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Elk River Municipal Utilities
<br />Elk River, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2023
<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 />Description
<br />Electric Revenue Bonds, Series 2016A
<br />Electric Revenue Bonds, Series 2018A
<br />Electric Revenue Bonds, Series 2021 B
<br />Total Revenue Bonds
<br />Authorized Interest Issue Maturity Balance at
<br />and Issued Rate Date Date Year End
<br />$ 9,755,000 2.00 - 4.00 % 07/14/16
<br />10,000,000 3.50 - 5.00 09/26/18
<br />11,810,000 2.00 - 5.00 05/13/21
<br />The annual debt service requirements to maturity for the revenue bonds are as follows:
<br />Year Ending
<br />December 31,
<br />2024
<br />2025
<br />2026
<br />2027
<br />2028
<br />2029 - 2033
<br />2034 - 2038
<br />2039 - 2043
<br />2044 - 2048
<br />2049 - 2051
<br />Total
<br />02/01/36
<br />08/01/48
<br />08/01/51
<br />Principal Interest
<br />$ 7,515,000
<br />9,025,000
<br />11,420,000
<br />$ 27,960,000
<br />Total
<br />$ 955,000
<br />$ 849,381
<br />$ 1,804,381
<br />990,000
<br />811,306
<br />1,801,306
<br />1,035,000
<br />774,406
<br />1,809,406
<br />1,075,000
<br />738,256
<br />1,813,256
<br />1,105,000
<br />700,606
<br />1,805,606
<br />6,130,000
<br />2,909,631
<br />9,039,631
<br />5,730,000
<br />1,938,006
<br />7,668,006
<br />4,340,000
<br />1,279,006
<br />5,619,006
<br />4,985,000
<br />630,856
<br />5,615,856
<br />1,615,000
<br />73,240
<br />1,688,240
<br />$ 27,960,000 $ 10,704,694 $ 38,664,694
<br />In 2023, annual principal and interest payment on the bonds required about 4.1 percent of revenues from the Electric fund.
<br />The principal and interest paid and total customer revenues for the Electric fund were $1,800,756 and $44,450,739,
<br />respectively.
<br />40
<br />105
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