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COUNTY OF HAWAII <br /> Notes to the Basic Financial Statements <br /> June 30,2007 <br /> governmental agencies,private subdividers and customers at their cost or estimated cost. <br /> Construction costs include amounts for contract work,engineering supervision and other <br /> direct and indirect costs. Construction period interest is capitalized on utility plan constructed <br /> with tax-exempt debt. <br /> Depreciation on the Department utility plant assets in service is computed using the <br /> straight-line method over the estimated useful lives of the assets as follows: <br /> Structures and improvements 40 to 50 years <br /> Machinery and equipment 5 to 20 years <br /> Water systems 10 to 40 years <br /> The capital assets of the Department at June 30,2007 were as follows: <br /> Utility plant in service $295,675,414 <br /> Less: accumulated depreciation (140,834,013) <br /> 154,841,401 <br /> Land and rights 815,962 <br /> Construction in progress 42,489,082 <br /> Net capital assets $198,146.445 <br /> Long-Term Debt <br /> The County has issued general obligation bonds on behalf of the Department. The <br /> Department is responsible for the payment of the debt service on these bonds,but the County <br /> remains liable because they are general obligations of the County. The Department has <br /> recorded a liability for these general obligation bonds,which amounted to$36,708,368 <br /> at June 30,2007. <br /> - 77- <br />