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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER,MINNESOTA
<br /> NOTES TO THE FINANCIAL STATEMENTS
<br /> DECEMBER 31,2015
<br /> Note 2: DETAILED NOTES ON ALL FUNDS-CONTINUED
<br /> Revenue bonds
<br /> The following bonds were issued to finance capital improvements in the Electric fund. They will be retired from net
<br /> revenues of the fund.
<br /> Balance
<br /> Authorized Interest Issue Maturity at
<br /> Description and Issued Rate Date Date Year End
<br /> Electric Revenue
<br /> Bonds,Series 2007A 2,875,000 4.00 03/28/07 02/01/22 $ 1,750,000
<br /> Electric Revenue Refunding
<br /> Bonds,Series 2014A 2,030,000 2.00-4.00 03/13/14 08/01/18 1,235,000
<br /> Total Revenue Bonds $ 2,985,000
<br /> The annual debt service requirements to maturity for the revenue bonds are as follows:
<br /> Year Ending
<br /> December 31, Principal Interest Total
<br /> 2016 $ 620,000 $ 90,400 $ 710,400
<br /> 2017 635,000 73,500 708,500
<br /> 2018 660,000 56,000 716,000
<br /> 2019 250,000 37,800 287,800
<br /> 2020 260,000 27,600 287,600
<br /> 2021-2022 560,000 22,600 582,600
<br /> Total $ 2,985,000 $ 307,900 $ 3,292,900
<br /> The revenue bonds were issued to finance the acquisition and construction of major capital facilities and are to be repaid
<br /> from future revenues pledged from the Electric fund. In 2015,annual principal and interest payment on the bonds
<br /> required about 2.2 percent of revenues from the Electric fund. Principal and interest paid and total customer revenues for
<br /> the Electric fund were$710,600 and$32,551,722,respectively.
<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 Balance at
<br /> Description and Issued Rate Date Date Year End
<br /> Landfill
<br /> Generator Note $ 3,521,000 - % 03/19/02 02/19/22 $ 1,408,368
<br /> 135
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