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Capital Assets, Net of Depreciation
<br />
<br />Govern- Business-
<br />mental type
<br />Activities Activities
<br />
<br />Total
<br />
<br />Land $ 24,804,495 $ 1,431,669 $ 26,236,164
<br />Construction in progress 2,221,500 16,072 2,237,572
<br />Buildings 12,647,294 10,621,675 23,268,969
<br />Other improvements 1,209,053 - 1,209,053
<br />Equipment 2,416,061 430,907 2,846,968
<br />Infrastructure 35,354,020 49,547,084 84,901,104
<br />
<br />Total $ 78.652.423 5; 62.047.407 $140.699.830
<br />
<br />Additional information on the City's capital assets can be found in Note 3C on pages 43 - 45 of this report.
<br />
<br />Long-term debt. At the end of the current fiscal year, the City had total bonded debt outstanding of $35,530,450, an
<br />increase of $499,640 from 2002. Of the total outstanding, $1,495,000 was for general obligation bonds which were
<br />used to finance the construction of an ice arena. $22,745,000 general obligation revenue bonds were used to finance
<br />the construction of a public safety/city hall facility, a liquor store, and sewer and water systems. $7,520,000 special
<br />assessment bonds financed improvement projects within the City and are assessed to the benefiting properties.
<br />$1,305,000 permanent improvement revolving bonds financed improvement projects within the City are assessed to the
<br />benefiting properties. $1,352,500 tax increment bonds financed the City's economic development program.
<br />$1,112,950 certificates of indebtedness f'manced capital equipment purchases.
<br />
<br />City of Elk River Outstanding Debt
<br />
<br />Bonds payable:
<br /> General obligation bonds
<br /> General obligation revenue bonds
<br /> Special assessment bonds
<br /> Permanent improvement revolving bonds
<br /> Tax increment bonds
<br /> Certificates of indebtedness
<br />
<br />Governmental Business-Type
<br />Activities Activities Total
<br />
<br />$ 1,495,000 $ $ 1,495,000
<br />10,315,000 12,430,000 22,745,000
<br />7,520,000 - 7,520,000
<br />1,305,000 1,305,000
<br />1,352,500 - 1,352,500
<br />612,950 500,000 1,112,950
<br />
<br />Total bonds payable
<br />
<br />22,600,450 12,930,000 35,530,450
<br />
<br />Contract for deed
<br />Promissory note
<br />Compensated absences
<br />
<br />47,976 - 47,976
<br /> 2,775,424 2,775,424
<br />420,227 252,975 673,202
<br />
<br />Total
<br />
<br />23.068.653 5; 15.958.399 $39.027.052
<br />
<br />The City maintained an A2 rating from Moody's for general obligation debt.
<br />
<br />State statutes limit the amount of general obligation debt a Minnesota city may issue to 2% of total Estimated Taxable
<br />Market Value. The current debt limitation for the City of Elk River is $23,100,596. $7,832,564 of the City's
<br />outstanding debt is counted within the statutory limitation.
<br />
<br />Additional information on the City of Elk River's long-term debt can be found in Note 3E on pages 46 - 50 of this
<br />report.
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