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LA PORTE AREA WATER AUTHORITY <br />NOTES TO FINANCIAL STATEMENTS <br />NOTE 4 - TEMPORARY INVESTMENTS (continued) <br />Concentration of Credit Risk <br />EXHIBIT B-4 <br />The Authority's investment policy places no limit on the amount the government may invest in any one issuer. At <br />September 30, 2011, the Authority's investment portfolio consisted of the following investments: <br />Investment Type <br />Federal Home Loan Mortgage Corporation (FHLMC) <br />Federal National Mortgage Association (FNMA) <br />Federal Home Loan Bank (FHLB) <br />Credit Risk <br />Percentage of <br />Total Portfolio <br />10% <br />74% <br />16% <br />100.00% <br />At year end balances in TexPool, a privately managed public funds investment pool was rated AAAm by Standard <br />& Poor's, balances in TexSTAR, a privately managed public funds investment pool was rated AAAm by Standard <br />& Poor's, and balances in LOGIC, a privately managed public funds investment pool was rated Aaa/MRI+ by <br />Standard & Poor's. <br />Federal Home Loan Mortgage Corporation notes, Federal Home Loan Banks bonds and Federal National Mortgage <br />Association notes were rated AA+ by Standard & Poor's. <br />All credit ratings met acceptable levels required by legal guidelines prescribed in both the PFIA and the Authority's <br />investment policy. <br />NOTE 5 — CAPITAL ASSETS <br />An analysis of changes in physical facilities for the year ended September 30, 2011 follows: <br />Beginning Retirements & Ending <br />Balance Additions Adjustments Balance <br />Capital assets not being depreciated <br />Construction in progress $ 123,680 $ (123,680) $ <br />Total capital assets not being depreciated 123,680 - (123,680) <br />Capital assets being depreciated <br />Water production and distribution system 15,312,130 123,680 15,435,810 <br />Less accumulated depreciation for <br />Water production and distribution system (7,237,170) (460,877) 0 (7,698,047) <br />Total capital assets being depreciated, net 8,074,960 (460,877) 123,680 7,737,763 <br />Investment in capital assets from: <br />Contributions by participants $ 8,198,640 $ (460,877) $ - $ 7,737,763 <br />*Depreciation expense of $460,877 charged to water services function/program. <br />16 <br />