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IMANCOS WATER CONSERVANCY DISTRICT <br /> NOTES TO THE BASIC FINANCIAL STATEMENTS <br /> December 31, 2011 <br /> 1 <br /> I (Note 8 continued) <br /> Commercial insurance is urchased by the District to cover losses or claims arising from <br /> p Y <br /> matters related to property damage and injuries to employees. It is not possible to estimate <br /> I any losses that would not be covered by commercial insurance; however, settled claims have <br /> not exceeded this commercial coverage in any of the three preceding years. <br /> 1 9. Long-Term Debt <br /> United States Bureau of Reclamation <br /> IThe District has a contract payable to the United States Bureau of Reclamation due in yearly <br /> installments of $15,000. No interest is charged on this contract. This is for a repayment of <br /> I construction costs in the amount of $900,000 paid by the Bureau of Reclamation. Payments <br /> began in 1953 and will end in 2013. The outstanding principal balance and schedule of <br /> payments are as follows: <br /> IPrincipal <br /> Date Payments <br /> I2012 $15,000 <br /> 2013 15,000 <br /> Total $30,000 <br /> IColorado Water Conservation Board <br /> IThe District has three notes payable to the Colorado Water Conservation Board: <br /> 1. Loan Contract No. C153384 is carried at 3% interest with yearly installments of $3,519. <br /> ' Payments began in 1984 and will end in 2023. Payment of the principal and interest is as <br /> follows: <br /> I Principal Interest <br /> Date Payments Payments Total <br /> 2012 $2,469 $1,050 $3,519 <br /> 2013 2,543 976 3,519 <br /> 2014 2,619 900 3,519 <br /> I 2015 2,698 821 3,519 <br /> 2016 2,778 740 3,518 <br /> 2017-2021 15,194 2,401 17,595 <br /> I2022-2023 6,735 303 7,038 <br /> Total $35,036 $7,191 $42,227 <br /> I 14 <br />