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<br />() 2 G~~ <br /> <br />In addition to oash in the bank, the CoDipany has a Certifioate of <br />Deposit in the amount of $125,000.00 whioh will mature in January, <br />19'7:3. <br /> <br />The federal and state inoome tax liability on the land exohange with <br />Eugene Bond has been estimated to be approximately $1:30,000.00. <br /> <br />The Company has borrowed a total of $1,1:3:3,199.78 from the Wiohita <br />Bank for Cooperatives to finanoe the li~ng of Tunnel No.1 and to <br />payoff the balanoe owing on the 1945 "jJ. Serial Refunding Bonds"" <br />The 19'72 principal payment to the Wiohita Bank for Cooperatives was <br />$135,11:3.00 whioh leaves a balance of $1,598,086.78 principal to be <br />paid. <br /> <br />The accounting firm of Brown, Whitley ~ Todd have exSlllined the books <br />and records of '\;he Company as of Dec:lember 31, 19'72. Any stockholder <br />who is interested may view the audit report at the Twin Lakes office. <br /> <br />Respectfully submitted, <br />Charles p. Schiro, Secretary <br /> <br />-8- <br />