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Elk River Municipal Utilities
<br /> Elk River, Minnesota
<br /> Notes to the Financial Statements
<br /> December 31, 2018
<br /> Note 2: Detailed Notes on All Funds (Continued)
<br /> Revenue Bonds
<br /> The revenue bonds were issued to facilitate the membership buy-in with MMPA, the new power provider, and are to be
<br /> repaid from future revenue pledged from the Electric fund. They will be retired from net revenues of the fund.
<br /> Authorized Interest Issue Maturity Balance at
<br /> Description and Issued Rate Date Date Year End
<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 02/01/22 930,000
<br /> Electric Revenue Bonds, Series 2018A 10,000,000 3.50-5.00 09/26/18 08/01/48 10,000,000
<br /> Total Revenue Bonds $ 20,685,000
<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 /> 2019 $ 860,000 $ 624,210 $ 1,484,210
<br /> 2020 840,000 652,431 1,492,431
<br /> 2021 865,000 621,431 1,486,431
<br /> 2022 900,000 589,081 1,489,081
<br /> 2023 680,000 560,531 1,240,531
<br /> 2024-2028 3,785,000 2,437,581 6,222,581
<br /> 2029-2033 4,385,000 1,845,206 6,230,206
<br /> 2034-2038 3,720,000 1,135,831 4,855,831
<br /> 2039-2043 2,125,000 686,033 2,811,033
<br /> 2044-2048 2,525,000 281,119 2,806,119
<br /> Total $ 20,685,000 $ 9,433,454 $ 30,118,454
<br /> In 2018, annual principal and interest payment on the bonds required about 2.4% percent of revenues from the Electric
<br /> fund. Principal and interest paid and total customer revenues for the Electric fund were$947,425 and $38,779,905,
<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 12/01/22 $ 820,608
<br /> 38
<br /> 125
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