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<br />I <br />II <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />THE LAKE HENRY RESERVOIR COMPANY <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />NOTE -2 MINERAL RIGHTS <br />The Company acquired the mineral rights of The Lake Henry Reservoir in July, <br />1969, from the trustee in bankruptcy for The National Sugar Manufacturing <br />Company_ The mineral rights are stated at cost <br /> <br />NOTE -3 WATER RIGHTS <br />The Company acquired title in 1979 to water rights owned by The National Sugar <br />Manufacturing Company (a bankrupt corporation). The Company exchanged first <br />mortgage serial bonds in the amount of $15,000 to the trustee in bankruptcy_ In <br />addition, the Company paid $15,000 to the trustee for all remaining rights, <br />privileges, licenses and any other powers or authority possessed by The National <br />Sugar Manufacturing Company and relating to The Lake Henry Reservoir and <br />Water rights. The water rights are stated at cost <br /> <br />NOTE .4 RELATED PARTY <br />The Company uses office space and receives administrative services from an <br />affiliate without charge. The effects on the accompanying financial statements are <br />not significant <br /> <br />The Company also paid an affiliate for shared expenses of operating and <br />maintaining the reservoir in the amounts of $27,803 and $38,252, of which $6,874 <br />and $11,560 were recognized as accounts payable, for the years ended December <br />31,1999 and 1998. <br /> <br />Page 6 <br />