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CITY OF ELK RIVER
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />YEAR ENDING DECEMBER 31, 2016
<br />NOTE 7 LONG-TERM DEBT (CONTINUED)
<br />A. Components of Long -Term Debt (Continued)
<br />The revenue bonds were issued to finance the acquisition and construction of major
<br />capital facilities and are to be repaid from future revenues pledged from the Electric
<br />fund. Annual principal and interest payment on the bonds required about 7 percent of
<br />revenues from the Electric fund.
<br />The City also issued a promissory note to provide for the construction of a landfill gas
<br />generator. The note is to be paid from revenue of the system and is secured by the
<br />facility.
<br />B. Changes in Long -Term Debt
<br />Long-term liability activity for the year ended December 31, 2016 was as follows:
<br />Beginning
<br />PRIMARY GOVERNMENT of Year
<br />GOVERNMENTAL ACTIVITIES:
<br />General Obligation Bonds
<br />$ 32,320,000
<br />General Obligation Special Assessment Bonds
<br />900,000
<br />Unamortized Bond Premiums
<br />494,456
<br />Total Bonds Payable
<br />33,714,456
<br />Contract for Deed 1,410,000
<br />Compensated Absences
<br />1,466,238
<br />Total Governmental Activities
<br />36,590,694
<br />Business -Type Activities:
<br />388,863
<br />General Obligation Revenue Bonds;12,535,000
<br />443,384
<br />Revenue Bonds
<br />2,985,000
<br />Unamortized Bond Premiums <'
<br />65,234
<br />Total Bonds Payable
<br />15,585,234
<br />Notes Payable
<br />1,408,368
<br />Compensated Absences' r,,;
<br />424,758
<br />Total Business -Type Activities,
<br />ctivities
<br />17,418,360
<br />Total Primary Government
<br />$ 54,009,054
<br />C. Future Minimum Debt Payments
<br />Annual debt service requirements to maturity for long-term obligations are as follows:
<br />Year Endina December 31.
<br />2017
<br />2018
<br />2019
<br />2020
<br />2021
<br />2022-2026
<br />2027-2031
<br />2032-2033
<br />Totals
<br />(56)
<br />Primary Government - Governmental Activities
<br />G.O. Bonds
<br />End of
<br />Due Within
<br />Additions
<br />Retirements
<br />Year
<br />One Year
<br />$
<br />$ (3,385,000)
<br />$ 28,935,000
<br />$ 10,375,000
<br />1,315,000
<br />(305,000)
<br />595,000
<br />300,000
<br />388,863
<br />(51,072)
<br />443,384
<br />-
<br />(3,741,072)
<br />29,973,384
<br />10,675,000
<br />5,195,000
<br />(1,410,000)
<br />-
<br />-
<br />587,837
<br />(559,646)
<br />1,494,429
<br />566,953
<br />587,837
<br />(5,710,718)
<br />31,467,813
<br />11,241,953
<br />-
<br />(705,000)
<br />11,830,000
<br />725,000
<br />11,125,000
<br />(2,155,000)
<br />11,955,000
<br />630,000
<br />505,525
<br />(34,428)
<br />536,331
<br />-
<br />11,630,525
<br />(2,894,428)
<br />24,321,331
<br />1,355,000
<br />(194,292)
<br />1,214,076
<br />195,216
<br />194,008
<br />(143,634)
<br />475,132
<br />228,214
<br />11,824,533
<br />(3,232,354)
<br />26,010,539
<br />1,778,430
<br />$ 12,412,370
<br />$ (8,943,072)
<br />$ 57,478,352
<br />$ 13,020,383
<br />Annual debt service requirements to maturity for long-term obligations are as follows:
<br />Year Endina December 31.
<br />2017
<br />2018
<br />2019
<br />2020
<br />2021
<br />2022-2026
<br />2027-2031
<br />2032-2033
<br />Totals
<br />(56)
<br />Primary Government - Governmental Activities
<br />G.O. Bonds
<br />G.O. Special Assessment Bonds
<br />Principal
<br />Interest
<br />Principal Interest
<br />$ 10,375,000 $
<br />686,092
<br />$ 300,000 $ 8,900
<br />1,280,000
<br />460,863
<br />295,000 2,950
<br />1,315,000
<br />425,412
<br />- -
<br />1,350,000
<br />388,863
<br />1,390,000
<br />351,162
<br />5,735,000
<br />1,255,163
<br />5,195,000
<br />665,481
<br />2,295,000
<br />65,150
<br />$ 28,935,000 $ 4,298,186 $ 595,000 $ 11,850
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