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<br />UPPER YAMPA WATER CONaVANCY DISTRICT <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />f~1e-.~ )qqb <br /> <br />Av J tl- <br /> <br />Additional debt information: An application has been made to the Colorado Water Conservation <br />Board (CWCB) for repaying the Small Reclamation Projects Act loan, principal balance of <br />$ 3,107,973, administered by the Bureau of Reclamation. If approved by the Colorado State <br />Legislature and the Govemor, $ 2,000,000 would be loaned to the District by the CWCB on a <br />20 year, 4.5% note, The remaining balance of $ 1,107,973 would be paid off with District <br />reserves, <br /> <br />, <br /> <br />F. Commitment <br /> <br />The District has entered into an agreement with the State of Colorado Department of Natural <br />. Resources, Division of Parks and Outdoor Recreation for the operation of the recreational <br />facilities at the Stagecoach reservoir. Under the terms of the agreement the District has <br />agreed to make payments to the State each July 15, over a 14 year term ending in 2003, As of <br />the year ending December 31, the commitment is as follows: <br /> <br />1997 <br />1998 <br />1999 <br />2000 <br />2001 <br />2002 <br />2003 <br /> <br />Total <br /> <br />$ 45,000 <br />45,000 <br />45,000 <br />45,000 <br />45,000 <br />45,000 <br />45.000 <br />S 315000 <br /> <br />This agreement is renewable at the option of the State for an additional 26 years, subject to <br />mutually agreeable terms and conditions, <br /> <br />4. OTHER INFORMATION <br /> <br />A. Reconciliation of GAAP Basis Financial Statement to Budget Based Financial Statement <br /> <br />Budget basis excess of actual revenues <br />over expenditures <br /> <br />Net income - GAAP basis <br /> <br />$ 323,799 <br /> (154,536) <br /> 24,723 <br /> 419,587 <br />S 613573 <br /> <br />Less: amortization and depreciation <br /> <br />Add: purchase of fixed assets <br /> <br />payments on loans and bonds <br /> <br />B. TABOR Amendment <br /> <br />In November 1992 Colorado voters approved Amendment 1 to the state Constitution which is <br />commonly known as the Taxpayer's Bill of Rights or the TABOR Amendment The amendment <br />applies to all units of local govemment and limits taxes, spending, revenue, and multi-year <br />debt (excepting bond refundings to lower interest rates and adding employees to pension <br />plans), The amendment does not apply to units of local govemment that are defined as an <br />"Enterprise". In compliance with the Colorado revised statutes 37-45.1-101, the District <br />believes that it qualifies as an "Enterprise" and therefore is not subject to the amendment <br /> <br />\ <br /> <br />I <br /> <br />, <br />