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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2010 AND 2009
<br />Note 2: DETAILED NOTES ON ALL FUNDS -CONTINUED
<br />C. Long-term debt
<br />G.O. revenue and refunding bonds
<br />The City of Elk River issues general obligation bonds to provide funds for the acquisition and construction of major
<br />capital facilities. The following bonds are to be paid out of Utilities' revenues and are backed by the full faith and
<br />credit of the City.
<br /> Authorized Interest Issue Maturity December 3l,
<br /> Description and Issued Rate Date Date 2010 2009
<br />G. O. Water Revenue
<br /> Refunding Bouds of2008 $ 3,085,000 2.50-3.65 % 02/20/08 02/01/22 $ 2,955,000 $ 3,02Q,000
<br />G. O Water Revenue
<br /> Bonds of 2001A 3,590,000 4.55-5.40 10/01/01 02/01/22 - 2,730,000
<br />G. O. City Hall Expansion
<br /> Bonds of2002B 1,695,000 3.75-5.00 09101/02 02/01/23 - 1,340,000
<br />G. O. Water Revenue
<br /> Bonds of 2003B 1,995,000 3.25-3.70 12/09/03 02/01/14 895,000 1,095,000
<br />G. O. Capital Improvement
<br /> Plan Bands of 20IOA 1,265,000 2.00-4.00 04/21/10 08/0123 1265,000 -
<br /> Total G.O. Revenue and Refunding Bonds $ 5,115,000 $ 8,185,000
<br />The annual requirements to amortize the general obligation revenue bonds as of December 31, 2010 are as follows
<br />Year Ending
<br />December 3 L,
<br />2011
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016-2020
<br />2021-2023
<br />Total
<br />Principal Interest Total
<br />
<br />$ 545,000 $ 155,763 $ 700,763
<br />555,000 140,331 695,331
<br />585,000 123,768 708,768
<br />595,000 106,007 701,007
<br />300,000 92,840 392,840
<br />1,655,000 314,618 1,969,618
<br />880,000 40,998 920,998
<br />$ S,L15,000 S 974,325 $ 6,089,325
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