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<br />4. TEMPORARY INVESTMENTS (Continued) <br /> <br />Concentration of Credit Risk <br /> <br />The Authority's investment policy places no limit on the amount the government may invest in <br />anyone issuer. At September 30, 2009, the Authority's investment portion consisted of the <br />following investments: <br /> <br />Investment Type <br /> <br />Percentage of <br />Total Portfolio <br /> <br />Federal Home Loan Mortgage Corporation <br />Federal National Mortgage Association <br /> <br />50.00% <br />50.00% <br /> <br />100.00% <br /> <br />Credit Risk <br /> <br />Federal Home Loan Mortgage Corporation notes and Federal National Mortgage Association <br />notes were rated AAA by Standard & Poor's. <br /> <br />All credit ratings met acceptable levels required by legal guidelines prescribed in both the PFIA <br />and the Authority's investment policy. <br /> <br />5. CAPITAL ASSETS <br /> <br />An analysis of changes in physical facilities for the year ended September 30, 2009, follows: <br /> Retirements <br /> Beginning and Ending <br /> Balance Additions Adjustments Balance <br />Capital assets, not being depreciated: <br />Construction in progress $ $ 123,680 $ $ 123,680 <br />Capital assets, being depreciated: <br />Water production and distribution system 15,312,130 15,312,130 <br />Less accumulated depreciation for: <br />Water production and distribution system 6,314,534) ( 461,465) 6,775,999) <br />Total capital assets, being depreciated net 8,997,596 ( 337,785) 8,659,811 <br />Investment in capital assets from: <br />Contributions by participations $ 8,997,596 $( 337,785) $ $ 8,659,811 <br />Depreciation expense of $461,465 charged to water services function/program. <br /> <br />12 <br />