The County's note payable is comprised of the following:
| December 31 | 1997 |
|---|---|
| General Long-Term Obligation: Annual interest rate 7.5%, payable in semi-annual installments of $129,167 in principal; interest payable semi-annually, with final payment in 2000; serviced by Open Lands (a special revenue fund); collateralized by land | $ 775,000 |
A summary of annual requirements to amortize the
note payable in the General LongTerm Obligations Account
Group is as follows:
| Year | Principal | Interest | Total |
|---|---|---|---|
| 1998 | $ 258,333 | $ 82,344 | $ 340,677 |
| 1999 | 258,333 | 33,906 | 292,239 |
| 2000 | 258,334 | 14,531 | 272,865 |
| Total | $ 775,000 | $ 130,781 | $ 905,781 |
There were no interest costs during 1997 in connection with the note payable.