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CITY OF ELK RIVER <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 <br />NOTE 6 INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS (CONTINUED) <br />Interfund Transfers (Continued) <br />Fund Transfer In Transfer Out <br />Proprietary Funds: <br />Municipal Liquor <br />Sewer <br />Garbage <br />Storm Water <br />Electric <br />Total <br />$ 714,855 <br />150,000 <br />48,000 <br />15,000 <br />1,157,445 <br />$ 2,085,300 <br />Interfund transfers are used to provide additional capital funding or to move revenues from <br />the fund with collection authorization to debt service funds as principal and interest <br />payments come due. In addition, interfund transfers are occasionally authorized to allow <br />redistribution of resources between funds for the most efficient use of funds. <br />NOTE 7 LONG-TERM DEBT <br />A. Components of Long -Term Debt <br />The City had the following long-term liabilities outstanding at December 31, 2019: <br />PRIMARY GOVERNMENT <br />Governmental Activities: <br />General Obligation Bonds Payable: <br />G.O. Capital Improvement Bonds 2010A <br />G.O. Capital Improvement Bonds 2012A <br />EDA G.O. Refunding Bonds 2013A <br />G.O. Sales Tax Revenue Bonds, <br />Series 2019A <br />Total General Obligation Bonds <br />Unamortized Bond Premiums <br />Compensated Absences <br />Total Governmental Activities <br />Final <br />Maturity Balance - <br />Issue Date Date Original Issue Interest Rate End of Year <br />04/21/10 <br />02/01/23 <br />$ 6,105,000 <br />2.00-4.00% <br />$ 2,140,000 <br />03/15/12 <br />02/01/33 <br />6,975,000 <br />1.00-2.50% <br />5,160,000 <br />02/12/13 <br />02/01/33 <br />9,685,000 <br />2.00-3.00% <br />8,665,000 <br />09/19/19 <br />12/01/44 <br />32,715,000 <br />2.50-5.00% <br />32,715,000 <br />48,680,000 <br />3,511,113 <br />1,607,604 <br />$ 53,798,717 <br />(55) <br />