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Elk River Municipal Utilities <br />Elk River, Minnesota <br />Notes to the Financial Statements <br />December 31, 2021 <br /> <br />Note 2: Detailed Notes on All Funds (Continued) <br />The annual debt service requirements to maturity for the general obligation revenue bonds are as follows: <br /> <br />In 2021, annual principal and interest payment on the bonds required about 0.7% percent of revenues from the Electric <br />fund. The principal and interest paid and total customer revenues for the Electric fund were $285,600 and $40,760,944, <br />respectively. <br /> <br />In 2021, annual principal and interest payment on the bonds required about 11.0% percent of revenues from the Water <br />fund. The principal and interest paid and total customer revenues for the Water fund were $343,874 and $3,120,660, <br />respectively. <br /> <br />Revenue Bonds <br />The revenue bonds were issued to facilitate the membership buy-in with MMPA and construction of major capital <br />facilities, and are to be repaid from future revenue pledged from the Electric fund. They will be retired from net revenues <br />of the fund. <br />Interest <br />AuthorizedIssueMaturityBalance at <br />DescriptionRate <br />and IssuedDateDateYear End <br />Electric Revenue Bonds, Series 2016A$ 9,755,0002.00 - 4.00%07/14/1602/01/36$ 8,465,000 <br />Electric Revenue Refunding <br />Bonds, Series 2016B 1,370,0002.00 - 4.0007/14/1602/01/22 240,000 <br />Electric Revenue Bonds, Series 2018A 10,000,0003.50 - 5.0009/26/1808/01/48 9,415,000 <br />Electric Revenue Bonds, Series 2021B 11,810,0002.00 - 5.0005/13/2108/01/51 11,810,000 <br />Total Revenue Bonds$ 29,930,000 <br /> <br /> <br />38 <br />110 <br />