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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER, MINNESOTA
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> DECEMBER 31,2012 AND 2011
<br /> Note 2: DETAILED NOTES ON ALL FUNDS -CONTINUED
<br /> C. Long-term debt
<br /> G.O. revenue and refunding bonds
<br /> The City of Elk River issues general obligation bonds to 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 Interest Issue Maturity December31,
<br /> Description and Issued Rate Date Date 2012 2011
<br /> G.O.Water Revenue
<br /> Refunding Bonds of 2008 $ 3,085,000 2.75-3.65 % 02/20/08 02/01/22 $ 2,450,000 $ 2,705,000
<br /> G.0 Water Revenue
<br /> Bonds of2003B 1,995,000 3.55-3.70 12/09/03 02/01/14 465,000 685,000
<br /> G.O.Capital Improvement
<br /> Plan Bonds of2010A 1,265,000 2.00-4.00 04/21/10 08/01/23 1,100,000 1,180,000
<br /> Total G.O.Revenue and Refunding Bonds $ 4,015,000 $ 4,570,000
<br /> The annual requirements to amortize the general obligation revenue and refunding bonds as of December 31, 2012
<br /> are as follows:
<br /> Year Ending
<br /> December 31, Principal Interest Total
<br /> 2013 $ 585,000 $ 123,768 $ 708,768
<br /> 2014 595,000 106,006 701,006
<br /> 2015 300,000 92,840 392,840
<br /> 2016 305,000 84,333 389,333
<br /> 2017 320,000 74,850 394,850
<br /> 2018-2022 1,785,000 193,933 1,978,933
<br /> 2023 125,000 2,500 127,500
<br /> Total $ 4,015,000 $ 678,229 $ 4,693,229
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