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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2011 AND 2010
<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 [o be
<br />paid from revenue of the system and is secured by the facility.
<br />Authorized Interest Issue Maturity December 31,
<br />Description and Issued Rate Date Date 2011 2010
<br />Landfill
<br />Generator Kote $ 3521.000 - % 03/19/02 02/19/22 $ 2,162,882 $ 2.345.318
<br />The annual requirements [o amortize the generator note as of December 31, 2011 are as follows:
<br />Year Ending
<br />December 31. principal Interest "Ibtal
<br />2012 183,444 $ - $ 183,444
<br />2013 186,581 - 186,581
<br />2014 189,353 - 189,353
<br />2015 191,511 - 191,511
<br />2016 194,297 - 194.297
<br />2017-2021 1,004,950 - 1,004,950
<br />2022 212,746 212,746
<br />Total $ 2,162,882 $ $ 2,162,882
<br />Changes in Long-term Liahi[ities
<br />Long-term liability activity for the year ended December 31, 201 I was as follows
<br /> Beginning Ending Due Within
<br /> Balance Increases Decreases Balance One Year
<br />Business-type activities
<br />Bonds payable
<br />General obligation
<br />revenue bonds $ 5,115,000 $ - $ (536,750) $ 4,570,000 $ 559,000
<br />Revenue bonds 6,060,000 - (480,000) 5,580,000 491,000
<br />Unamortized premium
<br />on bonds 49,750 - (4,094) 45,656 -
<br />Deferred loss on refunding (100,254) 8,250 (92.004)
<br />Total Minds payable, net 11,124,496 - (1,014,244) 10,103,652 I,OSOAOU
<br />Notes payable 2,345,318 - (182,436) 2,162,882 183,444
<br />Compensated
<br />absences payable 295,730 20Q,839 (200,020) 296,549 134,806
<br />OPEB liability 30,096 5,663 - 35,759
<br />Business-type activity
<br />long-term
<br />liabilities $ 13,795,640 $ 206.502 $ (1,396,7001 $ 12.598.842 $ 1.368,250
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