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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 />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 of
<br />the fund.
<br />Authorized
<br />Interest
<br />Issue
<br />Maturity
<br />Balance at
<br />Description
<br />and Issued
<br />Rate
<br />Date
<br />Date
<br />Year End
<br />Electric Revenue Bonds, Series 2016A
<br />$ 9,755,000
<br />2.00 - 4.00 %
<br />07/14/16
<br />02/01 /36
<br />$ 7,995,000
<br />Electric Revenue Bonds, Series 2018A
<br />10,000,000
<br />3.50 - 5.00
<br />09/26/18
<br />08/01 /48
<br />9,225,000
<br />Electric Revenue Bonds, Series 2021 B
<br />11,810,000
<br />2.00 - 5.00
<br />05/13/21
<br />08/01 /51
<br />11,655,000
<br />Total Revenue Bonds
<br />$ 28,875,000
<br />The annual debt service requirements to maturity for the 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 - 2042
<br />2043 - 2047
<br />2048 - 2051
<br />Total
<br />Principal
<br />$ 915,000
<br />955,000
<br />990,000
<br />1,035,000
<br />1,075,000
<br />5,925,000
<br />6,240,000
<br />4,225,000
<br />4,845,000
<br />2,670,000
<br />Interest
<br />$ 885,756
<br />849,381
<br />811,306
<br />774,406
<br />738,256
<br />3,110,300
<br />2,112,463
<br />1,396,156
<br />771,688
<br />140,738
<br />Total
<br />$ 1,800,756
<br />1,804,381
<br />1,801,306
<br />1,809,406
<br />1,813,256
<br />9,035,300
<br />8,352,463
<br />5,621,156
<br />5,616,688
<br />2,810,738
<br />$ 28,875,000 $ 11,590,450 $ 40,465,450
<br />In 2022, annual principal and interest payment on the bonds required about 4.7% percent of revenues from the Electric
<br />fund. The principal and interest paid and total customer revenues for the Electric fund were $2,049,201 and $43,823,056,
<br />respectively.
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