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CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2003 <br /> <br />Note 3: <br /> <br />DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />The special assessment bonds are used to finance assessable improvements within the City. The bonds are payable <br />primarily from special assessments levied against properties benefited by the improvements. In addition, the bonds <br />are general obligations of the City and are backed by its full faith and credit. <br /> <br />The permanent improvement revolving bonds are used to finance assessable improvements within the City. The <br />bonds are payable primarily from special assessments levied against properties benefited by the improvements. In <br />addition, the bonds are general obligations of the City and are backed by its full faith and credit. <br /> <br />The tax increment bonds are used to finance land acquisition and other public costs to facilitate development within <br />the tax increment district. The bonds are payable from tax increment revenues generated by existing and new <br />development within the district. In addition, the bonds are general obligation of the City and are backed by its full <br />faith and credit. <br /> <br />The certificates of indebtedness are used to finance the purchase of capital equipment. The certificates are general <br />obligations backed by the full faith and credit of the City. <br /> <br />The contract for deed was entered into to finance the purchase of property <br /> <br />For the business-type activities, the general obligation revenue bonds are used to finance the acquisition and construction <br />of major capital facilities and the certificates of indebtedness are used to finance the purchase of equipment. The bonds <br />and certificates are payable from net revenues of the benefiting enterprise fund but are backed by the full faith and credit <br />of the City. The City also issued a promissory note to provide for the construction of a landfill gas generator. The note <br />is to be paid from revenue of the system and is secured by the facility. <br /> <br />F. Reserves/Designated Fund Equity <br /> <br />Fund equity in the various funds has been reserved for the following purposes as of December 31, 2003: <br /> <br /> Special Debt Capital <br />General Revenue Service Projects Total <br /> <br />Reserved for: <br />Landfill mitigation $ $ 2,280,724 $ - $ $ 2,280,724 <br />Capital projects 200,158 3,176,560 - 3,376,718 <br />Notes receivable 188,862 - - 188,862 <br />Prepaid items 1,268 41,221 - - 42,489 <br />Property held for resale 171,263 - - 171,263 <br />Contract commitments 146,600 - - - t 46,600 <br />Debt service 635,300 5,756.402 - 6,391,702 <br /> <br />Total reserved $ 348,026 $ 6.493.93~0 $ 5.756.40~2 $ <br /> <br />Designated for: <br /> Subsequent years expenditures <br /> Capital projects <br /> Western area utilities <br /> <br />Total designated <br /> <br />12.598,358 <br /> <br />3,384,023 2,234,112 <br /> <br />$ 3.732.04~9 $ 8.728,042 $ 5.756.40_~2 <br /> <br />4,469,313 <br /> 716,360 <br /> <br />$ 5.185.67~3 <br /> <br />5,618,135 <br />4,469,313 <br /> 716,360 <br /> <br />$ 23.402.166 <br /> <br /> <br />