Laserfiche WebLink
IMORGAN COUNTY QUALITY WATER DISTRICT <br /> Notes to Financial Statements <br /> Note D-Water investments (continued) <br /> In addition, in 1989 and 1994 the District purchased a total of 344 units of Pioneer Water <br /> ' and Irrigation, Inc. at a cost of $150,075. During 1997, the District purchased an <br /> additional 79 units at a cost of$27,650. <br /> During 2003, the District acquired two Riverside Private Rights valued at $20,000 as a <br /> ' result of the service agreement and transfer of Morgan Heights. Water & Sewer, Inc.'s <br /> assets. <br /> INote E-Long-term debt <br /> The following is a summary of the changes in long-term debt for the year: <br /> I Beginning Ending Due within <br /> Balances Additions Reductions Balances one year <br /> ' Notes payable $ 3,760,625 $ - $ (239,065) $ 3,521,560 $ 252,628 <br /> Compensated <br /> absences 137.616 19.979 - 157,595 - <br /> ' Totals $ 3,898,241 $ 19,979 $ (239,065) $ 3,679,155 $ 252,628 <br /> The District believes that the current portion of compensated absences is negligible and is <br /> therefore not reported. <br /> ILong-term debt at year-end consists of the following individual issues: <br /> I $3,000,000 agreement with the Colorado Water <br /> Conservation Board dated July 8, 1997, due in <br /> annual installments of $173,490, including <br /> interest at a rate of 4%, through 2026. The <br /> ' agreement was entered into in order to facilitate <br /> the purchase of the Krause ranch. The loan <br /> agreement contains various covenants including <br /> I the maintenance of water user fees to raise <br /> sufficient revenue to repay the loan and the <br /> establishment of a reserve debt service fund <br /> equivalent to one-half of the annual loan payment <br /> I ($86,745). The District has restricted $675,000 of <br /> its investments in satisfaction of this covenant. $ 2,021,560 <br /> -21- <br />