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CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />E. Long-term Debt
<br />Long-term debt obligations outstanding at year end are summarized as follows:
<br />BUSINESS -TYPE ACTIVITIES
<br />General Obligation Revenue Bonds
<br />2008A G.O. Water Revenue Refunding Bonds
<br />2010A G.O. Capital Improvement Bonds
<br />2014B G.O. Sewer Revenue Bonds
<br />Total general obligation revenue bonds
<br />Revenue Bonds
<br />2007A Electric Revenue Bonds
<br />2014A Electric Revenue Refunding Bonds
<br />Total revenue bonds
<br />Total bonded indebtedness
<br />Promissory note
<br />Compensated absences payable
<br />Net pension liability
<br />Net OPEB obligation
<br />Total business -type activities indebtedness
<br />Total primary government indebtedness
<br />DISCRETE COMPONENT UNIT
<br />Housing and Redevelopment Authority
<br />Net pension liability
<br />2/20/2008 2/1/2022 2.50-3.65% $ 3,085,000 $ 1,695,000
<br />4/21/2010 8/1/2023 2.00-4.00% 1,265,000 840,000
<br />8/21/2014 2/1/2035 2.00-3.50% 10,000,000 10,000,000
<br />14,350,000 12,535,000
<br />3/28/2007 2/1/2022 4.00% 2,875,000 1,750,000
<br />3/13/2014 8/1/2018 2.00-4.00% 2,030,000 1,235,000
<br />4,905,000 2,985,000
<br />19,255,000 15,520,000
<br />3/19/2002 12/31/2022
<br />-69-
<br />3,521,000 1,408,368
<br />- 424,758
<br />- 3,277,492
<br />- 120,348
<br />S 22,776,000 $ 20,750,966
<br />S 62,086,000 $ 64,813,744
<br />$ 39,524
<br />Issue
<br />Maturity
<br />Interest
<br />Authorized
<br />Payable
<br />PRIMARY GOVERNMENT
<br />Date
<br />Date
<br />Rate
<br />and Issued
<br />12/31/15
<br />GOVERNMENTAL ACTIVITIES
<br />General Obligation Bonds
<br />2006C G.O. Capital Improvement Bonds
<br />12/14/2006
<br />2/1/2027
<br />3.80-4.05%
<br />$ 3,220,000
<br />$ 2,260,000
<br />2007D EDA G.O. Bonds
<br />11/8/2007
<br />2/1/2017
<br />3.80%
<br />10,000,000
<br />10,000,000
<br />2010A G.O. Capital Improvement Bonds
<br />4/21/2010
<br />2/1/2023
<br />2.00-4.00%
<br />6,105,000
<br />3,985,000
<br />2012A G.O. Capital Improvement Bonds
<br />3/15/2012
<br />2/1/2033
<br />1.00-2.50%
<br />6,975,000
<br />6,390,000
<br />2013A EDA G.O. Refunding Bonds
<br />2/12/2013
<br />2/1/2033
<br />2.00-3.00%
<br />9,685,000
<br />9,685,000
<br />Total general obligation bonds
<br />35,985,000
<br />32,320,000
<br />Special Assessment Bonds
<br />2012B G.O. Improvement Refunding Bonds
<br />3/15/2012
<br />2/1/2018
<br />2.00%
<br />1,525,000
<br />900,000
<br />Total bonded indebtedness
<br />37,510,000
<br />33,220,000
<br />Contracts for deeds
<br />4/12/2008
<br />5/15/2016
<br />5.00-6.00%
<br />1,800,000
<br />1,410,000
<br />Compensated absences payable
<br />-
<br />1,466,238
<br />Net pension liability
<br />-
<br />7,589,597
<br />Net OPEB obligation
<br />-
<br />376,943
<br />Total governmental activities indebtedness
<br />$ 39,310,000
<br />$ 44,062,778
<br />BUSINESS -TYPE ACTIVITIES
<br />General Obligation Revenue Bonds
<br />2008A G.O. Water Revenue Refunding Bonds
<br />2010A G.O. Capital Improvement Bonds
<br />2014B G.O. Sewer Revenue Bonds
<br />Total general obligation revenue bonds
<br />Revenue Bonds
<br />2007A Electric Revenue Bonds
<br />2014A Electric Revenue Refunding Bonds
<br />Total revenue bonds
<br />Total bonded indebtedness
<br />Promissory note
<br />Compensated absences payable
<br />Net pension liability
<br />Net OPEB obligation
<br />Total business -type activities indebtedness
<br />Total primary government indebtedness
<br />DISCRETE COMPONENT UNIT
<br />Housing and Redevelopment Authority
<br />Net pension liability
<br />2/20/2008 2/1/2022 2.50-3.65% $ 3,085,000 $ 1,695,000
<br />4/21/2010 8/1/2023 2.00-4.00% 1,265,000 840,000
<br />8/21/2014 2/1/2035 2.00-3.50% 10,000,000 10,000,000
<br />14,350,000 12,535,000
<br />3/28/2007 2/1/2022 4.00% 2,875,000 1,750,000
<br />3/13/2014 8/1/2018 2.00-4.00% 2,030,000 1,235,000
<br />4,905,000 2,985,000
<br />19,255,000 15,520,000
<br />3/19/2002 12/31/2022
<br />-69-
<br />3,521,000 1,408,368
<br />- 424,758
<br />- 3,277,492
<br />- 120,348
<br />S 22,776,000 $ 20,750,966
<br />S 62,086,000 $ 64,813,744
<br />$ 39,524
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