The County's notes payable serviced by Open Lands (a special revenue fund) and collateralized by land is comprised of the following:
|
December 31 |
1998 |
|
|
$1,050,000; Ute property; annual interest rate 7.5%; with final payment in 2000 |
$ 516,667 |
|
|
$415,880; Spring Glade property; annual interest rate 5%; with final payment in 2001 |
415,880 |
|
|
$217,000; Hughey property; annual interest rate 5%; with final payment in 2002 |
217,000 |
|
|
$425,250; Devil's Backbone property; annual interest rate 6%; with final payment in 2003 |
425,250 |
|
|
Total |
$ 1,574,797 |
|
A summary of annual requirements to amortize the notes payable in the General Long-Term Obligations Account Group is as follows:
|
Year |
Principal |
Interest |
Total |
|
1999 |
$ 522,664 |
$ 82,024 |
$ 604,688 |
|
2000 |
527,536 |
57,776 |
585,312 |
|
2001 |
283,519 |
28,929 |
312,448 |
|
2002 |
145,828 |
13,905 |
159,733 |
|
2003 |
95,250 |
5,715 |
100,965 |
|
Total |
$ 1,574,797 |
$ 188,349 |
$ 1,763,146 |
Interest costs for the year ended December 31, 1998 were $82,344.
Back to 1998 Financial Report