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1 <br /> MORGAN COUNTY QUALITY WATER DISTRICT <br /> Notes to Financial Statements <br /> Note K-Morgan Heights Water and Sewer , <br /> The District is continuing to proceed toward consummation of the contract of sale and <br /> transfer with Morgan Heights Water & Sewer, Inc. (Morgan Heights) in exchange for water <br /> service to their area During 2003, all physical assets, rights-of-way and easements, <br /> Riverside water rights and cash of$79,255 were acquired from Morgan Heights in exchange <br /> for the sale of tap fees. As of December 31, 2010 the District has not consummated the <br /> actual purchase of the water system nor assumed the corresponding debt. This transaction <br /> is contingent upon USDA Rural Utility Services'(RUS) approval, which is still pending. The <br /> land underlying some of the above transferred assets is collateralized by the mortgage note <br /> payable to RUS. Currently, the District bills for water provided through the Morgan I <br /> Heights system and then remits the collections to the RUS. Neither revenues nor <br /> remittances to RUS are recorded in the District's financial statements. <br /> -26- <br /> 1 <br />