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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 /> Promissory note
<br /> The Utilities has issued a promissory note to provide for construction of a landfill gas generator. The note is to be
<br /> paid from revenue of the system and is secured by the facility.
<br /> Authorized Interest Issue Maturity December31,
<br /> Description and Issued Rate Date Date 2012 2011
<br /> Landfill
<br /> Generator Note $ 3,521,000 - % 03/19/02 02/19/22 $ 1,975,812 $ 2,162,882
<br /> The annual requirements to amortize the generator note as of December 31, 2012 are as follows:
<br /> Year Ending
<br /> December 31, Principal Interest Total
<br /> •
<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 195212 - 195,212
<br /> 2018-2022 1,018,858 - 1,018,858
<br /> Total $ 1,975,812 $ $ 1,975,812
<br /> Changes in Long-term Liabilities
<br /> Long-term liability activity for the year ended December 3 I, 2012 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 $ 4,570,000 $ - $ (555,000) $ 4,015,000 $ 585,000
<br /> Revenue bonds 5,580,000 - (495,000) 5,085,000 520,000
<br /> Unamortized premium
<br /> on bonds 45,656 - (4,089) 41,567 -
<br /> Total bonds payable,net 10,195,656 - (1,054,089) 9,141,567 1,105,000
<br /> Notes payable 2,162,882 - (187,070) 1,975,812 186,588
<br /> Compensated
<br /> absences payable 296,549 209,548 (206,713) 299,384 145,323
<br /> OPEB liability 35,759 4,601 - 40,360 -
<br /> Business-type activity
<br /> long-term
<br /> liabilities $ 12,690,846 $ 214,149 $ (1,447,872) $ 11,457,123 $ 1,436,911
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