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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER,MINNESOTA
<br /> NOTES TO THE FINANCIAL STATEMENTS
<br /> DECEMBER 31,2013 AND 2012
<br /> Note 2: DETAILED NOTES ON ALL FUNDS-CONTINUED
<br /> Revenue bonds
<br /> The following bonds were issued to finance capital improvements in the Electric fund. They will be retired from net
<br /> revenues of the fund.
<br /> Authorized Interest Issue Maturity December 31,
<br /> Description and Issued Rate Date Date 2013 2012
<br /> Electric Revenue
<br /> Bonds,Series 2004A $ 940,000 4.10-4.25 % 08/01/04 02/01/15 $ - $ 330,000
<br /> Electric Revenue
<br /> Bonds,Series 2006A 3,595,000 3.50-4.00 03/02/06 08/01/21 2,180,000 2,405,000
<br /> Electric Revenue
<br /> Bonds,Series 2007A 2,875,000 4.00 03/28/07 02/01/22 2,160,000 2,350,000
<br /> Total Revenue Bonds $ 4,340,000 $ 5,085,000
<br /> The annual requirements to amortize the revenue bonds as of December 31,2013 are as follows:
<br /> Year Ending
<br /> December 31, Principal Interest Total
<br /> 2014 $ 435,000 $ 165,023 $ 600,023
<br /> 2015 455,000 148,480 603,480
<br /> 2016 470,000 131,160 601,160
<br /> 2017 490,000 113,053 603,053
<br /> 2018 515,000 93,815 608,815
<br /> 2019-2022 1,975,000 160,964 2,135,964
<br /> Total $ 4,340,000 $ 812,495 $ 5,152,495
<br /> The revenue bonds were issued to finance the acquisition and construction of major capital facilities and are to be repaid
<br /> from future revenues pledged from the Electric fund. In 2012 and 2013,annual principal and interest payment on the
<br /> bonds required about 2.5 percent and 3.0 percent of revenues from the Electric fund,respectively. For 2012,principal
<br /> and interest paid and total customer revenues for the Electric fund were$706,435 and$30,258,690,respectively. For
<br /> 2013,principal and interest paid and total customer revenues for the Electric fund were$937,358 and$30,846,379,
<br /> respectively.
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