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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER,MINNESOTA
<br /> NOTES TO THE FINANCIAL STATEMENTS
<br /> DECEMBER 31,2014
<br /> Note 2: DETAILED NOTES ON ALL FUNDS-CONTINUED
<br /> The annual debt service requirements to maturity for the generator note are as follows:
<br /> Year Ending
<br /> December 31, Principal Interest Total
<br /> 2015 $ 191,518 $ - $ 191,518
<br /> 2016 194,292 - 194,292
<br /> 2017 195,216 - 195,216
<br /> 2018 198,252 - 198,252
<br /> 2019 200,916 - 200,916
<br /> 2020-2022 619,682 - 619,682
<br /> Total $ 1,599,876 $ - $ 1,599,876
<br /> Changes in long-term liabilities
<br /> Long-term liability activity for the year ended December 31,2014 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 $ 3,430,000 $ - $ (595,000) $ 2,835,000 $ 300,000
<br /> Revenue bonds 4,340,000 2,030,000 (2,785,000) 3,585,000 600,000
<br /> Unamortized premium
<br /> on bonds 37,478 61,436 (15,681) 83,233 -
<br /> Total bonds payable,net 7,807,478 2,091,436 (3,395,681) 6,503,233 900,000
<br /> Notes payable 1,789,224 - (189,348) 1,599,876 191,518
<br /> Compensated
<br /> absences payable 332,740 76,656 (107,110) 302,286 83,891
<br /> OPEB liability 45,042 9,890 - 54,932 -
<br /> Business-type activity
<br /> long-term
<br /> liabilities $ 9,974,484 $ 2,177,982 $(3,692,139) $ 8,460,327 $ 1,175,409
<br /> Current Refunding
<br /> On March 13,2014 the City issued$2,030,000 of Electric Revenue Refunding Bonds,Series 2014A.The bonds bear an
<br /> average coupon rate of 2.17 percent and were used to call$2,180,000 of the outstanding principal of the Electric
<br /> Revenue Bonds,Series 2006.As a result of the refunding issue,the Utilities will achieve a net cash flow savings of
<br /> $239,104 and an economic gain(the present value of the difference between the old and the new debt service)of
<br /> $221,930.
<br /> 90
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