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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 />Advance Refunding <br />On April 21, 2010 the Utilities issued $1,265,000 of G.O. Capital Improvement Plan Bonds, Series 2010A, bearing <br />an average coupon rate of 3.58 percent, to provide resources for the advance refunding of $1,270,000 of [he <br />outstanding principal of the City Hall Expansion Revenue Bonds, 20026 on February 1, 2013. The proceeds of the <br />Series 2010A Bonds were deposited into an Escrow Account which shall pay issuance costs and purchase securities <br />bearing interest to provide sufficient funds to pay the principal and interest on the 20026 bonds due April 21, 2010 <br />through February 1, 2013 and pay the $1,125,000 called Revenue Bonds of 20026 on February 1, 2013. As a result <br />of the refunding issue, [he 20026 bonds were defeased and [he Utilities will save $97,000 in debt service payments <br />and achieve an economic gain ([he present value of the difference between the old and the new debt service) of <br />$90,824. <br />D. Interfund receivables, payables and transfers <br />The composition of interfund balances at December 31, 2010 is as follows: <br />Receivable Fund <br />Payable Fund Amount Purpose <br />Electric City -General fund $ 7,163 Electric sales tax paid by City <br />Electric City - Nonmajor 101 Electric sales tax paid by City <br />Electric City -Sewer 357 City share of project costs <br />Electric City -Garbage 2,260 City share of project costs <br />Total Electric fund receivable from City 9,881 <br />Water City -Capital projects fund ]28,850 TIF 22 Water Access Charge <br />Total receivable fr om City $ 138,731 <br />City - Ceneral fund Electric $ 49,417 Shared building maim. costs <br />City -multiple funds Electric 50,820 December transfer of 3% of revenue <br />City -General fund Electric 46,410 Electric share of insurance <br />City -General fund Electric 9,060 Electric share of vehicle main[. <br />City-Sewer Electric 118,231 Billed sewer on behalf of City <br />City -Garbage Electric 108,600 Billed garbage on behalf of City <br /> <br />Total Electric fund payable to City 382,538 <br />City -General fund Water 12,354 Shared building main[. costs <br />City -General fund Water 996 Water share of vehicle main[. <br />Total Water fund payable to City 13,350 <br />Total payable to City $ 395,888 <br />_qq_ <br />