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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 />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 />Interest
<br />AuthorizedIssueMaturityBalance at
<br />DescriptionRate
<br />and IssuedDateDateYear End
<br />Electric Revenue Bonds, Series 2016A$9,755,0002.00 - 4.00%07/14/1602/01/369,345,000$
<br />Electric Revenue Refunding
<br />Bonds, Series 2016B1,370,0002.00 - 4.0007/14/1602/01/22705,000
<br />Electric Revenue Bonds, Series 2018A10,000,0003.50 - 5.0009/26/1808/01/489,775,000
<br />Total Revenue Bonds$19,825,000
<br />The annual debt service requirements tomaturity for the revenue bondsare as follows:
<br />Year Ending
<br />December 31,PrincipalInterestTotal
<br />2020$840,000$652,431$1,492,431
<br />2021865,000621,4311,486,431
<br />2022900,000589,0811,489,081
<br />2023680,000560,5311,240,531
<br />2024705,000535,9061,240,906
<br />2025 - 20293,905,0002,320,5566,225,556
<br />2030 - 20344,515,0001,711,9816,226,981
<br />2035 - 20393,160,0001,016,0814,176,081
<br />2040 - 20442,200,000611,6562,811,656
<br />2045 - 20482,055,000189,5892,244,589
<br />Total$19,825,000$8,809,243$28,634,243
<br />In 2019, annual principal and interest payment on the bonds required about 3.9%percent of revenues from the Electric
<br />fund. Principal and interest paid and total customer revenues for the Electric fund were $1,484,210and $38,094,633,
<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 />Interest
<br />AuthorizedIssueMaturityBalance at
<br />DescriptionRate
<br />and IssuedDateDateYear End
<br />Landfill
<br />Generator Note$3,521,000-%03/19/0212/01/22$619,692
<br />38
<br />128
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