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ELK R[VER MUNLCLPAL 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 />Revenue bonds
<br />The following bonds were issued to finance capital improvements in the Electric fund. They will be retired from net
<br />revenues of the fund.
<br /> Authorized Inlctest Issue Maturity December 3l,
<br />Description and Issued Ra[e Date Date 2010 2009
<br />
<br />Electric Revenue
<br />Bonds, Series 2004A $ 940,000 4.00-4.25 % 08/01/04 02/01/15 $ 525,000 $ 615,000
<br />Electric Revenue
<br />Bonds, Seriu'S 2006A 3,595,000 335-4.00 03/02/06 08/01/21 2,R3Q,000 3,030,000
<br />Electric Revenue
<br />Bonds, Series 2007A 2,875,000 4.00 03/28/07 02/01 /22 2,705,000 2 875,000
<br />Total Revenue Bonds $ 6,060,000 $ 6,520,000
<br />The annual requirements to amortize the revenue bonds as of December 31, 2010 are as follows
<br />Year Ending
<br />December 31, Principal Interest Total
<br />2011 $ 480,000 $ 229,785 $ 709,785
<br />2012 495,000 211,435 706,435
<br />2013 520,000 192,358 712,358
<br />2014 545,000 172,221 717,221
<br />2015 570,000 150,924 720,924
<br />2016-2020 2,575,000 463,793 3,038,793
<br />2021-2022 875,000 35,200 910,200
<br />Total $ 6,060,000 $ 1,455,716 $ 7,515,716
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