SUMMARY OF AUTHORIZED DEBT
					Percent
	Fund				of Debt
Fiscal Year Ending December 31	General	Golf Club	Bldg & Vehicle	Total	Margin
1990	$             -	$ 2,200,000	$      1,725,000	$  3,925,000	5.05%
1991	-	2,025,000	1,545,000	3,570,000	3.64%
1992	-	1,850,000	1,370,000	3,220,000	2.74%
1993	417,000	1,675,000	1,575,000	3,667,000	2.73%
1994	381,000	1,500,000	1,334,000	3,215,000	2.27%
1995	345,000	1,375,000	1,090,000	2,810,000	1.94%
1996	308,000	1,250,000	1,002,000	2,560,000	1.81%
1997	264,000	1,125,000	911,000	2,300,000	1.66%
1998	220,000	6,400,000	820,000	7,440,000	5.26%
1999	176,000	6,275,000	729,000	7,180,000	4.85%
2000	872,000	5,975,000	3,723,000	10,570,000	6.99%
2001	1,206,719	5,665,000	5,108,281	11,980,000	6.69%
2002	1,216,578	5,350,000	12,191,922	18,758,500	9.31%
2003	1,553,488	5,000,000	14,952,012	21,505,500	9.25%
2004	1,693,888	4,610,000	14,709,960	21,013,848	7.78%