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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 /> $2,811,689 Colorado Water Conservation Board Loan. Loan is dated February 1, 2005
<br /> from the Colorado Water Conservation Board ("CWCB") to fund the completion of a new
<br /> storage reservoir, pump stations, new water pipelines and other system components, and to
<br /> purchase water rights. The CWCB will pay the District for eligible project costs on a periodic
<br /> basis. The loan has an annual interest rate of 4% and is due annually beginning May 1, 2010.
<br /> The loan term is 30 years from substantial completion of the project. Accrued interest is due
<br /> May 1, 2009. The District irrevocably pledges revenues levied for purposes of repayment and
<br /> any other funds legally available to the District in an amount sufficient to pay the annual
<br /> payment due. The District shall maintain a debt service reserve account and deposit an amount
<br /> equal to one-tenth of an annual payment, or $16,260, annually for the first ten years of
<br /> repayment beginning on the due date of its first annual, May 1, 2010. At December 31, 2011
<br /> the District was in compliance with this covenant and the reserve balance required is $32,522.
<br /> Principal Interest Total
<br /> 2012 $ 54,223 $ 108,377 $ 162,600
<br /> 2013 56,393 106,207 162,600
<br /> 2014 58,648 103,952 162,600
<br /> 2015 60,994 101,606 162,600
<br /> 2016 63,433 99,167 162,600
<br /> 2017-2021 357,319 455,681 813,000
<br /> 2022-2026 434,734 378,266 813,000
<br /> 2027-2031 528,921 284,079 813,000
<br /> 2032-2036 643,513 169,487 813,000
<br /> 2037-2039 451,238 36,562 487,800
<br /> $ 2,709,416 $ 1,843,384 $ 4,552,800
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