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City of Elk River
<br />Notes to Basic Financial Statements
<br />NOTE 9 - LONG-TERM DEBT (CONTINUED)
<br />D. Minimum Debt Payments
<br />Minimum annual principal and interest payments required to retire long-term liabilities:
<br />Primary Government
<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 />2043-2044
<br />Total
<br />Governmental Activities
<br />G.O. Bonds
<br />G.O. Revenue Bonds
<br />Lease Liability
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />Principal Interest
<br />$ 2,075,000
<br />$ 660,810
<br />$ 890,000
<br />$ 1,029,337
<br />$ 112,697 $
<br />5,610
<br />1,470,000
<br />589,285
<br />935,000
<br />984,838
<br />113,628
<br />4,167
<br />1,530,000
<br />531,760
<br />1,000,000
<br />938,087
<br />115,099
<br />2,696
<br />1,590,000
<br />473,060
<br />1,030,000
<br />888,088
<br />54,996
<br />1,192
<br />1,640,000
<br />412,616
<br />1,080,000
<br />836,588
<br />11,411
<br />67
<br />8,970,000
<br />1,252,279
<br />6,200,000
<br />3,391,738
<br />-
<br />-
<br />4,660,000
<br />483,624
<br />7,340,000
<br />2,255,538
<br />-
<br />-
<br />3,825,000
<br />173,537
<br />8,365,000
<br />1,230,631
<br />-
<br />-
<br />-
<br />-
<br />3,675,000
<br />166,200
<br />-
<br />-
<br />$ 25,760,000
<br />$ 4,576,971
<br />$ 30,515,000
<br />$ 11,721,045
<br />$ 407,831 $
<br />13,732
<br />Business -Type Activities
<br />Year Ending
<br />G.O. Revenue Bonds
<br />Revenue Bonds
<br />Lease Liability
<br />December 31,
<br />Principal
<br />Interest
<br />Principal
<br />Interest
<br />Principal Interest
<br />2023
<br />$ 580,000
<br />$ 131,435
<br />$ 915,000
<br />$ 885,756
<br />$ 9,216 $
<br />1,070
<br />2024
<br />580,000
<br />123,835
<br />955,000
<br />849,381
<br />9,481
<br />805
<br />2025
<br />595,000
<br />116,185
<br />990,000
<br />811,306
<br />9,754
<br />533
<br />2026
<br />605,000
<br />108,260
<br />1,035,000
<br />774,406
<br />10,035
<br />252
<br />2027
<br />605,000
<br />100,110
<br />1,075,000
<br />738,256
<br />3,409
<br />20
<br />2028-2032
<br />3,175,000
<br />363,196
<br />5,925,000
<br />3,110,300
<br />-
<br />-
<br />2033-2037
<br />2,230,000
<br />111,749
<br />6,240,000
<br />2,112,463
<br />-
<br />-
<br />2038-2042
<br />395,000
<br />19,900
<br />4,225,000
<br />1,396,156
<br />-
<br />-
<br />2043-2047
<br />-
<br />-
<br />4,845,000
<br />771,688
<br />-
<br />-
<br />2048-2049
<br />-
<br />-
<br />2,670,000
<br />140,738
<br />-
<br />-
<br />Total
<br />$ 8,765,000
<br />$ 1,074,670
<br />$ 28,875,000
<br />$ 11,590,450
<br />$ 41,895 $
<br />2,680
<br />E. Lease Liability
<br />The City entered into lease agreements for copiers, a mail machine, body cameras, fleet cameras, and
<br />tasers. The lease agreements include annual principal and interest payments as noted above. Interest and
<br />discount rates on the lease agreements range from 0.36% to 2.84%.
<br />75
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