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City of Elk River Capital Assets
<br /> (Net of Depreciation)
<br /> Governmental Business-type
<br /> Activities Activities Total
<br /> 2013 2012 2013 2012 2013 2012
<br /> Land $ 37,806,871 $ 37,864,101 S 1,526,008 $ 1,486,693 $ 39,332,879 $ 39,350,794
<br /> Construction in progress - 8,861,930 2,265,169 285,001 2,265,169 9,146,931
<br /> Buildings 31,023,746 23,780,074 10,644,146 11,167,594 41,667,892 34,947,668
<br /> Other improvements 2,412,772 2,062,487 2,412,772 2,062,487
<br /> Equipment 3,660,988 3,530,374 1,402,605 1,336,055 5,063,593 4,866,429
<br /> Infrastructure 37,700,162 38,094,663 56,278,686 57,845,255 93,978,848 95,939,918
<br /> Total $112,604,539 $114,193,629 $ 72,116,614 S 72,120,598 $184,721,153 $186,314,227
<br /> Additional information on the City's capital assets can be found in Note 3C on pages 48-49 of this report.
<br /> Long-term debt. At the end of the current fiscal year,the City had total long-term debt outstanding of$50,652,269,an
<br /> increase of$4,685,370 from 2012. General obligation improvement bonds($34,675,000)were issued to finance the
<br /> construction of a library,a recreation facility,a public safety/city hall facility and a public works facility. General
<br /> obligation revenue bonds($3,990,000)were used to finance sewer and water systems. Revenue bonds($4,340,000)were
<br /> used to finance electric system improvements. Special assessment bonds($1,585,000)financed improvement projects
<br /> within the City and are assessed to the benefiting properties.
<br /> City of Elk River Outstanding Debt
<br /> Governmental Business-type
<br /> Activities Activities Total
<br /> 2013 2012 20I3 2012 2013 2012
<br /> Bonds payable:
<br /> G.O.bonds $ 34,675,000 $ 26,334,000 $ - $ $ 34,675,000 S 26,334,000
<br /> G.O.revenue bonds 3,990,000 4,750,000 3,990,000 4,750,000
<br /> Revenue bonds 4,340,000 5,085,000 4,340,000 5,085,000
<br /> Special assessment bonds 1,585,000 3,975,000 - 1,585,000 3,975,000
<br /> Issuance premium 596,600 305,972 37,478 41,567 634,078 347,539
<br /> Total bonds payable,net 36,856,600 30,614,972 8,367,478 9,876,567 45,224,078 40,491,539
<br /> Contracts for deeds 1,410,000 1,410,000 1,410,000 1,410,000
<br /> Notes payable - 1,789,224 1,975,812 1,789,224 1,975,812
<br /> Compensated absences 1,442,996 1,395,326 457,668 418,317 1,900,664 1,813,643
<br /> Net OPEB obligation 247,937 208,486 80,366 67,419 328,303 275,905
<br /> Total $ 39,957,533 S 33,628,784 $ 10,694,736 $ 12,338,115 $ 50,652,269 $ 45,966,899
<br /> Additional long-term debt in the amount of$1,410,000 is for a contract for deed,$1,789,224 is for notes payable,
<br /> $1,900,664 is for compensated absences,and$328,303 is for other postemployment benefits obligations.
<br /> The City maintains a bond rating of AA+from Standard&Poor's for general obligation debt.
<br /> State statutes limit the amount of general obligation debt a Minnesota city may issue to 3%of total Estimated Taxable
<br /> Market Value. The current debt limitation for the City of Elk River is$48,527,082. $21,322,661 of the City's net
<br /> outstanding debt is counted within the statutory limitation.
<br /> Additional information on the City of Elk River's long-term debt can be found in Note 3E on pages 51 -53 of this report.
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