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CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2020
<br />NOTE 6 INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS (CONTINUED)
<br />Interfund Transfers (Continued)
<br />Fund
<br />Proprietary Funds:
<br />Municipal Liquor
<br />Sewer
<br />Garbage
<br />Storm Water
<br />Electric
<br />Total
<br />Transfer In
<br />$ 14,205
<br />20,780
<br />$ 34,985
<br />Transfer Out
<br />$ 755,147
<br />155,000
<br />50,000
<br />15,500
<br />1,340,218
<br />$ 2,315,865
<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, 2020:
<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 />G.O. Capital Improvement Bonds 2020A
<br />G.O. Capital Improvement Refunding Bonds 2020B
<br />Total General Obligation Bonds
<br />Unamortized Band Premiums
<br />Compensated Absences
<br />Total Governmental Activities
<br />Final
<br />Maturity
<br />Balance -
<br />Issue Date
<br />Date
<br />Original Issue
<br />Interest Rate
<br />End of Year
<br />04/21/10
<br />02/01/23
<br />$ 6,105,000
<br />2.00-4.00%
<br />$ 1,635,000
<br />03/15/12
<br />02/01/33
<br />6,975,000
<br />1.00-2.50%
<br />4,840,000
<br />02/12/13
<br />02/01/33
<br />9,685,000
<br />2.00-3.00%
<br />8,140,000
<br />09/19/19
<br />12/01/44
<br />32,715,000
<br />2.50-5.00%
<br />32,165,000
<br />12/29/20
<br />02/01/42
<br />9,435,000
<br />1.00-5.00%
<br />9,435,000
<br />12/29/20
<br />02/01/33
<br />5,340,000
<br />1.00-5.00%
<br />5,340,000
<br />61, 555,000
<br />4,708,545
<br />1,710,968
<br />$ 67,974,513
<br />(55)
<br />
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