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Elk River Municipal Utilities
<br /> Elk River, Minnesota
<br /> Notes to the Financial Statements
<br /> December 31, 2017
<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 /> Authorized Interest Issue Maturity Balance at
<br /> Description and Issued Rate Date Date Year End
<br /> Electric Revenue Refunding
<br /> Bonds, Series 2014A $ 2,030,000 2.00-4.00 % 03/13/14 08/01/18 $ 420,000
<br /> Electric Revenue Bonds, Series 2016A 9,755,000 2.00-4.00 07/14/16 02/01/36 9,755,000
<br /> Electric Revenue Refunding
<br /> Bonds, Series 2016B 1,370,000 2.00-4.00 07/14/16 02/01/22 1,150,000
<br /> Total Revenue Bonds $ 11,325,000
<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 /> 2018 $ 640,000 $ 307,425 $ 947,425
<br /> 2019 635,000 286,375 921,375
<br /> 2020 665,000 264,925 929,925
<br /> 2021 680,000 242,675 922,675
<br /> 2022 710,000 219,575 929,575
<br /> 2023-2027 2,550,000 862,450 3,412,450
<br /> 2028-2032 2,870,000 553,994 3,423,994
<br /> 2033-2036 2,575,000 156,956 2,731,956
<br /> Total $ 11,325,000 $ 2,894,375 $ 14,219,375
<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.
<br /> In 2017, annual principal and interest payment on the bonds required about 2.7% percent of revenues from the Electric
<br /> fund. Principal and interest paid and total customer revenues for the Electric fund were $964,458 and $36,120,824,
<br /> 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 $ 1,018,860
<br /> 38
<br /> 102
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