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NOTES' TO FINANCIAL STATEMENTS --Continued
<br />FELLSMERE JOINT VENTURE (A PARTNERSHIP)
<br />NOTE B --SHORT-TERM INVESTMENTS
<br />Short-term investments are comprised of U. S. Treasury securities. Interest rates
<br />on these investments have ranged from approximately 6% to 7% during the year ended
<br />September 30, 1988.
<br />NOTE C --LONG TERM DEBT
<br />Long term debt consists of:
<br />First mortgage note payable to Prudential Insurance
<br />Company, interest at 9 1/4% payable annually, annual
<br />principal payments of $1,000,000 with the remaining
<br />balance of unpaid principal due May 1, 1993
<br />Less current portion of mortgage note payable
<br />Grove development loan payable to Prudential Insurance
<br />Company, interest at 9.875% through April 15, 1990 and
<br />adjusted thereafter to a fixed rate equal to 2 1/4% above
<br />a Federal Reserve index payable semi-annually beginning
<br />October 15, 1990; annual principal payments of $220,565
<br />beginning April 15, 1991 with the remaining balance of
<br />unpaid principal and accrued interest due August 15, 1993
<br />September 30
<br />1988 1987
<br />$26,000,000 $27,000,000
<br />1,000,000 1,000,000
<br />25,000,000 26,000,000
<br />3,788,524 3,440,398
<br />28.788.524 29.440.398
<br />Principal payments of $1,000,000 are due within each of the fiscal years 1989
<br />through 1990, $1,220,565 due within fiscal years 1991 and 1992 and $25,347,394 due
<br />in 1993.
<br />The mortgage note and grove development loan are collateralized by accounts
<br />receivable, citrus crop, land, improvements, citrus trees, buildings, equipment,
<br />and property under development having an aggregate carrying amount of approximately
<br />$33,000,000 at September 30, 1988.
<br />Interest paid was approximately $2,501,143 and $2,590,000 during fiscal years 1988
<br />and 1987, respectively.
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