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Schmidt Constr•ion • <br />Notes to Divisional Balance Sheet <br />December 31, 1999 <br />Note 2 -Long-term Debt <br />Long-term debt at December 31, 1999 consists of the following: <br />Land contract, bearing interest at 7 percent, payable in semiannual <br />installments of $81,868 with the final payment due March I, 2021 $ 1.806,005 <br />Less current portion 37,940 <br />Long-term portion $ 1,768,065 <br />Total principal payments due on the long-term debt are az follows: <br />2000 S 37,940 <br />2001 40.643 <br />2002 43,539 <br />2003 46,641 <br />2004 49,953 <br />Thereafter 1,587,289 <br />Total 5 I ,806,005 <br />Note 3 -Related Party Transactions <br />Services and materials are provided by and sold to companies affiliated by common <br />ownership. The Division receives and makes interest-bearing demand advances to <br />and from these affiliated companies. The interest rate for 1999 was 6 percent. <br />Repaymenu and borrowings occurred during the year ended December 31, 1999 <br />based on short-term cash requirements. Generally, amounu receivable from Edw. <br />C. Levy Co. and affiliates -net are the result of the aforementioned transactions, az <br />well az financing the working capital needs of affiliates. <br />Note 4 -Pensions and Other Postretirement Benefits <br />All eligible salaried employees are covered by noncontributory defined benefit <br />pension plans through Edw. C. Levy Co. In addition, the Division provides certain <br />defined health care benefits for retired employees through the Parent. Separate <br />actuarial and funding information relative to the Division is not available. <br />4 PLM'i'E &MORAN. LLP <br />