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<br /> CITY OF ELK RIVER,MINNESOTA
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> DECEMBER 31,2012
<br /> Note 3: DETAILED NOTES ON ALL FUNDS—CONTINUED
<br /> Interfund transfers are used to allocate financial resources to the funds that receive benefit from services provided by
<br /> another fund,to provide additional capital funding,or to move revenues from the fund with collection authorization to
<br /> debt service funds as principal and interest payments come due. In addition,interfund transfers are occasionally
<br /> authorized to allow redistribution of resources between funds for the most efficient use of funds. In 2012,the Economic
<br /> Development Authority fund transferred$450,000 and the Improvement Projects fund transferred$350,839 to the Street
<br /> Improvements fund to provide financing for the Nature's Edge Business Park infrastructure improvements.
<br /> E. Long-term Debt
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<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 12/31/12
<br /> GOVERNMENTAL ACTIVITIES:
<br /> General Obligation Bonds:
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<br /> 2006C G.O. Capital Improvement Bonds 12/14/2006 2/1/2027 3.80-4.05% $ 3,220,000 $ 2,665,000
<br /> 2007D EDA G.O.Bonds 11/8/2007 2/1/2033 3.80-4.30% 10,000,000 10,000,000
<br /> 2008A EDA G.O.Bonds 2/20/2008 2/1/2015 3.38% 2,000,000 945,000
<br /> State-Aid Road Bonds 7/7/2008 8/20/2013 1.31% 2,431,500 499,000
<br /> 2010A G.O. Capital Improvement Bonds 4/21/2010 2/1/2023 2.00-4.00% 6,105,000 5,250,000
<br /> 2012A G.O, Capital Improvement Bonds 3/15/2012 2/1/2033 1.00-2.50% 6,975,000 6,975,000
<br /> Total general obligation bonds 30,731,500 26,334,000
<br /> Special Assessment Bonds:
<br /> 2003A G.O.Improvement Bonds 12/9/2003 2/1/2014 2.00-4.00% 1,255,000 150,000
<br /> 2005A G.O.Improvement Bonds 6/14/2005 2/1/2016 2.75-3.70% 1,070,000 450,000
<br /> 2007C G.O.Improvement Bonds 6/26/2007 2/1/2013 4.00% 3,090,000 1,850,000
<br /> 2012B G.O.Improvement Refunding Bonds 3/15/2012 2/1/2018 2.00% 1,525,000 1,525,000
<br /> Total special assessment bonds 6,940,000 3,975,000
<br /> Total bonded indebtedness 37,671,500 30,309,000
<br /> Contracts for deeds 4/12/2008 4/6/2013 5.00-6.00% 1,800,000 1,410,000
<br /> Compensated absences payable - 1,395,326
<br /> Net OPEB obligation - 208,486
<br /> Total governmental activities indebtedness $ 39,471,500 $ 33,322,812
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