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<br />Cite of Elk River Outstanding Debt t
<br />Governmental Business-type
<br />Activities Activities Total
<br />2009 2008 2009 2008 2009 2008
<br />
<br />Bonds payable: '
<br />G.O. bonds $ 16,677,757 $ 15,412,946 $ - $ - $ 16,677,757 $ 15,412,946
<br />G.O. revenue bonds 700,000 955,000 16,910,000 17,910,000 17,610,000 18,865,000
<br />Lease revenue bonds 6,175,000 7,170,000 - - 6,175,000 7,170,000 '
<br />Special assessment bonds 3,970,000 4,480,000 - - 3,970,000 4,480,000
<br />Tax increment bonds 440,000 505,000 - - 440,000 505,000
<br />Certificates of indebtedness 421,716 756,033 - - 421,716 756,033
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<br />Total bonds payable 28,384,473 29,278,979 16,910,000 17,910,000 45,294,473 47,188,979
<br />Capital ceases 16,992 53,042 - - 16,992 53,042
<br />
<br />Contracts for deeds 1,629,500 1,786,750 - - 1,629,500 1,786,750 '
<br />Notes payable - - 2,524,646 2,701,994 2,524,646 2,701,994
<br />Compensated absences 1,063,812 1,097,095 340,037 367,191 1,403,849 1,464,286
<br />Net OPEB obligation 91,619 88,295 29,320 19,290 120,939 107,585 ,
<br />Total $ 31,186,396 $ 32,304,161 $ 19,804,003 $ 20,998,475 $ 50,990,399 $ 53,302.,636
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<br />The City maintains a bond rating of Aa3 from Moody's for general obligation debt.
<br />State statutes limit the amount of general obligation debt a Minnesota city may issue to 3% of total Estimated Taxable '
<br />Market Value. The current debt limitation for the City of Elk River is $67,527,057. Only $16,053,016 of the City's net
<br />outstanding debt is counted within the statutory limitation.
<br />Additional information on the City of Elk River's long-term debt can be found in Note 3G on pages 51 - 55 of this report. '
<br />Economic Factors and Next Year's Budget
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<br />The City of Elk River estimates that the demand for city services will grow at a slower level as in prior years due to the
<br />anticipated slow down in building activity. This was taken into consideration in preparation of the City's 2010 budget. The
<br />property tax levy is set annually and is adjusted as necessary to fund the cost of providing services to our citizens and
<br />
<br />customers. Charges for services are evaluated each year and adjusted if warranted. The City expects to keep the tax rate '
<br />consistent in upcoming years.
<br />Requests for Information '
<br />This financial report is designed to provide a general overview of the City of Elk River's finances for all those with an
<br />interest in the City's finances. Questions concerning any of the information provided in this report or requests for
<br />
<br />additional financial information should be addressed to City of Elk River, Attn: Finance Director, 13065 Orono Pkwy, Elk '
<br />River, Minnesota 55330 or by calling (763) 635-1000.
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