LARIMER COUNTY, COLORADO
NOTES TO FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 9 - SPECIAL ASSESSMENT DEBT:
Special assessment bonds payable are secured by a lien on the property within each improvement district. In the event of default on assessments receivable, Larimer County may be obligated, although there is no legal obligation to do so, to cover bond deficiencies with other resources until foreclosure proceeds are received. Special assessment bonds payable are comprised of the following individual issues:
|
December 31 |
1999 |
|
|
$1,200,000 Boyd Lake Shores bonds due June 1, 2009; callable before maturity; ($5,000 called June 1, 1995, which had not been redeemed at December 31, 1999; $40,000 called June 1, 1999; $5,000 called December 1, 1999); interest payable semi-annually at 9% |
$ 40,000 |
|
|
$165,000 Coffee Park bonds due July 1, 2004; callable before maturity; ($10,000 called July 1, 1999); interest payable semi-annually at 8.3% |
- |
|
|
$1,721,489 Mountain Range Shadows bond (loan) due in annual installments of $102,975 including interest at 0.89% through June 15, 2010; callable before maturity |
1,074,330 |
|
|
$215,000 Double D/Lake Knolls bonds due September 1, 2009; callable before maturity; ($5,000 called March 1, 1999; $20,000 called September 1, 1999); interest payable semi-annually at 9% |
5,000 |
|
|
$140,000 Fairway Estates bonds due July 1, 2001; callable before maturity; ($5,000 called January 1, 1999); interest payable semi-annually at 8.5 to 9% |
5,000 |
|
|
$97,000 Arapahoe Pines serial bonds due in annual installments of $9,364 including interest at 8.5% through August 19, 2006; callable before maturity |
47,929 |
|
|
$310,000 Scenic Knolls/Glades West bonds due July 1, 2002; callable before maturity; ($10,000 called January 1, 1999); interest payable semi-annually at 6.6 to 7% |
55,000 |
|
|
$330,000 Colony Ridge bonds due August 5, 2001; callable before maturity; ($5,000 called February 1, 1999; $25,000 called August 1, 1999); interest payable semi-annually at 7.125 to 7.5% |
115,000 |
|
|
$240,000 Longview Drive bonds due August 1, 2009; callable before maturity; interest payable semi-annually at 4 to 5.5% |
240,000 |
|
|
$190,000 Miravalle Subdivision bonds due August 1, 2014; callable before maturity; interest payable semi-annually at 4.5 to 5.95% |
190,000 |
|
|
$275,000 Mountview Subdivision bonds due August 1, 2014; callable before maturity; interest payable semi-annually at 4.5 to 5.95% |
275,000 |
|
|
Total |
$ 2,047,259 |
|
A summary of annual requirements to amortize bonds outstanding is as follows:
|
Year |
Principal |
Interest |
Total |
|
2000 |
$ 98,674 |
$ 66,440 |
$ 165,114 |
|
2001 |
104,958 |
65,156 |
170,114 |
|
2002 |
156,286 |
63,377 |
219,663 |
|
2003 |
102,665 |
58,239 |
160,904 |
|
2004 |
104,095 |
56,809 |
160,904 |
|
2005 - 2009 |
1,015,581 |
229,722 |
1,245,303 |
|
2010 - 2014 |
465,000 |
123,100 |
588,100 |
|
Totals |
$ 2,047,259 |
$ 662,843 |
$ 2,710,102 |
Back to 1999 Financial Report