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<br /> <br />I <br /> <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br /> <br />I <br />I <br />I <br />I <br /> <br />I <br /> <br />CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2004 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />Interfund transfers: <br /> <br />Transfer In <br /> <br />Governmental funds: <br />Major funds: <br />General fund <br />Improvement bonds <br />Capital projects <br />Permanent improvement revolving <br />Tax increment financing districts <br />Nonmajor funds <br /> <br />$ 420,169 <br />240,681 <br /> <br />23,300 <br /> <br />3.982.431 <br /> <br />Total governmental funds <br /> <br />4.666.581 <br /> <br />Proprietary funds: <br />Municipal Liquor <br />Garbage <br />Sewer <br />Water <br />Electric <br /> <br />6,688 <br /> <br />Total proprietary funds <br /> <br />6.688 <br /> <br />Total <br /> <br />$ 4.673.269 <br /> <br />Transfer Out <br />$ 105,860 <br /> 586,862 <br /> 629,998 <br /> 137,232 <br /> 246,756 <br /> 2.093.057 <br /> 3.799.765 <br /> 465,568 <br /> 33,475 <br /> 33,897 <br /> 340.564 <br /> 873.504 <br />$ 4.673.269 <br /> <br />Interfund transfers are used to I) allocate resources to the funds that received benefit from services provided by another <br />fund, 2) move revenues from the fund with collection authorization to debt service funds as principal and interest <br />payments come due, 3) close completed bond and project funds. <br /> <br />E. Long-term Debt <br /> <br />The City issues general obligation bonds and equipment certificates to provide funds for the acquisition and construction <br />ofmajor capital facilities. The reporting entity's long-term debt is segregated between the amounts to be repaid from <br />governmental activities and amounts to be repaid from business-type activities. <br /> <br />Issue <br />Date <br /> <br />Maturity <br />Date <br /> <br />Interest <br />Rate <br /> <br />GOVERNMENTAL ACTIVITIES: <br /> <br />General Obligation Revenue Bonds: <br />1994C G.O. Storm Sewer Revenue Bonds <br />1996C G.O. Ice Arena Bonds <br /> <br />6/1/1994 <br />8/1/1996 <br /> <br />12/1/2009 <br />12/1/2013 <br /> <br />5.40-5.80% <br />5.70% <br /> <br />Total general obligation revenue bonds <br /> <br />Lease Revenue Bonds: <br />1997 City Hall and Law Enforcement <br />Facility Revenue Refunding Bonds <br />2002A Public Safety Building Lease <br />Revenue Bonds <br /> <br />12/1/1997 <br /> <br />2/1/2011 <br /> <br />4.75-5.00% <br /> <br />9/1/2002 <br /> <br />2/1/2023 <br /> <br />2.00-4.85% <br /> <br />Total lease revenue bonds <br /> <br />44 <br /> <br />Original <br />Issue <br /> <br />$ 1,080,000 <br />2.100.000 <br /> <br />3.180.000 <br /> <br />2,295,000 <br /> <br />8.000.000 <br /> <br />10.295.000 <br /> <br />Payable <br />12/31/04 <br /> <br />$ 470,000 <br />1.380.000 <br /> <br />1.850.000 <br /> <br />1,570,000 <br />7.715.000 <br />9.285.000 <br />