April 3, 2006 from the
<br /> Colorado Water Resources and Power Development Authority to fund the expansion and
<br /> upgrade of the water treatment facility, water distribution lines, and related pumping facilities.
<br /> The loan has an annual interest rate of 3.5% and is due semi-annually on June 1 and December
<br /> 1 through June 1, 2026. The first payment was December 1, 2006. The loan constitutes a
<br /> general obligation of the District. The District covenants to levy ad valorem taxes on all
<br /> taxable property within its boundaries without limitation as to rate and in amount sufficient to
<br /> pay the principal of and interest on the loan and all other amounts due under the loan. The
<br /> District is required to maintain an operations and maintenance reserve in an amount equal to
<br /> three months of operation and maintenance expenses, excluding depreciation, of the system as
<br /> set forth in the annual budget for the current fiscal year. At December 31, 2011, the District
<br /> was in compliance with this covenant and the reserve balance required is $49,357.
<br /> Principal Interest Total
<br /> 2012 $ 32,100 $ 20,526 $ 52,626
<br /> 2013 33,233 19,393 52,626
<br /> 2014 34,406 18,220 52,626
<br /> 2015 35,621 17,005 52,626
<br /> 2016 36,878 15,748 52,626
<br /> 2017-2021 204,871 58,259 263,130
<br /> 2022-2026 217,365 19,452 236,817
<br /> $ 594,474 $ 168,603 $ 763,077
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