|
ITown of Palisade, Colorado
<br /> INOTES TO FINANCIAL STATEMENTS
<br /> December 31, 2009
<br /> INOTE E-LONGTERM DEBT
<br /> I In 1982, the Town borrowed $1,000,000 from the Colorado Water Conservation Board. The Note has an
<br /> interest rate of 4% and requires annual payments of$50,523.
<br /> The following is a summary of note principal and interest requirements:
<br /> Year Principal Interest Total
<br /> 2010 $ 29,176 $ 21,347 $ 50,523
<br /> ' 2011 30,343 20,180 50,523
<br /> 2012 31,557 18,966 50,523
<br /> 2013 32,819 17,704 50,523
<br /> I 2014 34,132 16,392 50,524
<br /> 2015-2019 192,264 60,353 252,617
<br /> 2020-2024 183,394 18,699 202,093
<br /> $ 533,685 $ 173,641 $ 707,326
<br /> In 1998, the Town borrowed $517,949 from the Colorado Department of Local Affairs. The Note has an
<br /> I interest rate of 5% and requires annual payments of$58,438.
<br /> The following is a summary of note principal and interest requirements:
<br /> Year Principal Interest Total
<br /> I 2010 $ 55,655 $ 2,783 $ 58,438
<br /> Total $ 55,655 $ 2,783 $ 58,438
<br /> I In 2001, the Town borrowed $729,521 from the Colorado Water Conservation Board. The Note has an
<br /> interest rate of 4.0% and requires annual payments of $53,319 through 2020 with a final payment of
<br /> $11,151 in 2021.
<br /> IThe following is a summary of note principal and interest requirements:
<br /> I Year Principal Interest Total
<br /> 2010 $ 34,357 $ 18,962 $ 53,319
<br /> 2011 35,731 17,588 53,319
<br /> 2012 37,160 16,159 53,319
<br /> 2013 38,646 14,673 53,319
<br /> 2014 40,192 13,127 53,319
<br /> 2015-2019 226,403 40,193 266,596
<br /> I 2020-2021 61,581 2,892 64,473
<br /> Total $ 474,070 $ 123,595 $ 597,664
<br /> I
<br /> I
<br /> 1
<br /> -28-
<br /> 1
<br />
|