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I
<br /> IWinter Park Water and Sanitation District
<br /> I NOTES TO FINANCIAL STATEMENTS
<br /> (continued)
<br /> IDecember 31, 2010 and 2009
<br /> I was $900,000, which is secured with the water treatment system of the District,
<br /> accrues interest at 4% annually, and requires thirty installments of $52,047 for
<br /> principal and interest.
<br /> INote Payable —Colorado Water Resources and Power Development Authority
<br /> I The Colorado Water Resources and Power Development Authority advanced the
<br /> District funds for the expansion of the waste treatment system. The total amount
<br /> advanced was $3,050,000, which is secured with the waste treatment system, accrues
<br /> I interest at 4.59% annually, and requires payments of varying amounts for principal and
<br /> interest through September 1, 2015.
<br /> I On November 8, 2001, a portion of this note was refinanced through the refunding of
<br /> $1,727,587 of par value of 1992 Series A bonds. The effect of this refinancing was to
<br /> provide a credit to the District on future loan payments.
<br /> I The loan agreement with the Colorado Water Resources and Power Development
<br /> Authority requires the District to establish an operation and maintenance reserve fund,
<br /> set service rates above minimum levels relative to debt service, and meet other
<br /> Irequirements.
<br /> Annual debt service requirements for all debt is as follows:
<br /> IYear Ended
<br /> December 31, Principal Interest Total
<br /> I 2011 286,735 76,658 363,393
<br /> 2012 250,242 64,280 314,522
<br /> 2013 257,520 53,511 311,031
<br /> I 2014 271,100 42,324 313,424
<br /> 2015 295,150 41,495 313,424
<br /> 2016-2020 367,000 91,225 458,225
<br /> I 2021-2022 174,000 8,800 182,800
<br /> $ 1,901,747 $ 378,293 $ 2,256,819
<br /> IDebt authorization
<br /> At December 31, 2010, the District had no authorized but unissued indebtedness.
<br /> INote 6 — Deferred compensation plan
<br /> l The District maintains a MetLife 457(b) Deferred Compensation Plan in which all of its
<br /> full time employees are eligible to participate. Under the Plan, employees may elect to
<br /> defer an amount each year which does not exceed the lesser of $16,000 or 100% of
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