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Minnesota Municipal Power Agency
<br />Notes to Financial Statements
<br />December 31, 2022 and 2021
<br />Note 4: Long -Term Liabilities - Continued
<br />The Agency has an agreement with the City of Chaska to purchase capacity, described more fully in
<br />Note 1. The agreement is without collateral. A portion of the payments under this agreement are
<br />accounted for as a lease. The Agency also has an equipment lease agreement with the City of Chaska.
<br />Future minimum payments under these agreements are as follows:
<br />Year
<br />2023
<br />2024
<br />2025
<br />2026
<br />2027
<br />2028-2031
<br />Pr
<br />$ 1,349,140
<br />1,428,066
<br />1,511,659
<br />1,600,198
<br />1,693,975
<br />6,397,637
<br />$ 13,980,675
<br />Interest
<br />$ 763,430
<br />684,504
<br />600,910
<br />512,372
<br />418,595
<br />644,264
<br />$ 3,624,075
<br />Executory
<br />Costs
<br />$ 435,808
<br />435,808
<br />435,808
<br />435,808
<br />435,808
<br />1,504,324
<br />$ 3,683,364
<br />$ 2,548,378
<br />2,548,378
<br />2,548,377
<br />2,548,378
<br />2,548,378
<br />8,546,225
<br />$ 21,288,114
<br />Long-term liability activity for the years ended December 31, 2022 and 2021 was as follows:
<br />Beginning Ending Due Within
<br />December 31. 2022 Balance Additions Reductions Balance One Year
<br />Long-term bonds
<br />$
<br />158,266,667
<br />$
<br />$ (8,613,334)
<br />$
<br />149,653,333
<br />$
<br />8,988,333
<br />Add unamortizedpremium
<br />17,834,005
<br />(1,145,619)
<br />16,688,386
<br />-
<br />Long-term bonds, net
<br />176,100,672
<br />(9,758,953)
<br />166,341,719
<br />8,988,333
<br />Lease liability
<br />15,255,293
<br />(1,274,618)
<br />13,980,675
<br />1,349,140
<br />Total long-term liabilities
<br />$
<br />191,355,965
<br />$
<br />$ (11,033,571)
<br />$
<br />180,322,394
<br />$
<br />10,337,473
<br />Beginning
<br />Ending
<br />Due Within
<br />December 31, 2021
<br />Balance
<br />Additions
<br />Reductions
<br />Balance
<br />One Year
<br />Long-term bonds
<br />$
<br />166,535,000
<br />$
<br />$ (8,268,333)
<br />$
<br />158,266,667
<br />$
<br />8,613,333
<br />Add unamortizedpremium
<br />18,979,624
<br />(1,145,619)
<br />17,834,005
<br />-
<br />Long-term bonds, net
<br />185,514,624
<br />(9,413,952)
<br />176,100,672
<br />8,613,333
<br />Lease liability
<br />16,460,817
<br />(1,205,524)
<br />15,255,293
<br />1,274,619
<br />Total long-term liabilities
<br />$
<br />201,975,441
<br />$
<br />$ (10,619,476)
<br />$
<br />191,355,965
<br />$
<br />9,887,952
<br />25
<br />163
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