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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% of revenues
<br /> 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 End of Due Within
<br /> PRIMARY GOVERNMENT of Year Additions Retirements Year One Year
<br /> GOVERNMENTAL ACTIVITIES:
<br /> General Obligation Bonds $ 32,320,000 $ $ (3,385,000) $ 28,935,000 $ 10,375,000
<br /> General Obligation Special Assessment Bonds 900,000 (305,000) 595,000 300,000
<br /> Unamortized Bond Premiums 494,456 (51,072) 443,384 -
<br /> Total Bonds Payable 33,714,456 (3,741,072) 29,973,384 10,675,000
<br /> Contract for Deed 1,410,000 (1,410,000) - -
<br /> Compensated Absences 1,466,238 587,837 (559,646) 1,494,429 566,953
<br /> Total Governmental Activities 36,590,694 587,837 (5,710,718) 31,467,813 11,241,953
<br /> Business-Type Activities:
<br /> General Obligation Revenue Bonds 12,535,000 - (705,000) 11,830,000 725,000
<br /> Revenue Bonds 2,985,000 11,125,000 (2,155,000) 11,955,000 630,000
<br /> Unamortized Bond Premiums 65,234 505,525 (34,428) 536,331 -
<br /> Total Bonds Payable 15,585,234 11,630,525 (2,894,428) 24,321,331 1,355,000
<br /> Notes Payable 1,408,368 - (194,292) 1,214,076 195,216
<br /> Compensated Absences 424,758 194,008 (143,634) 475,132 228,214
<br /> Total Business-Type Activities 17,418,360 11,824,533 (3,232,354) 26,010,539 1,778,430
<br /> Total Primary Government $ 54,009,054 $ 12,412,370 $ (8,943,072) $ 57,478,352 $ 13,020,383
<br /> C. Future Minimum Debt Payments
<br /> Annual debt service requirements to maturity for long-term obligations are as follows:
<br /> Primary Government-Governmental Activities
<br /> G.O. Bonds G.O.Special Assessment Bonds
<br /> Year Ending December 31, Principal Interest Principal Interest
<br /> 2017 $ 10,375,000 $ 686,092 $ 300,000 $ 8,900
<br /> 2018 1,280,000 460,863 295,000 2,950
<br /> 2019 1,315,000 425,412 - -
<br /> 2020 1,350,000 388,863
<br /> 2021 1,390,000 351,162
<br /> 2022-2026 5,735,000 1,255,163
<br /> 2027-2031 5,195,000 665,481
<br /> 2032-2033 2,295,000 65,150 - -
<br /> Totals $ 28,935,000 $ 4,298,186 $ 595,000 $ 11,850
<br /> (56)
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