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Elk River Municipal Utilities
<br />Elk River, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2022
<br />Note 2: Detailed Notes on All Funds (Continued)
<br />Depreciation expense was charged to functions/programs of the Utilities as follows:
<br />Business -type Activities
<br />Electric
<br />Water
<br />Total Depreciation Expense - Business -type Activities
<br />Construction Commitment
<br />The Utilities had the following outstanding construction commitment at December 31, 2022:
<br />Project
<br />Field Service Project - RJM Construction
<br />D. Long-term Debt
<br />General Obligation Revenue Bonds
<br />2022
<br />$ 3,062,751
<br />1,117,357
<br />$ 4,180,108
<br />Spent Remaining
<br />to Date Commitment
<br />$ 11,792,320 $ 466,351
<br />The City of Elk River issues general obligation bonds to provide funds for the acquisition and construction of major capital
<br />facilities. The following bonds are to be paid out of Utilities' revenues and are backed by the full faith and credit of the
<br />City.
<br />Description
<br />G.O. Water Revenue
<br />Bonds, Series 2021 C
<br />Authorized Interest Issue Maturity Balance at
<br />andlssued Rate Date Date Year End
<br />1,615,000 2.00 - 4.00 % 06/10/21 08/01 /41 $ 1,565,000
<br />The annual debt service requirements to maturity for the general obligation revenue bonds are as follows:
<br />Year Ending
<br />December 31,
<br />2023
<br />2024
<br />2025
<br />2026
<br />2027
<br />2028 - 2032
<br />2033 - 2037
<br />2038 - 2041
<br />Total
<br />Principal
<br />Interest Total
<br />$ 60,000
<br />$ 44,000
<br />$ 104,000
<br />60,000
<br />41,600
<br />101,600
<br />65,000
<br />39,200
<br />104,200
<br />70,000
<br />36,600
<br />106,600
<br />70,000
<br />33,800
<br />103,800
<br />395,000
<br />124,400
<br />519,400
<br />450,000
<br />66,900
<br />516,900
<br />395,000
<br />19,900
<br />414,900
<br />$ 1,565,000
<br />$ 406,400
<br />$ 1,971,400
<br />In 2022, annual principal and interest payment on the bonds required about 12.6% percent of revenues from the Water
<br />fund. The principal and interest paid and total customer revenues for the Water fund were $377,444 and $2,988,835
<br />respectively.
<br />38
<br />121
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