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Home My WebLink About1977 04 30 Single Audit Report - Clear woods Improvement District S S S --ooOoo-- AUDIT REPORT CLEAR WOODS IMPROVEMENT DISTRICT S HARRIS COUNTY, TEXAS -o- APRIL 30, 1977 410 --ooOoo-- • A 0 a --ooOoo-- CONTENTS 411 Exhibit Schedule ACCOUNTANTS' REPORT FINANCIAL STATEMENTS a BALANCE SHEET, ALL FUNDS AND ACCOUNT GROUPS A STATEMENT OF REVENUES, EXPENDITURES, RESERVES AND FUND BALANCES, ALL FUNDS AND GENERAL FIXED ASSETS B A STATEMENT OF CHANGES IN CASH, ALL FUNDS C NOTES TO FINANCIAL STATEMENTS D • SUPPLEMENTAL INFORMATION SCHEDULE OF TEMPORARY INVESTMENTS 1 ANALYSIS OF CHANGES IN TAXES RECEIVABLE 2 • ANALYSIS OF CHANGES IN GENERAL FIXED ASSETS 3 ANALYSIS OF CHANGES IN DISTRICT ORGANIZATIONAL COSTS 4 ANALYSIS OF CHANGES IN GENERAL LONG-TERM DEBT 5 ,* GENERAL LONG-TERM DEBT SERVICE REQUIREMENTS, BY YEARS 6 SCHEDULE OF OPERATING EXPENDITURES 7 INSURANCE COVERAGE 8 S --ooOoo-- a 11116 WHITE, PETROV & MCHONE CERTIFIED PUBLIC ACCOUNTANTS qb ROBERT A.WHITE 600 JEFFERSON SUITE 1150 JOSEPH W.PETROV HOUSTON,TEXAS 77002 ROBERT W.MCHONE TELEPHONE (713) 659-1777 STEPHEN H.CORDILL.JR. June 17, 1977 JOHN B.MANTHEY MEMBERS AMERICAN INSTITUTE OF LORETTA M.TURNER CERTIFIED PUBLIC ACCOUNTANTS ORA F.HARRISON fit Board of Directors 41 Clear Woods Improvement District Harris County, Texas We have examined the financial statements of the various funds and account groups of CLEAR WOODS IMPROVEMENT DISTRICT for the year ended April 30, 1977, ++ listed in the preceding table of contents. Our examination was made in accor- dance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we con- sidered necessary in the circumstances. In our opinion, subject to the outcome of litigation referred to in note 10 of the notes to the financial statements, the statements referred to above pre- sent fairly the financial position of the various funds and account groups of CLEAR WOODS IMPROVEMENT DISTRICT at April 30, 1977, and the results of the opera- tions and the changes in cash position of these funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis con- sistent with that of the preceding year. AI Our examination has been made primarily for the purpose of formulating an opinion on the financial statements taken as a whole. The accompanying supple- mental information (schedules 1 through 8) is not necessary for a fair presenta- tion of the financial statements, but is presented as additional analytical data. This information has been subjected to the tests and other auditing procedures applied in the examination of the financial statements mentioned above and, in our opinion, is fairly stated in all material respects in relation to the finan- cial statements taken as a whole. (/�/,.oa' A44-9V/C-14444, Our report is delivered to the client with the understanding that any publication, advertisement, or copy therefrom, in full or in part, shall be approved by us. 41 Exhibit A CLEAR WOODS IMP BALANCE SHEET, ALL FI A APRIL Debt General Service Tax Operating ASSETS AND Fund Fund Fund Current Assets 6 Cash 76 474 Unrestricted Cash 2 361 4 223 Restricted Cash, Note 5 2 3 -4 223 76 474 Total Cash 146 455 Temporary Investments, Restricted, Nc 148 816 76 474 Total Cash and Temporary Inv€ 1 282 15 734 40 Accounts Receivable and Accrued Rever 450 Other Accounts Receivable, Note 9 375 Prepaid Tap Fees 2 550 Prepaid Insurance and Leases, Note 7 150 09 -4 223 9 Total Current Assets -o- 12 723 -o- Taxes Receivable, Schedule 2 S General Fixed Assets, (At Cost) Physical Plant, Schedule 3 Construction in Progress - _ _ _ Total General Fixed Assets °- °- ° Intangible and Other Assets District Organizational Costs, Sched' 43 387 • Bond Discount, Less Amortization of 43 387 -o- -o- Total Intangible and Other A 65 D00 _o-Provision for Bonded Debt TOTAL ASSETS AND OTHER DEBIT 258 485 1k 446 95 583 LIABILITIES, RESER 41 Current Liabilities 8 621 Accounts Payable and Accrued Liabili 65 000 Bonded Debt Payable, Current Maturit 10 215 Customer Deposits 184 Tax Overpayments 65 000 ---I$4 18 836 Total Current Liabilities +1 Long-Term Liabilities Bonded Debt Payable, Note 3, Schedul 5 0004 18 836 Total Liabilities Reserves and Fund Balances 43 387 Unamortized Discount on Sale of Bonc 12 723 Reserve for Uncollected Taxes 41 Reserve for Interest Earnings Not Tr 150 098 4 039 Reserve for Retirement of Bonded Inc Investment in General Fixed Assets F Sale of Bonds Contribution by Developer, Note 8 Construction Fund Earnings • Net System Revenues 76 747 Unallocated Fund Balances 193 485 16 762 76 747 Total Reserves and Fund Bal. TOTAL LIABILITIES, RESERVES 258 485 16 946 95, 583 • The NOTES TO FINANCIAL STATEMENTS • Exhibit B CLEAR WOODS IMF STATEMENT OF REVENUES, EXPENDII ALL FUNDS AND GE FOR THE YEAR EN :bt General * vice Tax Operating Ind Fund Fund Operating Revenues 194 578 Taxes Collected, Schedule 2 93 096 Water Service, Note 6 Sewer Service, Note 6 43 736 6 Reconnection Fees 165 Penalty and Interest 1 483 3 219 Total Operating Revenues -o- 196 061 140 216 Operating Expenditures, Schedule 7 111 Debt Service Expenditures * Professional Fees 5 599 Contracted Services 5 924 33 250 Utilities 15 166 Consumable Materials and Supplies 1 156 Repairs and Maintenance 19 227 Installation of Temporary Sewage Tre 6 000 Recurring Operating Expenditures 200 28 262 6 124 108 660 Total Operating Expenditures 111 Net Revenues (Expenditures) 111) 189 937 31 556 Non-Operating Revenues (Expenditures) 38 060 Tap Connection Fees 617 Interest Earned, Note 4(e) 685 ! Sewer Inspection Fees Miscellaneous Revenues 366 Tap Connection Cost ( 23 725) Sewer Inspection Cost ( 1 025) Total Non-Operating Revenues3 467497 94) 189 937 45 3961 Net Revenues (Expenditures) , 7 Additions to Reserves and Fund Balance 1 642 Increase in Uncollected Taxes Contribution by Developer, Note 8 Tap Connection Cost Capitalized 170 Transferred from Construction Fund 097 • Transferred from Tax Fund 397) 191 579 4b 087 Total Additions to Reserves Deductions from Reserves and Fund Bala Transferred to General Fixed Assets 191 000 Transferred to Debt Service Fund Transferred to General Operating Fun -o- 191 000 -o- Total Deductions from Reser: Net Changes in Reserves and Fund Balar, 397) 579 46 087 Reserves and Fund Balances at May 1 , 882 16 183 30 660 Reserves and Fund Balances at April 3tI' .14 7Q w The NOTES TO FINANCIAL STATEMENTS Exhibit C CLEAR WOODS IMI STATEMENT OF CHANG FOR THE YEAR Eh General Tax Operating Fund Fund Sources of Cash 41) Cash Receipts from Operations 195 846 136 003 Cash Disbursements for Operations 6 124 99 241 Net Cash from Operations 189 722 36 762 fit Non-Operating Revenues 39 111 Cash Transfers from Other Funds Inter-Fund Loans Received Contribution by Developer, Note 8 14 000 Inter-Fund Receivables Repaid 406 Tax Overpayments 3 390 4r Customer Deposits Total Cash Provided 204 128 79 263 Applications of Cash Non-Operating Expenditures 27 450 Acquisition of Fixed Assets 14 000 Inter-Fund Payables Repaid qt Payment for Construction in Progress Bank Draft Not Received, Note 9 191 000 Cash Transfers to Other Funds Inter-Fund Loans Made Refund of Customer Deposits 1 380 Refund of Tax Overpayments 222 w 205 222 28 830 Total Cash Applied Increase (Decrease) in Cash ( 1 094) 50 433 Cash and Temporary Investment Balance! 5 317 26 041 Cash and Temporary Investment Balance! The NOTES TO FINANCIAL STATEMENTS 41 Exhibit D Page 1 of 8 CLEAR WOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS 41 APRIL 30, 1977 Note 1 : Creation of District 41 Clear Woods Improvement District, Harris County, Texas was created by Acts of the 59th Legislature of the State of Texas, Regular Ses- sion, 1965. The Board of Directors held its first meeting on Au- gust 10, 1965, and the first bonds were sold on March 21 , 1967. 41 Note 2: Significant Accounting Policies The exhibits contained in this report are prepared on the accrual basis of accounting except for the statement of changes in cash, all funds, which is prepared on the cash basis; tax revenues, penalties on delinquent taxes and bond interest expenditures are also reported on the cash basis of accounting. This report is prepared generally in accordance with the WATER DISTRICT ACCOUNTING MANUAL published by the Texas Water Rights Commission utilizing governmental fund account- ing principles. This manual was prepared pursuant to Texas State statutes. The transactions of the District have been accounted for in the fol- lowing funds and account groups in accordance with the requirements of the Texas Water Rights Commission: Account Groups 41 General Long-Term Debt - Long-term debt due after one year General Fixed Assets - Completed facilities and district organizational costs Funds • Construction Fund - Financial resources segregated for acquisition of facilities and related cost and construction in progress Debt Service Fund - Financial resources accumulated for debt service and current maturity of long-term debt 41 Tax Fund - Ad valorem tax collections less related costs; balance must be transferred to debt service fund General Operating Fund - Resources not required to be accounted for in another fund; customer service revenues and costs; general ex- 0111 penditures S Exhibit D Page 2 of 8 CLEAR WOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS APRIL 30, 1977 Note 2: Significant Accounting Policies (Continued) 41 The District capitalizes all costs associated with the creation of the District. All costs directly associated with the sale of bonds are being capitalized. From the date of sale of bonds, through the date of the completion of related improvements, interest revenues and inter- est expenditures related to the bond proceeds are being capitalized. These amounts are shown on the balance sheet as district organizational costs. In accordance with the requirements of the Texas Water Rights Commission, these amounts are not being amortized. The District capitalizes the cost of meters and boxes and residential lines as a part of the water system in general fixed assets. The Dis- trict does not maintain detailed fixed asset records, and thus detailed cost information on individual assets are not readily available. In accordance with the requirements of the Texas Water Rights Commission, fixed assets are not being depreciated. Accordingly, replacements of fixed assets and repairs are not capitalized. The full cost of facil- ities owned by the District is capitalized; funds provided by others are shown as contributions in the balance sheet. Bond discounts are capitalized and are being amortized over the life of the applicable bond issue in relation to the principal amount out- standing. The District requires water and sewer service customers to pay a deposit which will be refunded or applied against accounts receivable upon ter- mination of service. These refundable deposits are considered to be an adequate allowance for uncollectible accounts and accordingly, no sep- arate allowance is recorded. Amounts paid by one fund for another fund are transferred to the ap- propriate fund by adjusting fund balance. Any subsequent repayment is reported as a contra adjustment of fund balance. Loans by one fund to another fund are reported as inter-fund receivables and payables in the balance sheet if there is intent to repay the amount and if the debtor fund has the ability to repay the advance timely. 10 Note 3: Bonds Payable Series 1967 Series 1967A Amounts outstanding, April 30, 1977 $650,000 $700,000 Interest rates 5.00% 6.00% 41 Maturity dates - serially begin- February 1 , 1974/ February 1 , 1974/ ning/ending 1988 1994 Exhibit D Page 3 of 8 CLEAR WOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS 4111 APRIL 30, 1977 Note 3: Bonds Payable (Continued) 410 Series 1967 Series 1967A Interest payment August 1/ August 1/ dates February 1 February 1 Callable date February 1 , 1982:': August 1 , 1982* Series 1972 Series 1974 Amounts outstanding, April 30, 1977 $595,000 $780,000 Interest rates 6.75% 6.75% to 7.70% 411P Maturity dates - Serially begin- April 1 , 1977/ March 1 , 1980/ ning/ending 2001 2004 Interest payment October 1/ September 1/ dates April 1 March 1 Callable date April 1 , 1987* September 1 , 1989* It *Or any interest payment date thereafter in inverse numerical order; callable at par plus unpaid accrued interest in whole or in part at the option of the District. Bonded Debt Payable, May 1 , 1976 2 760 000 Bonds Paid ( 35 000) Bonded Debt Payable, April 30, 1977 2 725 000 Current Maturity Transferred to Debt Service Fund ( 65 000) Bonded Debt Payable, Due After One Year 2 660 000 As of April 30, 1977, the debt service requirements on the bonds out- go standing at that date for the next five years are as follows: Year Principal Interest Total 1978 65 000 172 722 237 722 1979 65 000 169 285 234 285 1980 75 000 165 848 240 848 1981 80 000 161 735 241 735 1982 80 000 157 285 237 285 The bonds are payable from the proceeds of an ad valorem tax levied upon all property subject to taxation within the District, without limitation as to rate or amount, and are further payable from and se- cured by a lien on and pledge of the net revenues to be received from the operation of the District's waterworks and sanitary sewer system. p • Exhibit D Page 4 of 8 CLEAR WOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS 41 APRIL 30, 1977 Note 3: Bonds Payable (Continued) r During the year ended April 30, 1977, the District levied an ad valorem tax at the rate of $.65 per $100 of assessed valuation which resulted in an adjusted tax levy of $197,437 on taxable valuation of $30,374,900 for the 1976 tax year. The Bond Orders require that the District levy and collect an ad valorem tax sufficient to pay interest and principal 40 on bonds when due and the cost of assessing and collecting taxes. Note 4: Significant Bond Orders and Legal Requirements A. In accordance with the Bond Orders, a portion of the bond proceeds * was deposited into the debt service fund and reserved for the pay- ment of bond interest during the construction period. This bond interest reserve is reduced as the interest is paid. The balance of this reserve of $47,577 was fully utilized this year. B. In accordance with the WATER DISTRICT ACCOUNTING MANUAL (which is effective for the District's fiscal year beginning May 1 , 1975) , all interest on construction fund investments should be transferred to the debt service fund when received. Transactions for the cur- rent year are summarized as follows: Interest Received Not Transferred, May 1 , 1976 2 836 Interest Received, Current Year 3 354 41 Transfers to Debt Service Fund, Current Year ( 97) Reserve For Interest Earned Not Transferred, April 30, 1977 6 093 C. The Bond Orders state that a complete engineering inspection report of the operations and physical conditions of the plant and system shall be made each year by an independent qualified engineer. At 410 the balance sheet date, the report had not been made. D. The Bond Orders state that so long as any of the bonds are outstand- ing, the District agrees to maintain insurance for the benefit of the holders of bonds, on the system of a kind and in an amount which usually would be carried by private companies engaged in a similar 41 type of business. The District has physical damage coverage of $142,900 with an 80% coinsurance provision and flood coverage of $19,500. The District has comprehensive general liability coverage with a maximum limit of $300,000. Since no objective criteria have been established for insurance coverage, a determination could not be made whether or not the District complied with the requirement. A Exhibit D Page 5 of 8 CLEAR WOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS APRIL 30, 1977 Note 4: Significant Bond Orders and Legal Requirements (Continued) E. The Bond Orders state that the District is to transfer on a monthly basis to the debt service fund, commencing when any part of the water and sewer system is placed in operation, an amount not less than one-sixth of the next maturing installment of interest and an amount not less than one-twelfth of the next maturing installment of principal . In addition, a sum equal to 20% of such monthly payments is to be paid to the debt service fund until the fund balance is equal to the total principal and interest requirements for the cur- rent year and the next succeeding year. At April 30, 1977, the cumu- lative requirement of these provisions was $265,999. The combined cash balances of the debt service fund and the tax fund at April 30, ,# 1977 amounted to $153,039. F. In accordance with State statutes the District should require that security (par value basis) be provided by depositories for all funds held by them. At the balance sheet date, securities and Federal in- surance were less than deposits at one of the depositories, and in excess of deposits at the other depositories. No determination was made of the market value of pledged securities. Note 5: Restricted Cash and Temporary Investments Restricted by State statutes and Bond Orders: For construction of fixed assets and all costs neces- sary for creation and organization of the District Cash 3 505* For payment of bonded debt principal and interest, paying agent fees and costs of assessing and collecting taxes Cash 6 584 Temporary Investments 146 455 Total Restricted Cash and Temporary Investments 156 544 *The Bond Orders provide that any cash remaining after completion of construction shall be transferred to the debt service fund. The amounts shown above do not consider the effect of any interest re- quired to be transferred in accordance with the WATER DISTRICT ACCOUNTING MANUAL. II i! 40 Exhibit D Page 6 of 8 CLEAR WOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS 41 APRIL 30, 1977 Note 6: Rates and Customers • The District has established the following rates effective December 1 , 1975: Water Service ,• Residential and Commercial Monthly Charge: First 8,000 Gallons of Water Used (Minimum Bill) 7.00 Each 1 ,000 Gallons of Water Used Thereafter .65 Apartment Monthly Charge: Total Number of Gallons Used X 85% X Residential Rate Total Number of Units in Project A Sewer Service Residential and Commercial Monthly Charge: First 50,000 Gallons of Water Used (Minimum Bill) 4.00 Each 1 ,000 Gallons of Water Used Thereafter .25 41 Apartment Monthly Charge (Per Unit) 4.00 Tap Fees Residential Tap Fee (3/4" Tap) 275.00 41 The above fee includes the cost of meter, box and installation. For connections of over3/4 inch, the District will establish tapping charges by separate order or agreement. Commercial tap-on fee shall be a negotiated amount per square foot of 41 land in addition to the cost of meter, box and installation. Residential and Commercial Sewer Inspection Fee 5.00 Deposits Per Customer 15.00 41 Water and Sewer Service Customers The following is a comparison of the number of metered water and sewer service customers serviced by the District: 41 April 30, 1977 987 April 30, 1976 870 April 30, 1975 613 April 30, 1974 504 40 i Exhibit D Page 7 of 8 CLEAR WOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS 41 APRIL 30, 1977 Note 6: Rates and Customers (Continued) +! Water and Sewer Service Customers (Continued) April 30, 1973 343 April 30, 1972 310 April 30, 1971 230 40 April 30, 1970 150 April 30, 1969 101 April 30, 1968 22 Note 7: Equipment Lease Agreements • The District is leasing two temporary sewage treatment plants. These leases are summarized as follows: 100,000 G.P.D. Davco Aerobic Portable Date of Lease February 1 , 1976 September 19, 1976 Term of Lease 1 Year 5 Years Renewable Option 6 Months 6 Months Minimum Annual Lease Payments For Fiscal Years Ending Apr 130 1978 $2 700 $17 820 1979 17 820 1980 11 880 Total $2 700 $47 520 These leases have not been capitalized in the financial statements since they do not meet the criteria for capitalization. 4k Note 8: Contribution by Developer During the year, the District received a contribution of $3,500 from the developer for costs incurred in connection with construction in Wedge- wood Village. No additional amounts are due. Note 9: Other Accounts Receivable During the year, a certified check to the District in the amount of $41 ,508 was lost in transit from the bank. The bank plans to reissue 40 the check. Exhibit D Page 8 of 8 CLEAR WOODS IMPROVEMENT DISTRICT NOTES TO FINANCIAL STATEMENTS APRIL 30, 1977 Note 10: Pending Litigation 411 The District was named as a defendant in a law suit which alleged damages to the plaintiff's property in the amount of $600,000 due to alleged infractions concerning water control in the stream known as Clear Creek. This law suit is pending as of the date of this report and the outcome 41 is uncertain. 41 • 41 41 40 411 Schedule 1 CLEAR WOODS IMPROVEMENT DISTRICT SCHEDULE OF TEMPORARY INVESTMENTS 11 APRIL 30, 1977 • Accrued Interest Interest Maturity Receivable Rate Date Amount April 30, 1977 Debt Service Fund Certificates of Deposit No. 10-3078780 7.50% 7/18/77 5 000 31 No. 10-3078781 7.50% 8/19/77 29 000 181 No. 10-3078782 7.50% 9/19/77 40 000 250 • No. 10-3078783 7.50% 1/20/78 26 000 162 No. 161406-5 7.50% 7/18/77 31 455 320 No. 161488-3 6.75% 9/19/77 15 000 338 41 TOTALS 146 455 1 282 41 Ilk Schedule 2 CLEAR WOODS IMPROVEMENT DISTRICT ANALYSIS OF CHANGES IN TAXES RECEIVABLE 111 FOR THE YEAR ENDED APRIL 30, 1977 41 Taxes Receivable, May 1 , 1976 11 081 Additions and Corrections to Prior Year Taxes ( 1 217) 1976 Original Tax Roll 197 404 Additions and Corrections 33 4* Adjusted Tax Roll 197 437 Total to be Accounted For 207 301 Tax Collections: Current Year 191 969 Prior Years 2 609 194 578 40 Taxes Receivable, April 30, 1977 12 723 Taxes Receivable, By Years 1969 359 1970 353 1971 475 1972 425 1973 1 240 1974 1 510 40 1975 2 893 1976 5 468 12 723 Property Valuations 1976 1975 1974 1973 410 Land 6 573 700 5 939 100 5 116 800 3 397 700 Improvements 23 233 100 14 962 600 10 633 400 8 541 500 Personal Property 568 100 439 700 357 200 148 600 Total Valuations 30 374 900 21 141 400 16 107 400 12 087 800 Tax Rate Per $100 Valuation Q.65 0.65 0.60 0.60 Tax Rolls 197 437 138 719 96 644 72 527 1110 41 Schedule 3 CLEAR WOODS IMPROVEMENT DISTRICT ANALYSIS OF CHANGES IN GENERAL FIXED ASSETS S FOR THE YEAR ENDED APRIL 30, 1977 Balances Balances May 1 , 1976 Additions April 30, 1977 Land 29 622 29 622 Water System 619 340 23 725 643 065 ist Sewage System 646 984 17 955 664 939 Drainage System 608 329 608 329 Engineering Fees 243 276 8 895 252 171 Totals 2 147 551 50 575 2 198 126 410 Amounts Provided By: Construction Fund, Earnings 17 176 17 176 Construction Fund, Bond Sales 2 065 356 6 174 2 071 530 General Operating Fund, Net System Revenues 82 195 23 725 105 920 Contribution by Developer 3 500 3 500 Total Amounts Provided 2 147 551 50 575 2 198 126 4 Schedule 4 CLEAR WOODS IMPROVEMENT DISTRICT ANALYSIS OF CHANGES IN DISTRICT ORGANIZATIONAL COSTS 11 FOR THE YEAR ENDED APRIL 30, 1977 4110 Balances Balances May 1 , 1976 Additions April 30, 1977 Legal Fees 154 804 154 804 0 Bond Interest 245 349 245 349 Amortized Bond Discount 2 298 2 298 Fiscal Agent Fees 16 250 16 250 Bond Issue Cost 1 286 1 286 ', Other Costs 3 066 3 066 Interest on Temporary Investments (135 825) (135 825) Totals 287 228 -o- 287 228 lb Amounts Provided By: Construction Fund, Bond Sales 175 406 175 406 Debt Service Fund, Bond Sales 111 822 111 822 Total Amounts Provided 287 228 _o_ 287 228 4111 Schedule 5 CLEAR WOODS IMP ANALYSIS OF CHANGES It FOR THE YEAR ENI Debt Service Requirements For The Year Ending April 30, 1978 Description Paying Agent Principal Interest Clear Woods Improvement District Waterworks and Sewer System Combination Tax and Revenue Jlied Bank of Texas Bonds, Series 1967 Houston, Texas 50 000 32 500 Clear Woods Improvement District Waterworks and Sewer System Combination Tax and Revenue allied Bank of Texas Bonds, Series 1967A Houston, Texas 10 000 42 000 Clear Woods Improvement District Waterworks and Sewer System Combination Tax and Revenue allied Bank of Texas Bonds, Series 1972 Houston, Texas 5 000 40 162 Clear Woods Improvement District Waterworks and Sewer System Combination Tax and Revenue ;flied Bank of Texas Bonds, Series 1974 Houston, Texas 58 060 111 TOTALS QQQ 12L122. Bonds Voted (Net of 1 ,650,000 Cancelle4 Bonds Approved For Sale Bonds Sold 111 Schedule 6 CLEAR WOODS IMPI 4 GENERAL LONG-TERM DEBT SEP APRIL 1111 Series 1 Series 1974 Due During Principal Interest 'al Interest Due Total Fiscal Years Due August September 1, Annual Ending April 30 February 1 Februar}.1 March 1 Total Requirements 1978 50 000 32 50 58 060 58 060 237 722 1979 5o 000 3o 00 58 060 58 060 234 285 1980 50 000 27 5d0 58 060 68 060 240 848 1981 50 000 25 odo 57 384 67 384 241 735 1982 50 000 22 5d0 56 709 66 709 237 285 Ili 1983 75 000 20 0d0 56 034 66 034 257 835 1984 75 000 16 20 55 359 65 359 252 135 1985 75 000 12 5d0 54 685 74 685 26i 435 1986 75 000 8 75)o 53 334 73 334 254 722 1987 75 000 5 odo 51 985 7i 985 253 010 1988 25 000 1 25,0 5o 634 8o 634 27o 96o 1989 10 48 564 78 564 236 790 # 1990 10 46 464 76 464 228 840 1991 10 44 334 74 334 23o 86o 1992 l0 42 160 72 160 247 160 1993 to 39 939 69 939 236 915 1994 )0 37 690 77 690 236 640 46 1995 }0 34 650 74 65o 135 575 1996 )O 31 568 71 568 129 795 1997 )0 28 490 68 490 124 015 1998 )0 25 410 65 410 118 235 1999 )0 22 329 62 329 122 455 2000 )0 19 250 69 250 126 000 Ilk 2001 )0 15 400 65 400 118 775 2002 )0 11 550 61 550 61 550 2003 )0 7 700 57 700 57 700 2004 )0 3 850 53 85o 53 850 TOTALS 0 2L01 29.Q 196..6.5A 1 849 65z 5 207 127 Cash and Temporary Investment Balances Debt Service Fund 148 81 R Tax Fund 4 2; TOTAL =LI R 410 Schedule 7 CLEAR WOODS IMPROVEMENT DISTRICT SCHEDULE OF OPERATING EXPENDITURES FOR THE YEAR ENDED APRIL 30, 1977 III Debt General Memorandum Service Tax Operating Total Fund Fund Fund Debt Service Expenditures Bond Interest 174 610 174 610 Amortization of Bond Discount 2 501 2 501 ' Bond Principal 35 000 35 000 Total Debt Service Expenditures 212 111 212 111 -o- -o- Professional Fees Auditing Fees 3 375 3 375 # Legal Fees 2 224 2 224 Total Professional Fees 5 599 -o- -o- 5 599 Contracted Services Bookkeeping Fees 2 150 2 150 Operator' s Fees 31 100 31 100 ill Tax Assessor-Collector Fees 5 924 5 924 Total Contracted Services 39 174 -o- 5 924 33 250 Utilities 15 166 -o- -o- 15 166 Consumable Materials and Supplies Chemicals 1 156 -o- -o- 1 156 Repairs and Maintenance 19 227 -o- -o- 19 227 Installation of Temporary Sewage fii Treatment Plant 6 000 -o- -o- 6 000 Recurring Operating Expenditures Directors' Fees 1 550 1 550 Election Fees 250 250 Legal Notices 173 173 qi Printing and Office Supplies 4 372 10 4 362 Testing 2 320 2 320 Insurance 1 212 25 1 187 Paying Agent Fees 341 341 Other Expenditures 1 504 165 1 339 Rents and Equipment Leases 16 740 16 740 's Total Recurring Operating Expenditures 28 462 -o- 200 28 262 Total Operating Expenditures 326 895 212 111 6 124 108 660 11 4111 Schedule 8 CLEAR WOODS IM INSURAN APRIL The Bond Orders state that so long as a agrees to maintain insurance for the be of a kind and in an amount which usuall in a similar type of business. Since n insurance coverage, a determination cou Acomplied with the requirement. Type of Policy • Corporation Clause Type of Coverage Stock/Mutual Coinsurance Employee Honesty, Etc. : Tax Assessor - Collector yland Stock None Directors: Mickey Foret `gland Stock None Rachel Saurez 'gland Stock None M. Greg McCaffrey 'gland Stock None • Wayne Reeves gland Stock None Jack Dial 'gland Stock None Fire, Lightning, Extended Coverage, Var and Malicious Mischief: Stock 80% Water Plants and Sewage Treatment F Floor Insurance: ion Stock None Sewer Pump Building Equipment Comprehensive and General Liability, At Liability and Contractual Liability: Stock None % Bodily Injury, Per Person and Aggrc Property Damage, Per Occurrence Property Damage, Aggregate