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CITY OF ELK RIVER
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2019
<br />NOTE 7 LONG-TERM DEBT (CONTINUED)
<br />A. Components of Long -Term Debt (Continued)
<br />Revenues Pledged:
<br />Landfill Generator Note: The City also issued a promissory note to provide for the
<br />construction of a landfill gas generator. The note is to be paid from revenue of the
<br />system and is secured by the facility.
<br />The City's outstanding note from direct borrowings related to governmental activities
<br />contain provisions that in an event of default, the note may be come due in full
<br />immediately.
<br />B. Changes in Long -Term Debt
<br />Long-term liability activity for the year ended December 31, 2019 was as follows:
<br />PRIMARY GOVERNMENT
<br />Governmental Activities:
<br />General Obligation Bonds
<br />General Obligation Sales Tax
<br />Revenue Bonds
<br />Unamortized Bond Premiums
<br />Total Bonds Payable
<br />Compensated Absences
<br />Total Governmental Activities
<br />Business -Type Activities:
<br />General Obligation Revenue Bonds
<br />Revenue Bonds
<br />Unamortized Bond Premiums
<br />Total Bonds Payable
<br />Note from Direct Borrowing - Generator Note
<br />Compensated Absences
<br />Total Business -Type Activities
<br />Total Primary Government
<br />Beginning
<br />End of
<br />Due Within
<br />of Year
<br />Additions
<br />Retirements
<br />Year
<br />One Year
<br />$ 17,280,000
<br />$ -
<br />$ (1,315,000)
<br />$ 15,965,000
<br />$ 1,350,000
<br />-
<br />32,715,000
<br />-
<br />32,715,000
<br />550,000
<br />352,016
<br />3,234,515
<br />(75,418)
<br />3,511,113
<br />-
<br />17,632,016
<br />35,949,515
<br />(1,390,418)
<br />52,191,113
<br />1,900,000
<br />1,579,967
<br />645,048
<br />(617,411)
<br />1,607,604
<br />644,219
<br />19,211,983
<br />36,594,563
<br />(2,007,829)
<br />53,798,717
<br />2,544,219
<br />10,355,000
<br />-
<br />(760,000)
<br />9,595,000
<br />785,000
<br />20,685,000
<br />(860,000)
<br />19,825,000
<br />840,000
<br />870,336
<br />(52,300)
<br />818,036
<br />-
<br />31,910,336
<br />(1,672,300)
<br />30,238,036
<br />1,625,000
<br />820,608
<br />(200,916)
<br />619,692
<br />203,952
<br />504,447
<br />234,099
<br />(247,181)
<br />491,365
<br />446,005
<br />33,235,391
<br />234,099
<br />(2,120,397)
<br />31,349,093
<br />2,274,957
<br />$ 52,447,374 $ 36,828,662 $ (4,128,226) $ 85,147,810 $ 4,819,176
<br />C. Future Minimum Debt Payments
<br />Annual debt service requirements to maturity for long-term obligations are as follows:
<br />Primary Government - Governmental Activities
<br />G.O. Bonds
<br />G.O. Sales Tax Revenue Bonds
<br />Year Ending December 31,
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />2020
<br />$ 1,350,000 $
<br />388,863
<br />$ 550,000 $
<br />1,367,205
<br />2021
<br />1,390,000
<br />351,163
<br />805,000
<br />1,111,837
<br />2022
<br />1,430,000
<br />312,262
<br />845,000
<br />1,071,588
<br />2023
<br />1,470,000
<br />272,162
<br />890,000
<br />1,029,337
<br />2024
<br />925,000
<br />242,563
<br />935,000
<br />984,838
<br />2025-2029
<br />4,940,000
<br />906,488
<br />5,440,000
<br />4,171,187
<br />2030-2034
<br />4,460,000
<br />252,319
<br />6,680,000
<br />2,915,038
<br />2035-2039
<br />-
<br />-
<br />7,755,000
<br />1,838,244
<br />2040-2044
<br />-
<br />-
<br />8,815,000
<br />782,400
<br />Total
<br />$ 15,965,000 $
<br />2,725,820
<br />$ 32,715,000 $
<br />15,271,674
<br />(57)
<br />
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