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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 />The annual debt service requirements to maturity for the generator note are as follows:
<br />Year Ending
<br />December 31,PrincipalInterestTotal
<br />2020$203,952$-$203,952
<br />2021206,616-206,616
<br />2022209,124-209,124
<br />Total$619,692$-$619,692
<br />Changes inLong-termLiabilities
<br />Long-term liability activity for the year ended December 31, 2019was as follows:
<br />BeginningEndingDue Within
<br />BalanceIncreasesDecreasesBalanceOne Year
<br />Business-type Activities
<br />Bonds Payable
<br />General obligation
<br />revenue bonds$1,575,000$-$(340,000)$1,235,000$355,000
<br />Revenue bonds 20,685,000-(860,000)19,825,000840,000
<br />Unamortized premium
<br />on bonds870,336-(52,300)818,036-
<br />Total Bonds Payable, Net23,130,336-(1,252,300)21,878,0361,195,000
<br />Notes Payable820,608-(200,916)619,692203,952
<br />Compensated
<br />Absences Payable393,951292,251(291,474)394,728394,728
<br />Business-type Activity
<br />Long-term
<br />Liabilities$24,344,895$292,251$(1,744,690)$22,892,456$1,793,680
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