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IMANCOS WATER CONSERVANCY DISTRICT
<br /> NOTES TO THE BASIC FINANCIAL STATEMENTS
<br /> December 31, 2011
<br /> 1
<br /> I (Note 9 continued)
<br /> 2. Loan Contract No. C153746 is carried at 3.5% interest with yearly installments of $4,398.
<br /> Payments began in December 1998 and will end in 2013. Collateral is revenue from the
<br /> I project and a Certificate of Deposit equal to one yearly payment. Payment of the principal
<br /> and interest is as follows:
<br /> I Principal Interest
<br /> Date Payments Payments Total
<br /> 1 2012 $4,030 $368 $4,398
<br /> 2013 6,479 227 6,706
<br /> ITotal $10,509 $595 $11,104
<br /> 3. Loan Contract No. C150120 is still in progress. Funds are being drawn to make major
<br /> I repairs on the District's system and consolidate old debt. This loan may be for as much as
<br /> $5,486,531 and will have an interest rate of 2.8% annum. The District has taken advances
<br /> on this loan in the amount of $1,451,556. The payment schedule will be finalized when the
<br /> project is completed. In 2011, the District recorded accrued interest payable of$36,687 on
<br /> this loan.
<br /> 1 Bureau of Reclamation Rehabilitation Project
<br /> On July 9, 2010 a repayment agreement between the District and The United States of
<br /> I America, Department of the Interior, Bureau of Reclamation was signed. This agreement calls
<br /> for the repayment of 35% of the cost of the Jackson Gulch Rehabilitation Project up to
<br /> $2,900,000.
<br /> IThe total amount of the project is approved for $8,250,000. The repayment schedule will be
<br /> determined at the completion of the project. In 2010, the District drew $1,750,000. Of this
<br /> Iamount $612,500 has been classified as a note payable.
<br /> Changes in long-term debt
<br /> 1 Balance Balance
<br /> 12/31/10 Additions Payments 12/31/11
<br /> IBureau of Reclamation $45,000 $0 ($15,000) $30,000
<br /> Loan No. C153384 37,433 (2,397) 35,036
<br /> I Loan No. C153746 14,402 (3,893) 10,509
<br /> Loan No. C150120 1,271,201 180,355 1,451,556
<br /> Bureau of Reclamation 612,500 612,500
<br /> I $1,980,536 $180,355 ($21,290) $2,139,601
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