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Elk River Municipal Utilities <br />Elk River, Minnesota <br />Notes to the Financial Statements <br />December 31, 2019 <br />Note 2:Detailed Notes on All Funds (Continued) <br />Depreciation expense was charged to functions/programs of the Utilities as follows: <br />2019 <br />Business-type Activities <br />Electric$2,856,258 <br />Water1,147,149 <br />Total Depreciation Expense - Business-type Activities$4,003,407 <br />C.Long-term Debt <br />GeneralObligation Revenue Bonds <br />The Cityof Elk Riverissues general obligation bonds to provide funds for the acquisition and constructionof major capital <br />facilities.The following bonds are to be paid out of Utilities’ revenues and are backed by the full faith and credit of the City. <br />Interest <br />AuthorizedIssueMaturityBalance at <br />DescriptionRate <br />and IssuedDateDateYear End <br />G.O. Water Revenue <br />Refunding Bonds of 2008$3,085,0002.75 - 3.65%02/20/0802/01/22$780,000 <br />G.O. Capital Improvement <br />Plan Bonds of 2010A1,265,0002.00 - 4.0004/21/1002/01/23455,000 <br />Total G.O. Revenue Bonds$1,235,000 <br />The annual debt service requirementsto maturity for the general obligation revenuebonds are as follows: <br />Year Ending <br />December 31,PrincipalInterest Total <br />2020$355,000$39,498$394,498 <br />2021370,00026,270396,270 <br />2022385,00012,228397,228 <br />2023125,0002,499127,499 <br />Total$1,235,000$80,495$1,315,495 <br />In 2019, annual principal and interest payment on the bonds required about 0.3%percent of revenues from the Electric <br />fund. The principal and interest paid and total customer revenues for the Electric fund were$96,160 and $38,094,633, <br />respectively. <br />In 2019, annual principal and interest payment on the bonds required about 12.8%percent of revenues from the Water <br />fund.The principal and interest paid and total customer revenues for the Water fund were$295,830and$2,303,670, <br />respectively. <br />37 <br />127 <br />