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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 />C. Future Minimum Debt Payments
<br />Annual debt service requirements to maturity for long-term obligations are as follows:
<br />Primary
<br />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 />2021
<br />$ 7,015,000 $
<br />534,715
<br />$ 805,000 $
<br />1,111,837
<br />2022
<br />1,420,000
<br />594,105
<br />845,000
<br />1,071,588
<br />2023
<br />1,840,000
<br />529,331
<br />890,000
<br />1,029,337
<br />2024
<br />1,225,000
<br />469,804
<br />935,000
<br />984,838
<br />2025
<br />1,270,000
<br />424,905
<br />1,000,000
<br />938,087
<br />2026-2030
<br />7,060,000
<br />1,408,256
<br />5,680,000
<br />3,911,138
<br />2031-2035
<br />5,790,000
<br />494,493
<br />6,905,000
<br />2,689,337
<br />2036-2040
<br />2,650,000
<br />204,574
<br />7,960,000
<br />1,633,431
<br />2041-2044
<br />1,120,000
<br />19,973
<br />7,145,000
<br />534,875
<br />Total
<br />$ 29,390,000 $
<br />4,680,156
<br />$ 32,165,000 $
<br />13,904,468
<br />Primary Government- Business -Type Activities
<br />G.O. Revenue
<br />Bonds
<br />Revenue
<br />Bonds
<br />Notes Payable
<br />Year Ending December 31
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />Principal Interest
<br />2021
<br />$ 810,000 $
<br />309,896
<br />$ 865,000
<br />$ 621,431 $
<br />206,616 $ -
<br />2022
<br />7,875,000
<br />215,365
<br />900,000
<br />589,081
<br />209,124 -
<br />2023
<br />645,000
<br />89,935
<br />680,000
<br />560,531
<br />- -
<br />2024
<br />520,000
<br />82,235
<br />705,000
<br />535,906
<br />- -
<br />2025
<br />530,000
<br />76,985
<br />730,000
<br />510,331
<br />- -
<br />2026-2030
<br />2,715,000
<br />302,380
<br />4,030,000
<br />2,205,738
<br />- -
<br />2031-2035
<br />2,915,000
<br />119,235
<br />4,650,000
<br />1,569,925
<br />- -
<br />2036-2040
<br />-
<br />-
<br />2,580,000
<br />914,706
<br />- -
<br />2041-2045
<br />-
<br />-
<br />2,275,000
<br />534,069
<br />- -
<br />2046-2049
<br />1,570,000
<br />115,095
<br />Total
<br />$ 16,010,000 $
<br />1,196,031
<br />$ 18,985,000
<br />$ 8,156,813 $
<br />415,740 $
<br />(58)
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