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MORGAN COUNTY UALITY WATER DISTRICT I
<br /> Q R DIET CT
<br /> Notes to Financial Statements
<br /> Note E-Long-term debt (continued) '
<br /> $2,950,000 agreement with Colorado Water
<br /> Resources- and Power Development Authority '
<br /> (CWRPDA) dated September 15, 1998, due in semi-
<br /> annual installments ranging from $105,796 to
<br /> $116,348, including interest at a rate of, through '.
<br /> 2018. The agreement was entered into to facilitate
<br /> the construction of the Southern Water Supply
<br /> Pipeline to Morgan County. The loan agreement
<br /> contains various covenants including the 111
<br /> establishment and maintenance of an operations
<br /> and maintenance reserve fund in an amount equal
<br /> to three months of operation and maintenance
<br /> expenses as set forth in the annual budget for the
<br /> current fiscal year. The District must also
<br /> maintain water rates, fees and other charges that
<br /> will cover operation and maintenance expenses
<br /> and at least 110% of debt service for the calendar
<br /> year. Based on the current year annual budget,
<br /> three months of operations and maintenance I
<br /> expenses totaled $409,455. The District has
<br /> restricted $675,000 of its investments in
<br /> satisfaction of this covenant. 1,500,000
<br /> Total $ 3,521,560
<br /> The following schedule represents the District's debt service requirements to maturity '
<br /> - for the outstanding notes payable at year-end:
<br /> Year ended December 31, Principal Interest Total '
<br /> 2011 $ 252,628 $ 151,915 $ 404,543
<br /> 2012 261,333 141,090 402,423
<br /> 2013 275,186 129,729 - 404,915
<br /> 2014 284,194 117,584 401,778
<br /> 2015 298,362 104,866 403,228
<br /> 2016-2020 1,240,398 319,454 1,559,852 I
<br /> 2021-2025 742,642 124,809 867,451
<br /> 2026 166,817 6,673 173,490
<br /> Totals $ 3,521,560 $ 1,096,120 $ 4,617,680
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