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Schmidt Construction <br />Notes to Divisional Balance Sheet <br />December 3 I, 2003 <br />Note 3 -Notes Payable <br />Notes payable consists of the DlNsion's allocated portion of the following at <br />December 3 I , 2003: <br />Note payable to former stockholder for purchase of common stock, with <br />annual paymerrcs ranging from $124,022 to $492,478 plus interest at <br />LIBOR plus 1.50 percent (an effective rate of 2.96 percent at <br />December 31, 2003), with final payment due June 30, 2010. The note is <br />guaranteed by affiliated companies $ 2,093,934 <br />Note payable to former stockholder for purchase of common stock, with <br />annual payments ranging from $141,921 to $510,212 plus interest az <br />LIBOR plus 1.50 percent (an effective rate of 2.96 percent at <br />December 31, 2003), with final payment due June 30, 2012. The note is <br />guaranteed by affiliated companies 2,705,257 <br />Total <br />Less current portion <br />Total long-term portion <br />Total allocated principal payments due on notes payable are as follows: <br />2004 $ 352,983 <br />2005 400,047 <br />2006 470,644 <br />2007 564,773 <br />2008 682,434 <br />Thereafter 2,328,310 <br />Total $ 4,799,191 <br />Note 4 - Pensbns and Other Pestretlrement BeneNts <br />4,799,191 <br />352,983 <br />$ 4,446,208 <br />All eligible salaried employees are covered by noncornribucory defined benefrc <br />pension plans through Edw. C. Levy Co. In addition, the Division provides certain <br />defined health care benefrcs for retired employees through the Parern. Separate <br />actuarial and funding information relative to the Division is not available. <br />5 l <br />