HomeMy WebLinkAbout790419.tiff KENNL III F. LIND
ATTORNEY AT LAW
TILE L./LOX Bl ILDINU
1011 ELEVENTH AVENUE
P.O.BOX 3L•
GREELEY, COLORADO 80631
TELEPIIONE O031 35 3-2 321
June 1 , 1979
The Board of County Commissioners
Weld County
Greeley , Colorado 80631
Re : Colorado Landfill , Inc .
Dear Commissioners :
Accompanying this letter is the documentation required
pursuant to the application requirements as related to the
County Development Revenue Bond Policy of Weld County .
Specifically , the accompanying documents are intended to
comply with Section 3 of Ordinance No . 25 , as amended . Please
let these documents serve as an application by Colorado
Landfill , Inc . for development bonds . Attached hereto is
the application fee of $250. 00 .
Thank you for your cooperation and attention in this
matter .
Very)pily you s/, ,
Ke neth F . Lind
KFL : sb
790419
A PROFESS'( I,^ CORPORATION
ATTORNEYS AT LAW
BIB AMERICAN NATIONAL BANK BUILDING
cos SEVENTEENTH STREET
DENVER, COLORADO 80202
JAMES G WILLSON, JR TELEPHONE (303) 825-1284 IN AS JCIATION WITH
WILLIAM 0 LAMM WILLSON LAMM EDSTROM & STOWE
DAVID A. EDSTROM June 1 , 1979 ATTORNEYS AT LAW
ERICK D. STOWE CHEYENNE,WYOMING
MARY ANNE BRAYMER (307( 635-0221
DEE P WISOR
BARBARA E. BONDS'
•LICENSED ONLY IN WYOMING
Board of County Commissioners
Weld County, Colorado
Re : Industrial Development Bonds
for Colorado Landfill , Inc.
Gentlemen:
I have been asked to offer my opinion as to the qualifi-
cation of the landfill project within the intent of the County and
Municipality Development Revenue Bond Act ( the "Act" ) . The legis-
lative intent of the Act is set forth at Subsection 29-3-102( 2)
Colorado Revised Statutes 1973 , as amended , as follows :
" ( 2 ) It is the further intent of the general
assembly to authorize counties and municipal-
ities to finance , refinance , acquire , own ,
lease , improve and dispose of properties to the
end that . . . more adequate facilities for dis-
posing of sewage and solid waste . . . may be
provided . . . "
It is my opinion that the legislature did intend
that solid waste be a subject of financing under the Act.
If you have any questions or comments , please do not
hesitate to write or call .
Very truly your
Erick D. Stowe
EDS:ema
pc : Kenneth Lind , esq.
Jack Bruggeman - Coughlin & Co.
COUGH
Ar 'S.t._3S INVESTMENT BANKERS
Member Midwest Stock Exchange, Inc.
1200 First National Bank Bldg.
Denver, Colorado 80202 • (303) 623.3000
June 1, 1979
Board of County Commissioners
Weld County, Colorado
P.O. Box 459
Greeley, CO 80631
Re: Industrial Development Bonds
for Colorado Landfill, Inc.
Gentlemen:
Coughlin & Co. , Inc. and E. J. Pittock and Co. have been requested
by Colorado Landfill, Inc. to review the feasibility of selling industrial
development bonds for a landfill project located within your County:
Given the proper structuring of the issue and market conditions at the
time of sale of the bonds, it is our opinion that the bonds can be sold
to investors.
At this point in time, it is our intention to work with Colorado
Landfill, Inc. towards a suitable structure which will accomplish the
financing of the project.
If you have any questions in this regard, we will be pleased to
answer them.
Very truly yours,
COUG11LIN & CO. , INC." /
7a,/k A. Bruggeman
2./sistant Vice Presidenj
v
JAB/dsc
cc: E. J. Pittock
Erick Stowe
3 . 3 ( a)
A history of the applicant including a description
of operations .
This requirement is waived as there is no historical
description of operations of a landfill by Lynn
Keirnes . Colorado Landfill , Inc . is a new company .
Please see 3 . 3 ( e) and 3 . 3 ( c ) for some history of
Colorado Landfill Inc . ' s predessor in operations .
3.3 (b)
Historical financial statistics of applicant for the last five
(5) years or for the entire time it has conducted business. If
the applicant is proposing co-signers or guarantors of the bond
issue, this same historical financial data must be supplied for
the co-signers or guarantors.
Waived - new company
See attached unaudited financial statements for predecessor f;
entity, Weld Landfill, Inc. , for the period December 31,
1976 through August 31 , 1978.
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1i
WELD LANDFILL INC.
FINANCIAL STATEMENTS
(Unaudited)
Year Ended August 31 , 1978
' I
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TABLE OF CONTENTS
Page
Disclaimer of Opinion
1
EXHIBIT A - BALANCE SHEET
2
EXHIBIT B - STATEMENT OF STOCKHOLDERS' EQUITY
3
EXHIBIT C - STATEMENT OF EARNINGS
4
EXHIBIT D - STATEMENT OF CHANGES IN FINANCIAL POSITION
5
Schedule 1 - Schedule of Operating Expenses
6
NOTES TO FINANCIAL STATEMENTS
7
GPlCLEY MAE'ONLL PLAZA
Gn(ELE♦ COLOPADO
•
Mr. Ralph Rohweder
Weld Landfill Inc .
Greeley, Colorado
•
The accompanying balance sheet of Weld Landfill Inc . , as of August
31 , 1978 , and the related statement of stockholders' equity, statement of
earnings and supporting schedule, and statement of changes in financial
position for the year then ended were not audited by us and , accordingly,
we do not express an opinion on them.
October 10 , 1978
- 1 -
'KHOLDERS' EQUITY amissiesCURRENT ASSETS
Cash $ 2 , 182
Accounts receivable (Note 2) 56 ,052
Less: Allowance ford 3 ,504
Unexpired insurance 3,709
Receivable from stockhoi 2 ,670
$ 68, 117
PROPERTY (Note 1[C.]) Note 3) 110 ,394
Landfill sites 39,694
Water rights 150 ,088
zed
ding,
BUILDINGS AND EOUIPMEI\
(Note 1[CJ)
2 , 100
Building 66 , 810
Machinery 27, 086
Office equipment 95 ,996
1 OTHER ASSETS
J I, Deferred income taxes (N
1 TOTAL ASSETS $ 314 ,201
The Notes to Financia
•
- - -
(Unaudited)
Year Ended August 31 , 1978
Common Stock
No. of Contributed Retained
Shares Amount Capital Earnings Total
Balance ,
August 31 , 1977 2 , 000 $ 2 , 000 $ 64,910 $ 34 , 847 $ 101 ,757
•
Capital contributed by
stockholder upon
purchase of
' common stock 100 100 1 ,900 - 2 ,000
Dividends paid - - - (31 ,200) (31 ,200)
Net earnings for the
year ended
' August 31 , 1978 •
(EXHIBIT C) - - - 23,439 23,439
Balance ,
August 31 , 1978 2 , 100 $ 2 , 100 $ 66 , 810 $ 27 , 086 $ 95 ,996
The Notes to Financial Statements are an integral part of this exhibit.
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JiHiLMt.l'•II Vi +..9.1(1VIIVl5J
(Unaudited)
Year Ended August 31 , 1978
Per Cent
of Sales
SALES 59 d 'r.1 �n,z.
Landfill fees $ 258,430 100 .0%
OPERATING EXPENSES (Schedule 1) 219 ,329 84 . 9
EARNINGS FROM OPERATIONS 39 , 101 15 . 1
OTHER INCOME
Royalties and interest 1 ,940 . 8
41 ,041 15 .9
OTHER EXPENSES
Interest 18,729 7 .2
EARNINGS BEFORE TAXES ON INCOME 22 ,312 8.7
TAXES ON INCOME
Currently payable 2 ,670 1 . 0
Deferred tax benefit (3 ,797) (1 .5)
(1 , 127) (. 5)
NET EARNINGS $ 23 ,439 9 .2%
The Notes to Financial Statements are an integral part of this exhibit.
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_.. �•
(Unaudited)
Year Ended August 31 , 1978
SOURCES OF WORKING CAPITAL
Net earnings (EXHIBIT C) $ 23 ,439
Add: Expenses deducted which do not
require the use of working capital
Depletion - dump sites 6 , 144
Depreciation 55 , 757
Deferred taxes (Note 1[D]) • (3 ,797)
Working capital provided by operations $ 81 ,543
Issue of common stock 2 ,000
Loan from stockholders (Note 4) 30 ,030
113, 573
APPLICATION OF WORKING CAPITAL
Purchase of machinery and equipment 35 ,866 '
Repayment of loan • 43 ,298
• Current maturities of long-term debt 8,434
Construction of building 7, 101
Dividends paid 31,200
125 , 899
DECREASE IN WORKING CAPITAL $ (12 ,326)
CHANGES IN COMPONENTS OF WORKING CAPITAL
Increase (decrease) in current assets: •
Cash $ 5 , 761
• Accounts receivable 5 ,006 ' '
Unexpired insurance 420
Receivable from stockholder 2 ,000
13 , 187
Increase (decrease) in current liabilities:
Accounts payable (464)
Payroll and payroll taxes payable 195
Accrued interest and property taxes 678
Income taxes payable 2 ,670
Notes payable - due within one year 22, 434
25,513
DECREASE IN WORKING CAPITAL $ (12 ,326)
The Notes to Financial Statements are an integral part of this exhibit.
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(Unaudited)
Year Ended August 31 , 1978
Per Cent
of Sales
Auto expenses $ 867 . 3%
Advertising 333 . 1
Depreciation 55 , 757 21 . 7
Depletion - landfill sites 6 , 144 2 .4
•
Donations 355 . 1
Dues and subscriptions 381 . 1
Employee benefits 2 , 159 . 8
Gas and oil 14 ,548 5 . 7
Insurance 3,854 1 .5 •
Legal and a: counting 2 ,440 - .9
Miscellanec 's 2 ,225 .9
Officer's salaries 16 , 800 6 . 5
Office supplies 1 ,668 . 6
Repairs and maintenance • 27,477 10. 6
Rent and leases 9 ,636 3. 7
Salaries 63 , 316 24. 6
Taxes - payroll 7 ,222 2 . 8
Taxes - other 1 , 020 . 4
Utilities 3, 127 1 . 2
Total operating expenses $ 219 ,329 84.9%
The Notes to Financial Statements are an integral part of this schedule .
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!MOILS 1U 1IN/nt,I Mill_EMrNmT5
(Unaudited)
Year Ended August 31 , 1978
Note 1 - Summary of Significant Accounting Policies:
(A) Accounting Method:
The financial statements are prepared according to the
generally accepted accrual method of accounting .
(B) Accounts Receivable:
The Company provides fo; doubtful accounts based on an
estimate of total accounts receivable which management
deems to be uncollectible .
(C) Property, Buildings and Equipment:
The provisions for depreciation and depletion have been
calculated using the straight-line method. Depreciation
rates are based on the three to seven year estimated
useful lives of the equipment. Depletion of landfill
sites is based on an estimated useful life of fifteen
years with a residual value of $40,400. Depreciation
and depletion expenses were $55 ,757 and $6 , 144 ,
respectively, for the year ended August 31, 1978.
Expenditures for maintenance and repairs are charged to
expense as incurred whereas major property replacements
and betterments which extend the life of the assets are
capitalized and subsequently depreciated . When assets
are sold or abandoned , the cost and accumulated
depreciation and depletion are removed from the accounts
and any resulting gain or loss is recognized.
(D) Income Taxes:
For financial reporting purposes, the Company is
depreciating certain equipment over shorter lives than
for income tax purposes . The excess of depreciation
reported in the financial statements over depreciation
reported in the income tax return for the year ended
August 31 , 1978 was $20, 883 . The provision for deferred
income taxes results from this timing difference .
Prior to the fiscal year ended k 71st 31 , 1978, the Company
was being taxed as a "Sub-Chapter S" corporation . For
the fiscal year end September 30, 1978, the Company
was taxed as a regular corporation.
The Company follows the flow-through method of accounting
for investment tax credits and jobs tax credits . The
income tax liability at August 31 , 1978 was reduced by
$3 ,095 of investment tax credits and $7 ,212 of jobs
tax credits .
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Plv1tS?I(Tr MN C.I on nuc
(Unaudited)
Year Ended August 31 , 1978
Note 2 - Notes Payable - Due Within One Year:
United Bank of Greeley, 10%, unsecured $ 14 ,000
Current portion of long-term debt (Note 3) 42 ,052
$ 56 ,052
Note 3 - Notes Payable - Due After One Year:
United Bank of Greeley, 10%, payable in monthly
installments of $4 ,542 . Secured by property
and equipment, all outstanding shares of capital
stock, assignment of life insurance policy and
all leases , contracts and permits . $ 143 ,446
Lenora Hall (stockholder's sister) , 10%, unsecured,
repayment terms indefinite 9 ,000
152 ,446
Current portion of long-term debt 42 ,052
$ 110 , 394
Note 4 - Notes Payable - Stockholder:
Ralph Rohweder, 7%, unsecured , repayment
terms indefinite $ 39 ,694
Note 5 - Leases:
The Company has negotiated oral leases with certain landowners
for the use of their property as landfill sites . Terms of the
leases are indefinite and annual rentals are not determinable.
Lease expense applicable to these leases was $9 ,328 for the
year ended August 31 , 1978.
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}
WELD LANDFILL INC.
FINANCIAL STATEMENTS
(Unaudited)
Seven Months Ended August 31 , 1977
(
I i
ANDERSON &WHITNEY. CERTIFIED PUBLIC ACCOUNTANTS. GREELEY. COLORADO
_ _-
♦ n ii
•
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TABLE OF CONTENTS
Page
Disclaimer of Opinion I
EXHIBIT A - BALANCE SHEET 2
EXHIBIT B - STATEMENT OF STOCKHOLDERS' EQUITY 3
-
EXHIBIT CSTATEMENT OF EARNINGS 4
EXHIBIT D - STATEMENT OF CHANGES IN FINANCIAL POSITION 5
Schedule I - Schedule of Operating Expenses 6
NOTES TO FINANCIAL STATEMENTS 7
� v
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1
ANDERSON &WHITNEY.CERTIFIED PUBLIC ACCOUNTANTS. GREELEY,COLORADO
C 13 le pr 00101011116"
C•Rt t.LEY, COIORAI>O 006,31
' is
II
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} Mr. Ralph Rohweder
Weld Landfill Inc.
Greeley, Colorado
The accompanying balance sheet of Weld Landfill Inc. , as of August 31 ,
'i 1977 , and the related statement of stockholders' equity, statement of earnings
and supporting schedule, and statement of changes in financial position for the
+ seven months then ended were not audited by us and, accordingly, we do not
I I express an opinion on them.
dyie6ya
goiV r
j October 3 , 1977
i I
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it
IiI
III
II
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► 'O1O:c 'J
(Unaudited)
August 31 , 1977
ASSETS
CURRENT ASSETS
Cash $ 27 ,142
Accounts receivable $ 15,253
Less: Allowance for doubtful accounts 305
14 ,948
Unexpired insurance 1 ,301
$ 43 ,
Accumulated Net
PROPERTY Cost Depletion Book Value
• Dump sites $ 132 , 100 $ 4,592 $ 127 ,508
Water rights 47,000 - 47,000
$ 179, 100 $ 4,592 174 ,.
Accumulated Net
BUILDINGS AND EQUIPMENT Cost Depreciation Book Value
Construction in progress
- building $ 1 ,530 -• 1 ,530
Machinery 108 ,919 13 ,629 95,290
Office equipment 1 &600 168 1 ,432
•
$ 112 ,049 $ 13 ,797 98,;
TOTAL ASSETS $ 316,
The Notes to Financial Statements are an integral part of this exhibit.
II
•
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ANDERSON & WHITNEY.cenri
;,G//IrpyiAAr., r-..„.,•..: a rr...!atir x,sw b^M« s...er,.,we„pa..4+wx,Ms. ••; .� ".• ..
LIABILITIES AND STOCKHOLDERS' EQUITY
:URRENT LIABILITIES
Accounts payable $ 2, 646
Payroll and payroll taxes payable 3 ,309
Accrued interest and property taxes 3 ,031
Current portion of long-term debt (Note 2) 33 ,618
$ 42 ,604
)THER LIABILITIES
Notes payable - due after one year (Note 2) 162 , 126
Notes payable - stockholder (Note 3) 9 ,664
171 ,790
TOCKHOLDERS' EQUITY (EXHIBIT B)
Common stock, par value $1; authorized
50,000 shares , issued and outstanding,
2 ,000 shares 2 ,000
Paid-in capital in excess of par value
of common stock 64,910
Retained earnings 34, 847
101 ,757
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 316 , 151
,JUNTANTS. CREELEY. COLORADO
W e Y
. lEVn Y y:q�y 07 ^no
S'TATt:1ti![_N'r C I Sfcx_Yitc?l, IL VIII?
(Unaudited) 1f
Seven Months Ended August 31 , 1977
Paid-In
Common Stock Capital in Excess
No. of of Par Value of Retained
Shares Amount Common Stock Earnings Total
Initial issuance of
common stock, $1
par value; 50, 000
shares authorized 2 ,000 $ 2 ,000 $ - $ - $ 2 ,000
Capital contributed by
stockholders upon
purchase of
common stock - - 64 ,910 - 64,910
Net earnings for the
seven months ended
August 31 , 1977
(EXHIBIT C) - - - 34,847 34,847
Balance,
August 31 , 1977 2 ,000 $ 2 , 000 $ 64,910 $ 34,847 $ 101 ,757
The Notes to Financial Statements are an integral part of this exhibit.
- 3 -
1:
ANC=PSQ? &V/HITNEY. ct•-•:,.t, P i0:': ♦ . :'.v-.r 1. ,•Et'J r. .".L.w•Y.
_-
` ^ �� 444014,
14, +Z.of f
A:xt».c✓4nwaw;wawn r.1040BA aSOWSP •bw
,,aral.rA�
rSTA1 1 r 'I NC CI' I'ARNING5_ i
(Unaudited)
3
Seven Months Ended August 31 , 1977
Per Cent
of Sales
SALES
Dump fees $ 138 ,889 100.0 %
OPERATING EXPENSES (Schedule 1)
92 ,658 66 .7
EARNINGS FROM OPERATIONS 46 , 231 33.3
OTHER INCOME 1 ,294 9
Royalties and interest 47 , 525 34 .2
OTHER EXPENSES 305 .2
I Bad debts 12 ,373 8 .2
Interest
12 ,678 9. 1
NET EARNINGS BEFORE INCOME TAXES 34 , 847 25 . 1
PROVISION FOR INCOME TAXES (Note 4)
NET EARNINGS $ 34 , 847 25 . 1 %
Earnings per share $ 17 .42
The Notes to Financial Statements are an integral part of this exhibit.
9
N
AN DERSO &WHITNEY. CERTIFIED PUBLIC ACCOUNTANTS. GREELEY. COLORADO
STATEMENT 01' I '!I\Nc:I:S IN FINANCIAI. Pc?:itti '
(Unaudited)
Seven Months Ended August 31 , 1977
SOURCES OF WORKING CAPITAL
Net earnings (EXHIBIT C) $ 34, 847
Add: Expenses deducted which do not
require the use of working capital
Depletion - dump sites
3 ,568
Depreciation 12 ,878
Working capital provided by operations $ 51 ,293
Loan from bank 61 ,000
Loan from stockholder 9 ,664
121 ,957
APPLICATION OF WORKING CAPITAL
Purchase of machinery and equipment 76 ,549
Repayment of loan 24 ,256
Current maturities of long-term debt 33 ,618
134,423
DECREASE IN WORKING CAPITAL $ (12,466)
CHANGES IN COMPONENTS OF WORKING CAPITAL
Increase (decrease) in current assets:
Cash $ 22 , 255
Accounts receivable 6,690
Unexpired insurance (143)
28,802
Increase in current liabilities:
Accounts payable 2 , 646
Payroll and payroll taxes payable 2 ,720
Accrued interest and property taxes 2 ,284
Current portion of long-term debt 33, 618
41 , 268
DECREASE IN WORKING CAPITAL $ (12 ,466)
The Notes to Financial Statements are an integral part of this exhibit.
- 5 -
ANDERSON &WHITNEY. CERTIFIED PUBLIC ACCOUNTANTS. GREELEY. COLORADO
._...r•. ,qt.,.:.N;JM yr. .r ...v.- ^•+ ..IM v.I.Mry*AN..:JJ{Ida« .,..atkli*4.1',.n.n IISAS W+MWf44 M...w
Tr
pr. .
Sc.
he;dull• ,+1 t I,er tin_A Exll'mses
._
(Unaudited)
Seven Months Ended August 31 , 1977
Per Cent
of Sales
Auto expenses $ 167 . 1 %
Advertising 100 . 1
f Depreciation 12 ,878 9 .3
Depletion - dump site 3,568 2 .6
Donations 141 . 1
Dues and subscriptions 258 . 2
Employee benefits 1 ,396 1 . 0
Gas and oil 7 ,028 5 . 1
Insurance 2 ,015 1 . 5
Legal and accounting 2 ,709 1 .9
Miscellaneous 1 ,209 .9
Office supplies 914 . 7
Repairs and maintenance 8,491 6. 1
I Rent and leases 6 ,525 4.7
Salaries 39 ,265 28. 2
Taxes - payroll 3,485 2 .5
Taxes - other 1 ,420 1 . 0
Utilities 1 ,089 . 7
I Total operating expenses $ 92 ,658 66 .7 %
I
The Notes to Financial Statements are an integral part of this schedule.
6
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ANDERSON Et WHITNEY. CERTIFIED PUBLIC ACCOUNTANTS. GREELEY. COLORADO
o
I
nAtMIW4u4NYywwxiunxebo..„Lvw ., flown.,..,.s otioNt+ll ll rs
"! 1 , MI: .
iti'i
NUrl:S 1'U FINANCIAL STATEMI.NTS
(Unaudited) -
Seven Months Ended August 31 , 1977
Note 1 - Summary of Significant Accounting Policies:
Accounting Method:
The financial statements are prepared according to the generally
accepted accrual method of accounting.
Accounts Receivable:
The Company provides for doubtful accounts based on an estimate
of total accounts receivable which management deems to be
uncollectible.
Property, Buildings and Equipment:
The provisions for depreciation and depletion have been calculated
using the straight-line method. Depreciation rates are based on
the three to seven year estimated useful lives of the equipment.
Depletion of dump sites is based on an estimated useful life of
i fifteen years with a residual value of $40, 400. Depreciation and
depletion expenses were $12 ,878 and $3 ,568, respectively, for the
seven months ended August 31 , 1977.
Expenditures for maintenance and repairs are charged to expense
as incurred whereas major property replacements and betterments
which extend the life of the asset are capitalized and subse-
quently depreciated. When assets are sold or abandoned, the
Il cost and accumulated depreciation and depletion are removed
from the accounts and any resulting gain or loss is recognized.
Note 2 - Notes Payable:
United Bank of Greeley, 10%, payable in monthly
installments of $4 ,542 . Secured by property
and equipment, all outstanding shares of capital
stock, assignment of life insurance policy and
all leases , contracts and permits
Lenora Hall (stockholder's sister) , 10% $ 186 ,744
unsecured, repayment terms indifinite e _ 9 , 000
Current portion of long-term debt 195,744
33 ,618
Note 3 - Notes Payable - Stockholder: I________162 126
Ralph Rohweder, 7% , unsecured,
repayment terms indefinite
$ 9 ,664
Ii - - 7 -
401.4010400100*
,rr, „.rau<< s . ,.. "".nysr, l ir+,w :tN+aw,l;r♦, : r.x. as-c'!*'rk4t •"
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NOTES TO FINArICIAL STATEMENTS - Continued
(Unaudited)
Seven Months Ended August 31 , 1977
Note 4 - Income Taxes:
The Company has elected to be taxed under the provisions of "Sub-
Chapter S" of the Internal Revenue Code, which in general, has
the effect of taxing income to the individual stockholders. There-
fore, no provision is made for corporation income tax liabilities .
Equipment of the Company is being depreciated using accelerated
methods for income tax purposes and the straight-line method for
financial reporting purposes . The excess of accelerated deprecia-
tion over straight-line depreciation for the seven months ended
August 31 , 1977 was $3 , 620.
Note 5 - Leases:
The Company has negotiated oral leases with certain landowners for
the use of their property as landfill sites . Terms of the leases are
indefinite and annual rentals are not determinable. Lease expense
applicable to these leases was $6,525 for the seven months ended
August 31 , 1977.
Note 6 - Organization:
The Company was organized as a Colorado Corporation on February 1 ,
1977 and has adopted a fiscal year ending on August 31 .
- 8 -
ANDERSON &WHITNEY. CERTIFIED PUBLIC ACCOUNTANTS GREELEY. COLORADO
Pa +JMW.+w.r t WELD LANDFILL
' (A Proprietorship)
FINANCIAL STATEMENTS
(Unaudited)
Six Week Period Ended December 31 , 1976
I 1
ANDERSON & WHITNEY
CERTIFIED PUBLIC ACCOUNTANTS
GREELEY NATIONAL PLAZA
GREELEY. COLORADO 80631
I
1
l
, ,f74t.mitebe '10001104.100
TABLE OF CONTENTS
Page
Disclaimer of Opinion
1
EXHIBIT A - BALANCE SHEET
2
EXHIBIT B - STATEMENT OF PROPRIETOR'S EQUITY
3
EXHIBIT C - STATEMENT OF EARNINGS
4
EXHIBIT D - STATEMENT OF CHANGES IN FINANCIAL POSITION
5
NOTES TO FINANCIAL STATEMENTS
6
JI
II !i
I.
4004
ANDER!,0tJ S WHITNEY
crRnrlru riinuc ACCOUNTANTS
GnEri nAIIONAL PLAZA
GREELEY. COLORADO 80631
Mr. Ralph Rohweder
Weld Landfill
Greeley, Colorado
The accompanying balance sheet of Weld Landfill , a proprietorship, as of
December 31 , 1976, and the related statement of proprietor's equity, statement
of earnings and statement of changes in financial position for the six week period
then ended were not audited by us and, accordingly, we do not express an
opinion on them.
January 22 , 1977
_ 1 _
L.ANL)F11.1, i:;:_ii 1BIT 11
{A Proprietorship)
BALANCE SHEET
(Unaudited)
December 31 , 1976
ASSETS
CURRENT ASSETS
Cash $ 9 ,405 . 34
Accounts receivable 9,736 . 42
Unexpired insurance 1 , 588 .39
$ 20, 730. 15
Accumulated Net
PROPERTY Cost Depletion Book Value
Dump sites $ 132 , 100 . 00 $ 512 . 00 $ 131 , 588 . 00
Water rights 47 , 000 . 00 - 47 000 . 00
$- 179, 100 . 00 $ 512 . 00 178, 588 .00 j
Accumulated Net
EQUIPMENT Cost Depreciation Book Value
Machinery and
equipment $ 35 , 281 .47 $ 737 . 00 $ 34 , 544 . 47
Office equipment 800 . 00 13 . 00 787 . 00
• $ 36, 081 . 47 $ 750 . 00 35 , 331 . 47
TOTAL ASSETS $ 234 , 649 . 62
LIABILITIES AND PROPRIETOR'S EQUITY
M �
CURRENT LIABILITIES
Note payable - bank (Note 2) $ 150 , 000. 00
Payable to Weld County Landfill, Inc. (Note 3) 9 , 810 . 17
Accrued payroll 432 . 69
Payroll taxes payable 1 , 1 71 . 74
Accrued interest 559 .43
$ 161 , 974 . 03
OTHER LIABILITIES
Note payable - other (Note 4) 9 , 000 . 00
PROPRIETOR'S EQUITY
Ralph H . Rohweder, capital 63 , 675 . 59
TOTAL LIABILITIES AND PROPRIETOR'S EQUITY $ 234 , 649 . 62
The Notes to Financial Statements are an integral part of this exhibit.
- 2 --
��
alteaffl `
w1:[._P. LANDFILL EXHIBIT B
'.1 CA-Proprietorship)
STATEMENT OF PROPRIETOR'S EQUITY
(Unaudited)
Six Week Period Ended December 31 , 1976
I
CAPITAL
Original investment, November 19 , 1976 $ 60, 722 .39
Contributions 4 62 . 1 2
$ 61 , 184 . 51
DRAWING
Net earnings for the six week period
ended December 31 , 1976 (EXHIBIT C) 3 , 752 . 83
Withdrawals (1 ,261 .75)
2, 491 . 08
Balance, December 31 , 1976 $ 63, 675 .59
1 The Notes to Financial Statements are an integral part of this exhibit.
•
•
11
t•
WOO. amo•OmIlwwwww°111°°"-"almem.mwsl"liwimnwia."." '
\V}.1.I1 I_11f`'1)I'II.L EXHIBIT C
(A Proprietorship)
STATEMENT OF EARNINGS
(Unaudited)
Six Week Period Ended December 31 , 1976
DUMP FEES $ 16 , 411 . 58
' OPERATING EXPENSES
Depletion - dump sites $ 512 .00
Depreciation 750. 00
•
Employee benefits 200 . 57
Gas and oil 1 , 027 . 96
Insurance - life 144 . 00
Insurance - property 465 . 00
Interest..expense 1 , 67'8 . 30
Legal and accounting 343 . 10
Miscellaneous 323 . 67
Office supplies 131 . 60
Payroll taxes 297 . 34
Repair and maintenance 587 . 33
Rent and leases 1 , 572 . 46
Salaries 4 , 421 . 78
Taxes and licenses 153 .04
Utilities 50 . 60
12 , 658 . 75
NET EARNINGS $ 3 , 752 .83
{
The Notes to Financial Statements are an integral part of this exhibit.
.
ill
•
wt:I.p LANDFILL EXHIBIT D
(A Proprietorship)
STATEMENT OF CHANGES IN FINANCIAL POSITION
(Unaudited)
Six Week Period Ended December 31 , 1976
SOURCES OF WORKING CAPITAL
Net earnings $ 3 , 752 . 83
Add: Expenses deducted which do not
require the use of working capital
Depletion - dump sites 512 . 00
Depreciation 750 . 00
Working capital provided by operations $ 5 , 014 . 83
Contribution of cash by Proprietor
to begin operations 4 , 722 . 39
Capital contributions by Proprietor 462 . 12
10, 199 . 34
APPLICATION OF WORKING CAPITAL
Purchase of machinery and equipment 181 .47
Withdrawals by Proprietor I , 261 . 75
1 , 443 . 22
INCREASE IN WORKING CAPITAL $ 8, 756. 12
FINANCING AND INVESTING ACTIVITIES
NOT AFFECTING WORKING CAPITAL
Purchase of property and equipment to
begin operations with $56, 000 capital
contribution, $150, 000 bank loan and
$9, 000 loan from other sources $ 215 , 000. 00
CHANGES IN COMPONENTS OF WORKING CAPITAL
Increase (decrease) in current assets:
Cash $ 9 , 4Q5 .34
Accounts receivable 9 , 736. 42
Unexpired insurance 1 , 588 . 39
Net increase in current assets 20, 730 . 15
Increase (decrease) in current liabilities:
Payable to Weld County Landfill, Inc . 9 , 810 . 17
Accrued payroll 432 . 69
Payroll taxes payable 1 , 171 . 74
Accrued interest 559 . 43
Net increase in current liabilities 11 , 974 . 03
INCREASE IN WORKING CAPITAL $ 8 , 756 . 12
The Notes to Financial Statements are an integral part of this exhibit.
- 5 -
WELD LANDFILL
(A Proprietorship)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Six Week Period Ended December 31 , 1976
Note 1 - Summary of Significant Accounting Policies:
Accounting Method:
The financial statements are prepared according to the generally
accepted accrual method of accounting .
In accordance with the generally accepted method of presenting
proprietorship financial statements , the financial statements do
not include any salary to the Proprietor or reflect his obligation
for income taxes on the net income of the Proprietorship.
Trade Accounts Receivable:
The company does not provide for an allowance for doubtful
accounts . Doubtful accounts are written off and charged against
income at the time the Proprietor deems them uncollectible.
Property and Equipment:
The provisions for depreciation and depletion have been calculated
using the straight-line method . Depreciation rates are based on
the three to seven year estimated useful lives of the equipment.
Depletion of dump sites is based on an estimated useful life of
fifteen years with a residual value of $40 ,400.
Expenditures for maintenance and repairs are charged to expense
as incurred whereas major property replacements and betterments
which extend the life of the asset are capitalized and subse-
quently depreciated . When assets are sold or abandoned , the
cost and accumulated depreciation and depletion are removed
from the accounts and any resulting gain or loss is recognized.
Note 2 - Notes Payable - Bank:
Amount
United Bank of Greeley, 10 . 50%,
due 2/15/77 , secured by property
and equipment $ 150 , 000 . 00
Note 3 - Payable to Weld County Landfill, Inc. :
The payable represents the Company's liability to the previous owner
(Weld County Landfill, Inc.) for the accounts receivable balance at
the November 19 , 1976, purchase date. Payments are due on the
payable as the accounts receivable are collected .
kg O&M 1411"Saillaktiiiiabligafiliblilla0041ArnaPN
WELD LANDFILL
II (A Proprietorship)
NOTES TO FINANCIAL STATEMENTS - Continued F(Unaudited)
Six Week Period Ended December 31 , 1976
Note 4 - Notes Payable - Other:
This loan is due to the Proprietor's sister and bears interest at 10% .
Repayment terms are indefinite.
Note 5 - Leases:
The Proprietorship has negotiated oral leases with certain landowners
for the use of their property as landfill sites . Terms of the leases
are indefinite . Lease expense applicable to these leases was
$1 , 500 .00 for the six week period ended December 31 , 1976.
347,6 m7tiwr�4i,. I! „..ww+i�tl/ill
9011 United Bank
of Greeley
June 4, 1979
Weld County Board of Commissioners
915 Tenth Street
Greeley, Colorado 80631
Gentlemen:
Lynn Keirnes has been a customer of United Bank of Greeley in excess
of ten years. During this period of time, we have had various loan
relationships up to a medium six figure balance. All these loans,
as well as his various depository accounts, have been handled in
an excellent manner.
If you need any additional information or assistance, please feel
free to contact me.
Very. truly yours,,.% '
/'
N
L.
Eloy U. Ortega
Assistant Vise President
EUO/tg
4kitp,
3.3 (d)
•
Major customers of applicant and the annual sales to each for the
preceding two (2) years:
1977 1978 Total
1. The Way $ 56,725 $ 65,264 $121,989
2. Brantner 47, 792 53,8.'1 101613
---L-
$104,517 $119,085 $22233,602
19 85
riwYill�Yr
a'` KENN1:"III F. LINO
Al f{ 'r.NFY AT LAW
T1' >W lll ill 151RG
1011 :'1 I ENTIi AVENGE
r.O. I'(A 526
GREELEY, COLORADO 80631
TLL[PHONE(5051 555 2525
June 4 , 1979
The Board Of County Commissioners
Weld County
Greeley, Colorado 80631
Re : Colorado Landfill , Inc .
Dear Commissioners :
Pursuant to requirement 3 . 3 ( e ) of the County Development
Revenue Bond Policy , as amended , this letter is intended to
comply with said requirement .
As of this date , the proposed Articles of Incorporation
of Colorado Landfill Inc . have been submitted to the Secretary
of State of the State of Colorado for approval . It is
anticipated that the proposed Articles will be accepted and
that Colorado Landfill , Inc . will be incorporated under and by
virtue of the laws of the State of Colorado . The officers and
directors of Colorado Landfill , Inc . will be as follows :
Charles Lynn Keirnes , President and Director
Lela J . Keirnes , Vice-President and Director
C . Bradley Keirnes , Secretary-Treasurer and Director
Brief resumes of each of the above-named individuals are
attached hereto as Exhibit 1 , 2 and 3 .
Very truly yours ,
vz
Kenneth F . Lind
KFL : sb
RESUME
CHARLES LYNN KEIRNES
4710 W . 12th Street
Greeley , Colorado 80631
356-7413
PERSONAL
Born : November 4 , 1929 , Greeley , Colorado
Marital Status : Married
Spouse : Lela J . Keirnes
EDUCATION
High School : Graduated May , 1947 , Eaton High School ,
Eaton , Colorado
College : Two Quarters , Colorado State University ,
Fort Collins , Colorado
EMPLOYMENT
1970 through 1977: Owner and operator , Keirnes Livestock
Trucking , Inc . , Eaton , Colorado and
Lucerne , Colorado
COMMUNITY ACTIVITIES
1973 : Mayor of Eaton , Colorado
Weld County T-Bone Club
1971 - 1973 : Town Council of Eaton , Colorado
' Weld County T-Bone Club
REFERENCES
Dean Severin , Route 2 , Eaton , Colorado
RESUME
LELA J . KEIRNES
4710 W . 12th Street
Greeley , Colorado 80631
356-7413
PERSONAL
Born : November 24 , 1929 , Greeley , Colorado
Marital Status : Married
Spouse : Charles Lynn Keirnes
EDUCATION :
High School : Graduated May , 1947 , Ault High School ,
Ault , Colorado
College : Two Quarters at Colorado State University ,
Fort Collins , Colorado
EMPLOYMENT :
1970-:present : Housewife and mother
REFERENCES :
Dean Severin , Route 2 , Eaton , Colorado 80615
RESUME
C . BRADLEY KEIRNES
PERSONAL
Born : June 7 , 1956 , Greeley , Colorado
Marital Status : Single
Parents : Mr . and Mrs . Charles Lynn Keirnes , Greeley , Colorado
EDUCATION
High School : Graduated May , 1977 , Eaton High School ,
Eaton , Colorado
College : Presently attending University of Northern Colorado ,
Greeley , Colorado , as a sophomore with emphasis on
accounting .
EMPLOYMENT
1978 : Summer - farming operation with Dave Fagerberg of
Eaton , Colorado
1977 : Summer - truck driver for Keirnes Livestock Trucking ,
Inc . of Lucerne , Colorado
REFERENCES
Ed Pittock , of E . J . Pittock & Co . , Greeley , Colorado
i3
1
3 .3 (f)
Applicants pro forma balance sheets, income statements
and
hccash
flow projections for the next five (5) years, reflecting
8, telentsna
tproposed revenue bond issue.
Under separate cover
3.3 (g)
COLORADO LANDFILL, INC.
UNAUDITED PRO FORMA BALANCE SHEET
JUNE 1, 1979
Applicant's prepared financial statements dated within sixty
(60) days of the application date.
ASSETS
Current assets:
Cash
$ 10,000
Property and equipment at cost:
Office furniture and fixtures 1,500
Machinery and equipment 146,200
Buildings 15,000
Water rights 100,000
Landfill sites 256,300
519,000
Less accumulated depreciation and
depletion
Net property and equipment 519,000
$529,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable, Barbara A. Rohweder $350,000
Stockholders' equity:
Common stock of $1 par value per
share authorized 100,000 shares;
issued and outstanding 50,000 shares 50,000
Capital in excess of par value 129,000
Retained earnings (deficit)
179,000
$529,000
‘ . '
3,3 (h)
Copies of the applicant's financial statements, either audited
or otherwise satisfactory to the County, for the preceding
five (5) years or the entire time during which the applicant
has conducted business.
Waived - see 3.3 (b)
_ r ' Mrt°dtl»Fa&M7u 1 ant .
1.1 (i)
Complete list of assets to be purchased or constructed and expenses
incidental to the acquisition, including cost of the sale of the
Industrial Development Bonds:
Project cost:
Purchase of assets from Weld
County Landfill ($500,000 less
$150,000 down payment) $ 350,000
Portable office building 15,000
Scrapper (Greeley) 80,000
Rex Packer tractor (Greeley) 165,000
Ft. Lupton transfer station 35,000
Ft. Lupton equipment 50,000
Eaton transfer station 35,000
Eaton equipment 50 000
s
Eaton land 17,000
Additional equipment, fencing, etc.
all locations 64,000
Erie land 170,000
Erie equipment 40,000
Erie engineering cost 10,000
Total project cost 1 ,074,000
Bond issue cost:
Legal 25,000
Accounting 20,000
Engineering 10,000
Miscellaneous (printing, etc.) 5,000
Trustee 5,000
Fund reserve 170,000
Commission 91,000
Total bond issue cost 326,000
$1,400,000
3.3 ( 1 )
A payment schedule or formula for retirement of the bonds and payment
in lieu of taxes and cost of maintaining project in good repair and
properly insured.
Payment schedule:
•
Principal balance $1,400,000
Monthly payments 14,200
Interest rate 9%
Available
Fiscal Year Principal for Bond Bond Carry_
Ended Payment Retirement Retirement over
August 31, 1980 $42,258 $42,258 $42,000 $258
August 31, 1981 50,239 50,497 50,00.0 497
August 31, 1982 54,952 55,449 55,000 449
August 31, 1983 60,106 60,555 60,000 555
August 31, 1984 65,745 66,300 66,000 300
Cost of maintaining project: See pro forma statements under
separate cover.
Insurance: See pro forma statements under separate cover.
COLORADO LANDFILL, INC.
UNAUDITED FINANCIAL STATEMENTS
JUNE 1, 1979 THROUGH AUGUST 31, 1984
•
"--17
Diu
premer and company
('01r a, ceraked ptubbhic ocSoumtKi5
I\ . .
COLORADO LANDFILL, INC.
t } CONTENTS
`
P#!
jTransmittal letter a
Statement of assumptions 2
Unaudited financial statement projections
Balance sheets ,-4
Income statements 5
Cash flow project s 6
'W.4* Operating, general and administrative
� eense 7
O
)\\
�\ .
4w e
\
/CS
.
3-4
}
l�� �
premer and company
certified public occctdants
suite 103
1220 1 1 th avenue, dreeley, coloredo 80631
356-1895
Mr. C. Lynn Keirnes
President
Colorado Landfill, Inc.
Mr. Donald Warden
Director of Finance
Weld County, Colorado
Weld County Commissioners
Weld County, Colorado
The accompanying pro forma balance sheets, income statements
and cash flow projections for Colorado Landfill, Inc. for the
period June 1, 1979 through August 31, 1984 have been prepared
on the basis of estimates and assumptions furnished by manage-
ment of Colorado Landfill, Inc. as more fully described herein.
We have not reviewed the information and assumptions to determine
whether they constitute reasonable basis for preparation of the
projections. The achievement of any financial projection may
be affected by fluctuating economic conditions and is dependent
upon the occurrence of other future events which cannot be
assured. Therefore, the actual results achieved may vary from
the projections and such variations could be material.
•
This report is solely for the internal information of C. Lynn
Kerines, President, Colorado Landfill, Inc., Donald Warden,
Director of Finance, Weld County, Colorado and Weld County
Commissioners, Weld County, Colorado. It is not to be referred
to any other third party for obtaining financing or for any
other purpose without the prior approval of Premer and Company.
The terms of our engagement are such that we have no obligation
to update this report or to revise the prospective financial
results because of events and transactions occurring subsequent
to the date of this report.
li`l' y
May 31, 1979
-1-
COLORADO LANDFILL, INC.
STATEMENT OF ASSUMPTIONS FOLLOWED
IN PROJECTING FINANCIAL INFORMATION
1,. The industrial development bond issue is projected at $1,400,000 which will be
repaid in even monthly payments of $14,200 including ,interest at 9 percent over
15 years beginning October, 1979. The bonds will be retired serially in increments
of $1,000 on the annual anniversary date of the bond issue from available monthly
principal payments. Principal and interest accumulated prior to annual anniversary
payments will be invested at an estimated 10 percent return.
2. A portion of the initial purchase price of the business and the acquisition of
certain additional equipment will be financed on an interim basis prior to the bond
issue.
3. Approximately $95,000 of the bonds proceeds will be held in escrow to finance the
1980 acquisition of a transfer station in the Eaton area.
4. The bond iccue cost of approximately $316,000 will be amoritized over the 15 ter
life of the financing on a straight Line basis.
5. The Company -,..1 provide for depreciation of property and equipmcnt end deplc-Lion of
landfill ciiet utilizing the straight-line method to apportion costs over the following
estimated useful lives:
Years
Officc Iu:niture and fixtures 7
MachinL: y end equipment 3- 7
Buildir.,;o 10-15
Landfill sites (depletion) 10-30
6. Landfill f-cc c.re based upon annual yardage provided by Weld County Landfill, Inc.
ct Ln averrg- per yard price of $1.20 beginning September 1, 1979. Projected
revenues provide for an annual rate increase of 10 percent and an annual volume
increase of 3.5 percent. .
7. Operating, general and administrative expense are management estimates. Methodology
includes a tietail cost estimate by category at each landfill site or transfer ctation.
Projected e:.:Jensen provide for an annual 10 percent increase in costs except for gas
and oil which provide for an annual 15 percent increase in costs. Repairs end
maintenance, gas and oil and transport cost are considered to be variable costs thtt
will increase proportionally with volume increase. Accordingly, these costs provide
for an additional 3.5 percent volumn increase. Management believes all other cost
categories ere fixed costs which can accomodate volume increase through the five
year projectio.is.
8,. The Company will elect to be taxed as a Subchapter S Corporation through August 31,
1982. All items having income tax significance will be reported by the stockholders
on their individual income tax returns. Subsequent to that date the Company will
terminate their Subchapter S Corporation status and incur income taxes at the
corporate level.
-2-
COLORADO LANDFILL, INC.
UNAUDITED BALANCE SHEET PROJECTIONS
August 31, August 31, August 31, August 31, August 31, August 31,
1979 1980 1981 1982 1983 1984
ASSETS
Current assets:
Caste $ 10,000 $ 48,143 $___t0,734 $ 114,976 $ 201,929 $-21.2—t22.±
Industrial development
bond escrow 95,000 -- -- -- --
Property and equipment
at cost:
Office furniture and
fixtures 1,500 1,500 1,500 1,500 1,500 1,500
Machinery and
4quipment 391 ,200 555,200 605,200 605,200 605,200 605,200
Buildings 15,000 65,000 100,000 100,000 100,000 100,000
Water rights 100,000 100,000 100,000 100,000 100,000 100,000
Landfill sites 256,300 436,300 446,300 446,300 446,300 446,300
764,000 1,158,000 1,253,000 1,253,000 1,253,000 1,253,000
Less accumulated
depreciation and
depletion (29,283) (151,508) (273,733) (394,340) (510,098) (625,781
Net property
and equipment 734,717 1,006,492 979,267 858,660 742,902 627,219
Industrial development
bond issue cost, net -- 295,000 274,000 253,000 232,000 211,000
$744, 717 $1,444,635 $1,314,001 $1,226,636 $1,176,831 $1,161,005
This statement has been prepared on the basis of the information and assumptions set forth
on page 2, which have not been verified or evaluated for reasonableness. The achievement
of any financial projection may be affected by fluctuating economic conditions and is
dependent upon the occurrence of future events which cannot be assured. Therefore, the
actual results achieved may vary from the projections and such variations could be materlsl
This statement is solely for the internal information of C. Lynn Keirnes, President,
Colorado Landfill, Inc., Donald Warden, Director of Finance, Weld County, Colorado and Weld
County Commissioners, Weld County, Colorado. It is not to be referred to or presented to
any other party for obtaining financing or for any other purpose without prior approval
from Premer and Company.
-3-
COLORADO LANDFILL, INC.
UNAUDITED BALANCE SHEET PROJECTIONS
August 31, August 31, August 31, August 31, August 31, August 31,
1979 1980 1981 1982 1983 1984
, LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Note payable, bank $211 ,013 $ -- $ -- $ __ $ __ $ --
Note payable,
Barbara A.
Rohweder 350,000 --
i
Current installments
of industrial
development bonds -- 50,242 54,955 60,110 65, 748 71,916
Total current
liabilities 561,013 50,242 54,955 60,110 65, 748 71,916
Industrial development
bonds -- 1,307,497 1,252,542 1,192,432 1,126,684 1,054,768
•
4tockholders, equity:
Common stock of $1
par value per share
authorized 100,000
' shares; issued and
outstanding 50,000
shares 50,000 50,000 50,000 50,000 50,000 50,000
Capital in excess of
par value 129,000 129,000 129,000 129,000 129,000 129,000
Retained earnings
(deficit) 4,704 (92,104) (172,496) (204,906) (194,601) (144,679)
183,704 86,896 6,504 (25,906) (15,601) 34,321
$744, 717 $1,444,635 $1,314,001 $1,226,636 $1,176,831 $1,161,005
lis statement has been prepared on the basis of the information and assumptions set forth
' page 2, which have not been verified or evaluated for reasonableness. The achievement
any financial projection may be affected by fluctuating economic conditions and is
'pendent upon the occurrence of future events which cannot be assured. Therefore, the
'tual results achieved may vary from the projections and such variations could be material.
• 'is. statement is solely for the internal information of C. Lynn Keirnee, President,
ilorado Landfill, Inc., Donald Warden, Director of Finance, Weld County, Colorado and Weld
mnty Commissioners, Weld County, Colorado. It is not to be referred to or presented to
'y other party for obtaining financing or for any other purpose without prior approval
to Premer and Company.
-4-
I COLORADO LANDFILL, INC.
UNAUDITED INCOME STATEMENT PROJECTIONS
August 31, August 31, August 31, August 31, August 31, August 31,
1979 1980 1981 1982 1983 1984
Revenues:
Landfill fees $102,300 $522,382 $592,904 $672,946 $763,794 $866,906
Interest income -- 2,113 2, , , ,
525 2772 3028 3315
102,300 524,495 595,429 675, 718 766,822 870,221
Costs and expenses:
Operating, general
and administrative
expense (page 7) 60,640 321,460 367,970 400,605 448,684 502,946
Amortization of
bond issue cost -- 21,000 21,000 21,000 • 21,000 21,000
i Depreciation and
depletion 29,283 122,225 122,225 120,607 115,758 125,683
Interest expense -- 117,439 120,158 115,445 110,290 104,652
Surcharge remittance 7,673 39,179 44,468 50,471 57,285 65,018
Total cost and
expenses 97,596 621,303 675,821 708,128 753, ,
017 809299
Net income (loss)
before income
taxes 4,704 (96,808) (80,392) (32,410) 13,805 60,922
ncome taxes -- -- -- -- 3500 11000
, ,
Net income (loss)$ 4,704 $(96,808) $(80,392) $(32,410) $ 10,305 $ 49,922
•
•
is statement has been prepared on the basis of the information and assumptions set forth
Ipage 2, which have not been verified or evaluated for reasonableness. The achievement
any financial projection may be affected by fluctuating economic conditions and is
pendent upon the occurrence of future events which cannot be assured. Therefore, the
tual results achieved may vary from the projections and such variations could be material.
is statement is solely for the interanl information of C. Lynn Keirnes, President,
Laredo Landfill, Inc., Donald Warden, Director of Finance, Weld County, Colorado and Weld
:nty Commissioners, Weld County, Colorado. It is not to be referred to or presented to
other party for obtaining financing or for any other purpose without prior approval
xe premer and Company.
-5-
COLORADO LANDFILL, INC.
UNAUDITED CASH FLOW PROJECTIONS
August 31, August 31, August 31, August 31, August 31, August 31,
1979 1980 1981 1982 1983 1984
Cash collections:
Landfill fees $102,300 $ 522,382 $592,904 $672,946 $763, 794 $866,906
Bond proceeds -- 1,305,000 95,000
Interest income -- 2,113 2,525 2, , ,
772 3028 3315
102,300 1 ,829,495 690,429 675, , ,
718 766822 870221
Cash disbursements:
Operating, general
and administrative
expense (page 7) 60,640 321,460 367,970 400,605 448,684 502,946
Capital expenditures 245,000 1,060,000 95,000
Bond retirement -- "'
payments -- 159, 700 170,400 170,400 170,400 170,400
Surcharge remittance 7,673 _ 39,179 44,468 50,471 57,285
Income tax payments -- 65,018
-- -- 3,500 11,000
313,313 1,580, , , , ,
339 677838 621476 679869 749364
ash receipts over
(under) cash
disbursements (211,013) 249,156 12,591 54,242 86,953 120,857
, Ish beginning of
Period 10,000 10,000 48,143 60, 734 114,976 201,929
prking capital draw
payment) 211,013 (211,013) -- --
ah end of period $ 10,000 $ 48'143 $ 60 734
I - a $114,976 $201,929 $322, 786
rnulative working
•
rpital requirements $211,013 $ $ -_ $ -- $ $
s statement has been prepared on the basis of the information and assumptions set forth
page 2, which have not been verified or evaluated for reasonableness. The achievement •
any financial projection may be affected by fluctuating economic conditions and is
pendent upon the occurrence of future events which cannot be assured. Therefore, the
tual results achieved may vary from the projections and such variations could be material.
la statement is solely for the internal information of C. Lynn Keirnes, President,
lorado Landfill, Inc., Donald Warden, Director of Finance, Weld County, Colorado and Weld
Inty Commissioners, Weld County, Colorado. It is not to be referred to or presented to
' other party for obtaining financing or for any other purpose without prior approval
p Premer and Company.
-6-
COLORADO LANDFILL, INC.
UNAUDITED OPERATING, GENERAL AND
ADMINISTRATIVE EXPENSE PROJECTIONS
August 31, August 31, August 31, August 31, August 31, August 31,
1979 1980 1981 1982 1983 1984
losure of sites $17,000 $ -- $ 10,000 $ -- $ -- $ --
ployee benefits 1,446 21,312 24,337 26, 770 29,448 32,394
sand oil 7,135 45,541 46,856 55,525 65,797 77,969
nsurance 875 3,500 3,850 4,235 4,659 5,125
nd lease 2,100 8,400 -- -- -- --
gal and accounting 10,000 5,000 5,500 6,050 6,655 7,321
lecellaneous 1,000 5,000 . 5,500 6,050 6,655 7,320
ffice supplies 250 7,500 2,750 3,025 3,329 3,663
ayroll taxes 1,446 21,312 24,337 26,770 29,448 32,394
ostage and freight 38 150 165 182 200 220
'pairs and
maintenance 9,500 54,838 62,241 70,644 80,181 91,006
levies 9,640 142,080 162,248 178,473 196,321 215,954
axes and license -- 2,700 3,220 3,542 3,898 4,288
elephone 150 2,200 2,420 2,662 2,929 3,222
aneport . -- 1,887 9,126 10,815 12,816 15,187
ustee -- 1,000 1,000 1,000 1,000 1,000
pities 60 4,040 4,420 4,862 5,348 5,883
$60,640 $321,460 $367,970 $400,605 $448,684 $502,946
W statement has been prepared on the basis of the information and assumptions set forth
page 2, which have not been verified or evaluated for reasonableness. The achievement
any financial projection may be affected by fluctuating economic conditions and is
endent upon the occurrence of future events which cannot be assured. Therefore, the
foal results achieved may vary from the projections and such variations could be material.
is statement is solely for the internal information of C. Lynn Keirnes, President,
lorado Landfill, Inc., Donald Warden, Director of Finance, Weld County, Colorado and Weld
nty Commissioners, Weld County, Colorado. It is not to be referred to or presented to
other party for obtaining financing or for any other purpose without prior approval
Premer and Company.
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