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CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2011
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />F. Long -term Debt
<br />Long -term debt obligations outstanding at year end are summarized as follows:
<br />Issue Maturity Interest Authorized Payable
<br />PRIMARY GOVERNMENT Date Date Rate and Issued 12/31/11
<br />GOVERNMENTAL ACTIVITIES
<br />General Obligation Bonds:
<br />2006C G.O. Capital Improvement Bonds
<br />12/14/2006
<br />2/1/2027
<br />3.80 -4.05%
<br />$ 3,220,000
<br />$ 2,790,000
<br />2007D EDA G.O. Bonds
<br />11/8/2007
<br />2/1/2033
<br />3.80 -4.30%
<br />10,000,000
<br />10,000,000
<br />2008A EDA G.O. Bonds
<br />2/20/2008
<br />2/1/2015
<br />3.38%
<br />2,000,000
<br />1,235,000
<br />State -Aid Road Bonds
<br />7/7/2008
<br />8/20/2013
<br />1.31%
<br />2,431,500
<br />991,000
<br />2010A G.O. Capital Improvement Bonds
<br />4/21/2010
<br />2/1/2023
<br />2,00 -4.00%
<br />6,105,000
<br />5,660,000
<br />Total general obligation bonds
<br />23,756,500
<br />20,676,000
<br />Special Assessment Bonds:
<br />2003A G.O. Improvement Bonds
<br />12/9/2003
<br />2/1/2014
<br />2.00 -4.00%
<br />1,255,000
<br />240,000
<br />2005A G.O. Improvement Bonds
<br />6/14/2005
<br />2/1/2016
<br />2.75 -3.70%
<br />1,070,000
<br />555,000
<br />2007C G.O. Improvement Bonds
<br />6/26/2007
<br />2/1/2018
<br />4.00%
<br />3,090,000
<br />2,160,000
<br />Total special assessment bonds
<br />5,415,000
<br />2,955,000
<br />Tax Increment Bonds
<br />2000A G.O. Tax Increment Bonds
<br />11/1/2000
<br />2/1/2015
<br />4,45 -5.30%
<br />800,000
<br />305,000
<br />Total bonded indebtedness
<br />29,971,500
<br />23,936,000
<br />Contracts for deeds
<br />4/12/2008
<br />4/6/2013
<br />5.00 -6.00%
<br />1,800,000
<br />1,410,000
<br />Compensated absences payable
<br />-
<br />1,278,871
<br />Net OPEB obligation
<br />-
<br />156,323
<br />Total governmental activities indebtedness
<br />$ 31,771,500
<br />$ 26,781,194
<br />BUSINESS -TYPE ACTIVITIES:
<br />General Obligation Revenue Bonds:
<br />2003B G.O. Water Revenue Bonds
<br />12/9/2003
<br />2/1/2014
<br />2.00 -3.70%
<br />1,995,000
<br />$ 685,000
<br />2005B G.O. Sewer Revenue Refunding Bonds
<br />6/14/2005
<br />2/1/2016
<br />3.00 -4.00%
<br />1,660,000
<br />905,000
<br />2008A G.O.Water Revenue Refunding Bonds
<br />2/20/2008
<br />2/1/2022
<br />2.50 -3.65%
<br />3,085,000
<br />2,705,000
<br />2010A G.O. Capital Improvement Bonds
<br />4/21/2010
<br />8/1/2023
<br />2.00 -4.00%
<br />1,265,000
<br />1,180,000
<br />Total general obligation revenue bonds
<br />8,005,000
<br />5,475,000
<br />Revenue Bonds:
<br />2004A Electric Revenue Bonds
<br />8/l/2004
<br />2/1/2015
<br />3.00 -4.25%
<br />940,000
<br />430,000
<br />2005C Liquor Revenue Bonds
<br />6/1/2005
<br />2/1/2015
<br />4.50%
<br />1,200,000
<br />730,000
<br />2006A Electric Revenue Bonds
<br />3/2/2006
<br />8/1/2021
<br />3.15 -4.00%
<br />3,595,000
<br />2,620,000
<br />2007A Electric Revenue Bonds
<br />3/28/2007
<br />2/1/2022
<br />4,00%
<br />2,875,000
<br />2,530,000
<br />Total revenue bonds
<br />8,610,000
<br />6,310,000
<br />Total bonded indebtedness
<br />16,615,000
<br />11,785,000
<br />Promissory note
<br />3/19/2002
<br />12/31/2022
<br />-%
<br />3,521,000
<br />2,162,882
<br />Compensated absences payable
<br />-
<br />403,657
<br />Net OPEB obligation
<br />-
<br />54,072
<br />Total business-type activities indebtedness
<br />$ 20,136,000
<br />$ 14,405,611
<br />Total City indebtedness
<br />$ 51,907,500
<br />$ 41,186,805
<br />52
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