6.1. ERMUSR 05-11-2004 - Laserfiche WebLink

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ELK RIVER MUNICIPAL UTILITIES ELK RIVER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2003 AND 2002 Note 2: DETAILED NOTES ON ALL FUNDS-CONTINUED C. Long-term Debt G.O.Revenue Bonds The City issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. The following bonds are to be paid out of Utilities'revenues and are backed by the full faith and credit of the City. Authorized Balance Balance and Interest Issue Maturity at at Issued Rate Date Date 12/31/03 12/31/02 G.O. Water Revenue Bonds of 1993B $ 1,125,000 4.15-5.20% 1993 02-01-09 $ 555,000 $ 630,000 G.O.Water Revenue Bonds of 1994D 1,010,000 5.85-6.50 1994 02-01-10 580,000 645,000 G.O. Water Revenue Bonds of 1997B 335,000 4.85-5.05 07-28-97 02-01-07 150,000 185,000 G.O.Water Revenue Bonds of 1998B 820,000 4.10-5.00 12-01-98 02-01-14 655,000 700,000 G.O.Water Revenue Bonds of2001A 3,590,000 3.75-5.40 10-01-01 02-01-22 3,530,000 3,530,000 G.O. City Hall Expansion Revenue Bonds of 20028 1,695,000 3.00-5.00 09-01-02 02-01-23 1,695,000 - G.O. Water Revenue Bonds of 200313 1,995,000 2.00-3.70 12-09-03 02-01-14 1,995,000 - Total G.O.Revenue Bonds 9,160,000 5,750,000 G.O.Equipment Certificates The Utilities has issued equipment certificates to provide for acquisition of vehicles and equipment. The following issue is to be paid out of Utilities' revenue. G.O. Electric Equipment Certificate of 2002 500,000 4.90 06-17-02 02-01-07 500,000 500,000 Total Bonds $ 9 660 000 $ 6 250,Q00 Promissory Note The Utilities has issued a promissory note to provide for construction of a landfill gas generator. The note is to be paid from revenue of the system and is secured by the facility. Promissory Note $ 2,860,000 -% 03-19-02 12-31-22 $ 2.775.424 2 -17-