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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVF,R, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 201 I AND 2010
<br />Note 2: DETAILED NOTES ON ALL FUNDS-CONTINUED
<br />C. Long-term debt
<br />G.O. revenue and refunding bands
<br />The City of Elk River issues general obligation bonds [o 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
<br />Description and Issued
<br />
<br />G.O. Water Revenue
<br />Refunding Bonds of 2008 $ 3,085,000
<br />G.0 Water Revenue
<br />Bondsof2003B 1,995,000
<br />G.O. Capital Improvement
<br />Plan Bonds of 201 OA 1,265,000
<br />Total G.O. Revenue and Refunding Bonds
<br />Interest Issue Maturity
<br />Rate Date Date
<br />December 31,
<br />2011 2010
<br />2.65-3.65 % 02/20/08 02/01/22 $ 2,705,000 $ 2,955,000
<br />3.40-3.70 12/09/03 02/01/14 685,000 895,000
<br />2.00-4.00 04/21/10 08/01/23 1,180,000 1,265,000
<br />The annual requirements to amortize the general obligation revenue and refunding bonds as of December 31, 2011
<br />are as follows:
<br />Year Ending
<br />December 31,
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017-2021
<br />2022-2023
<br />Principal
<br />$ 4,570.000 $ 5,115.000
<br />Interest Total
<br />$ 555,000 140,331 $ 695,331
<br />585,000 123,768 708,768
<br />595,000 106,006 701,006
<br />300,000 92,840 392,840
<br />305,000 84,333 389,333
<br />1,720,000 256,555 1,976,555
<br />510,000 14,728 524,728
<br />Total $ 4,570,000 $ 818,561 $ 5,388.561
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