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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 /> Promissory note
<br /> The Utilities has issued a promissory note to provide for construction of a landfill gas generator.The note is to be paid
<br /> from revenue of the system and is secured by the facility.
<br /> Authorized Interest Issue Maturity December 31,
<br /> Description and Issued Rate Date Date 2013 2012
<br /> Landfill
<br /> Generator Note $ 3,521,000 - % 03/19/02 02/19/22 $ 1,789,224 $ 1,975,812
<br /> The annual requirements to amortize the generator note as of December 31,2013 are as follows:
<br /> Year Ending
<br /> December 31, Principal Interest Total
<br /> 2014 $ 189,348 $ - $ 189,348
<br /> 2015 191,508 - 191,508
<br /> 2016 194,292 - 194,292
<br /> 2017 195,216 - 195,216
<br /> 2018 198,252 - 198,252
<br /> 2019-2022 820,608 - 820,608
<br /> Total $ 1,789,224 $ - $ 1,789,224
<br /> Changes in long-term liabilities
<br />•
<br /> Long-term liability activity for the year ended December 31,2013 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 $ 4,015,000 $ - $ (585,000) $ 3,430,000 $ 595,000
<br /> Revenue bonds 5,085,000 - (745,000) 4,340,000 435,000
<br /> Unamortized premium
<br /> on bonds 41,567 - (4,089) 37,478 -
<br /> Total bonds payable,net 9,141,567 - (1,334,089) 7,807,478 1,030,000
<br /> Notes payable 1,975,812 - (186,588) 1,789,224 189,353
<br /> Compensated
<br /> absences payable 299,384 246,089 (212,733) 332,740 151,849
<br /> OPEB liability 40,360 6,073 (1,391) 45,042 -
<br /> Business-type activity
<br /> long-term
<br /> liabilities $11,457,123 $ 252,162 $(1,734,801) $ 9,974,484 $ 1,371,202
<br /> 95
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