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<br />NOTE 5: <br /> <br />NOTE 6: <br /> <br />1 <br />i <br />,) <br /> <br />.J <br /> <br />.J <br /> <br />.I <br /> <br />NOTES TO THE FINANCIAL STATEMENTS (CONTINUEU) <br />FOR THE YEAR ENDED OCTOBER 31, 2000 <br /> <br />LEASES (CONTINUED) <br /> <br />Lone Tree Reservoir: <br /> <br />The Lone Tree Reservoir lease agreement is in effect for the period of <br />July 1, 1991, to June 30, 2016, (25 years). The company, as owners of <br />said property, reserves the right to use the reservoir for its <br />operations and has given no guarantee as to the level of water. The <br />following is a schedule of future minimum payments required under the <br />lease agreement: <br /> <br />January 1, 2001 <br /> <br />$ <br /> <br />3,000 <br /> <br />Total Minimum Lease Payments <br /> <br />$ <br /> <br />3,000 <br /> <br />Since the lease payments precede the lease term, a deferred lease <br />income exists at October 31, 2000 of $9,400. <br /> <br />NOTE PAYABLE <br /> <br />. Note payable consists of the following at October 31, 2000: <br /> <br />Note payable-bank to United States <br />Department of Agriculture payable <br />in an annual installment of $27,157 <br />including interest at 3.137%, due <br />January 1, 2019, secured by a first <br />lien on the water system itself, <br />including all physical assets that <br />the Company may now own or acquire <br /> <br />Current <br />Long-term <br /> <br />$ <br /> <br />352,271 <br /> <br />. Total <br /> <br />$ <br /> <br />10/31/00 <br /> <br />16,106 <br />336,165 <br /> <br />Principal maturities of long-term debt are as follows by years <br />ending October 31: <br /> <br />2002 <br />2003 <br />2004 <br />2005 <br />2006 <br />Thereafter <br /> <br />Total <br /> <br />10 <br /> <br />$ <br /> <br />17,133 <br />17,670 <br />18,224 <br />18,769 <br />19,386 <br />244,983 <br /> <br />$ <br /> <br />336,165 <br />