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PENROSE W A TER DISTRICT
<br /> 340 Grant Street — Penrose,CO 81240
<br /> 8. Long-term debt
<br /> Balances on outstanding long-term debt of the District are as follows:
<br /> Description Balance
<br /> Water Revenue Refunding Bonds Series 2003-Interest payable each June 1 and
<br /> December 1. Principal payments due each December 1 through 2012. Interest
<br /> rates vary from 2.0%to 4.0%. $ 165,000
<br /> Colorado Water Conservation Board-interest at 3.25%.Annual payments
<br /> estimated to be$465,947 payable over 30 years from the completion of the project.
<br /> Secured by a pledge of the revenues of the District. 3,510,000
<br /> Total long-term debt outstanding $ 3,675,000
<br /> The following is a summary of the long-term debt transactions for the year ended December 31,2011:
<br /> Balance,
<br /> Beginning of Payments and Balance, Due Within
<br /> Description Year Additions Deletions End of Year One Year
<br /> Water revenue refunding bonds,series
<br /> 2003 $ 325,000 $ - $ (160,000) $ 165,000 $ 165,000
<br /> Colorado Water Conservation Board - 3,510,000 - 3,510,000 -
<br /> Bond anticipation note 3,000,000 - (3,000,000) - -
<br /> Total $ 3,325,000 $ 3,510,000 $ (3,160,000) $ 13,675,000 $ 165,000
<br /> In December 2010 the District entered into a contract with the Colorado Water Conservation Board(CWCB).The
<br /> contract calls for the CWCB to loan the District up to $8,844,570 for the construction of a water project which
<br /> includes the acquisition of water rights,the construction of ground water wells,purchase of water storage space,and
<br /> construction of a pipeline.The promissory note is for 30 years at 3.25%.Annual debt service payments on the loan
<br /> are expected to be $465,947. Payments on the loan begin after completion of the project currently estimated to be
<br /> sometime in 2013. The following table shows annual debt service assuming all amounts are borrowed under the
<br /> loan and a completion date at the end of 2013.
<br /> Year Principal Interest
<br /> 2014 $ 178,499 $ 287,449
<br /> 2015 184,300 281,647
<br /> 2016 190,290 275,658
<br /> 2017 196,474 269,473
<br /> 2018 202,859 263,088
<br /> 2019 to 2023 1,117,582 1,212,154
<br /> 2024 to 2028 1,311,383 1,018,352
<br /> 2029 to 2033 1,538,792 790,943
<br /> 2034 to 2038 1,805,636 524,099
<br /> 2039 to 2043 2,118,755 210,981
<br /> Totals $ 8,844,570 $ 5,133,844
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