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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 />Promissory note
<br />The Utilities has issued a promissory note to provide for construction of a landfill gas generator. The note is to be
<br />paid from revenue of the system and is secured by the facility.
<br />Description
<br />Landfil I
<br />Authorized Interest
<br />and Issued Rate
<br />$ 8,185,000 $ 1,265,000 $ (4,335,000) $ 5,!15,000 $ 545,000
<br />6,520,000 - (460,000) 6,060,000 480,000
<br />- 53,550 (3,800) 49,750
<br />14,705,000 1,265,000 (4,795,000) 11,175,000 1,025,000
<br />2,524,646 - (179,328) 2,345,318 182,436
<br />Generator Note $ 3,521,000 - % 03/19/02 02/19/22 $ 2,345,31R $ 2,524,646
<br />The annual requirements [o amortize the generator note as of December 31, 2010 are as follows:
<br />Year Ending
<br />December 31, Principal Interest Total
<br />2011 $ 182,436 $ - $ 182,436
<br />2012 183,444 - 183,444
<br />2013 186,588 - 186,588
<br />2014 189,348 - 189,348
<br />2015 191,508 - 191,508
<br />2016-2020 992,628 - 992,628
<br />2021-2022 419,366 - 419,366
<br />Total $ 2,345,318 $ - $ 2,345,318
<br />Cbanges in Long-term Liabilities
<br />Long-term liability activity for [he year ended December 31, 2010 was as follows
<br />Business-type activities
<br />Bonds payable
<br />General obligation
<br />revenue bonds
<br />Revenue bonds
<br />Unamortized premium
<br />on bonds
<br />Total bonds payable, net
<br />Notes payable
<br />Unamortized premium
<br />on bonds
<br />Compensated
<br />absences payable
<br />OPEB liability
<br />Business-type activity
<br />long-term
<br />liabilities
<br />Beginning Ending Due Within
<br />Balance Increases Decreases Balance One Year
<br />Issue
<br />Date
<br />S3,SS0
<br />235,925 264,296
<br />20,243 9 853
<br />Maturity December 31,
<br />Date 2010 2009
<br />(3,800) 49,750
<br />(204,491) 295,730 160,650
<br />30,096
<br />$ 17,485,8]4 $ 1,592,699 $ (5.182,619) $ 13,895,894 $ 1,368.086
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