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NOTE 7
<br />CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2020
<br />LONG-TERM DEBT (CONTINUED)
<br />A. Components of Long -Term Debt (Continued)
<br />The revenue bonds were issued to finance the acquisition and construction of major
<br />capital facilities and are to be repaid from future revenues pledged from the Electric
<br />fund. Annual principal and interest payment on the bonds required about 4% of
<br />revenues from the Electric fund.
<br />In 2020, the City issued $7,200,000 G.O. Sewer Revenue Refunding Bonds, Series
<br />2020C. The bonds will be used, in 2022, to refund the remaining balance of the
<br />City's 2014B Sewer Revenue Bonds.
<br />Subsequent Debt Issuances
<br />In April 2021, the City issued $4,805,000 in G.O. Capital Improvement Plan and
<br />Equipment Bonds, Series 2021A. The proceeds of the bonds will be used to finance
<br />the construction of various improvements identified in the City's 2020-2025 Capital
<br />Improvement plan and the purchase of capital equipment.
<br />Revenues Pledged:
<br />Landfill Generator Note: The City also issued a promissory note to provide for the
<br />construction of a landfill gas generator. The note is to be paid from revenue of the
<br />system and is secured by the facility.
<br />The City's outstanding note from direct borrowings related to governmental activities
<br />contain provisions that in an event of default, the note may be come due in full
<br />immediately.
<br />B. Changes in Long -Term Debt
<br />Long-term liability activity for the year ended December 31, 2020 was as follows:
<br />PRIMARY GOVERNMENT
<br />Governmental Activities:
<br />General Obligation Bonds
<br />General Obligation Sales Tax
<br />Revenue Bonds
<br />Unamortized Bond Premiums
<br />Total Bonds Payable
<br />Compensated Absences
<br />Total Governmental Activities
<br />Business -Type Activities:
<br />General Obligation Revenue Bonds
<br />Revenue Bonds
<br />Unamortized Bond Premiums
<br />Total Bonds Payable
<br />Note from Direct Borrowing - Generator Note
<br />Compensated Absences
<br />Total Business -Type Activities
<br />Total Primary Government
<br />Beginning
<br />End of
<br />Due Within
<br />of Year
<br />Additions
<br />Retirements
<br />Year
<br />One Year
<br />$ 15,965,000
<br />$ 14,775,000
<br />$ (1,350,000) $
<br />29,390,000
<br />$ 7,015,000
<br />32,715,000
<br />-
<br />(550,000)
<br />32,165,000
<br />805,000
<br />3,511,113
<br />1,364,913
<br />(167,481)
<br />41708,545
<br />52,191,113
<br />16,139,913
<br />(2,067,481)
<br />66,263,545
<br />7,820,000
<br />1,607,604
<br />747,583
<br />(644,219)
<br />1,710,968
<br />711,447
<br />53,798,717
<br />16,887,496
<br />(2,711,700)
<br />67,974,513
<br />8,531,447
<br />9,595,000
<br />7,200,000
<br />(785,000)
<br />16,010,000
<br />810,000
<br />19,825,000
<br />-
<br />(840,000)
<br />18,985,000
<br />865,000
<br />818,036
<br />34,705
<br />(52,296)
<br />800,445
<br />30,238,036
<br />7,234,705
<br />(1,677,296)
<br />35,795,445
<br />1,675,000
<br />619,692
<br />-
<br />(203,952)
<br />415,740
<br />206,616
<br />491,365
<br />496,934
<br />(446,005)
<br />542,294
<br />492,536
<br />31,349,093
<br />7,731,639
<br />(2,327,253)
<br />36,753,479
<br />2,374,152
<br />$ 85,147,810
<br />$ 24,619,135
<br />$ (5,038,953) $
<br />104,727,992
<br />$ 10,905,599
<br />(57)
<br />
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