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<br />a heavy workload and a higher priority placed on drafting contracts for new loans for projects <br />about to start construction. <br /> <br />.:, <br />-1' <br /> <br />. In 1989, the Coon Creek Reservoir and Ditch Company borrowed $55,000 at 5,00% interest <br />over 25 years to rehabilitate Coon Creek Reservoir Dams No.1 and No.2 located in Mesa <br />County. The amlUal payment is $3,902.25 due in September. Payments from the beginning <br />have been typically 6 to 9 months late, and they are 2 payments behind schedule. They paid <br />$1,500 in July 1997, which was credited toward interest on their 1996 payment (number 6). <br />Then they paid $2,000 in January 1998 of which $1,069 was applied first to payoff interest <br />in 1996 and the remainder of $931 was applied towards principal in 1996. So the company <br />still owes $402 in principal on their 1996 payment. The balance of the loan is $47,564. <br /> <br />L:\BOARDMEM\MAR99\23c . Deliquencies.doc <br /> <br />Attachments <br /> <br />" <br /> <br />1 <br />\ <br />,. <br />..i <br />1 <br /> <br />;; <br />~' <br /> <br />;~ <br /> <br />.' <br /> <br />I <br />, <br /> <br />i <br />> <br />! <br />i <br /> <br />. <br /> <br />2 <br />