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I <br /> Yuma County,Colorado <br /> Notes to the Financial Statements <br /> ' December 31,2009 <br /> (Continued) <br /> IIll. Detailed Notes on All Funds(continued) <br /> F. Long-term Liabilities(continued) <br /> I2. General Obligation Bonds,Series 2008 (continued) <br /> The General Obligation Bonds, Series 2008 also bear supplemental interest for <br /> I the period from the delivery of the bonds through the payment of supplemental <br /> interest registered coupons,which mature at$225,000 on December 1, 2010. <br /> These bonds constitute general obligations of the Water Authority Public <br /> IImprovement District. <br /> 3. Colorado Water Conservation Board ("CWCB") Note Payable <br /> I The Water Authority Public Improvement District entered into a loan agreement <br /> with the CWCB in 2008 in the amount of$9,595,000, the proceeds of which were <br /> used to acquire water rights. This note bears interest at an annual rate of 2.25%. <br /> Starting in 2010, aggregate principal and interest payments of$607,016 are due <br /> IJune 1, through 2029. <br /> The loan constitutes a general obligation of the Water Authority Public <br /> IImprovement District. <br /> 4. Compensated Absences <br /> I The County has a policy for the accumulation of personal leave payouts, subject <br /> to certain maximum limits. In accordance with GAAP, the County's approximate <br /> liability for personal leave and compensation time pay earned by employees at <br /> I December 31, 2009 has been reflected in the government-wide financial <br /> statements. This liability is generally liquidated by the Separation of Employment <br /> Fund. <br /> I 5. Landfill Closure Costs—Contingent Liability <br /> State and federal laws and regulations require that the County place a final cover <br /> on its landfill when closed and perform certain maintenance and monitoring <br /> I functions at the landfill site for thirty years after closure. In addition to operating <br /> expenses relating to current activities of the landfill, a liability provision is being <br /> recognized based on the future closure and post closure care. Closure and post <br /> I closure care costs are recognized based on the amount of the landfill used <br /> during the year. <br /> The estimated liability for landfill closure and post closure care costs has a <br /> I balance of$168,091 at December 31, 2009,which is based upon 25% usage <br /> (estimated percentage filled) of the landfill. It is estimated that an additional <br /> $491,382 will be recognized as closure and post closure care expenses between <br /> the date of the balance sheet and 2080; the date the landfill is expected to be <br /> I filled to capacity. The estimated total current cost of the landfill closure and post <br /> closure costs of$659,473 is based on the amount that would be paid if all <br /> equipment, facilities, and services required to close, monitor, and maintain the <br /> I landfill were acquired as of December 31, 2009. Closure and post closure costs <br /> are estimated to be$566,805 and $92,668, respectively. However, the actual <br /> costs of closure and post closure may be higher due to inflation, changes in <br /> technology, or changes in landfill laws and regulations. <br /> I <br /> D12 <br />