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<br /> 78
<br />City of Elk River
<br />Notes to Basic Financial Statements
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<br />NOTE 9 – LONG-TERM DEBT (CONTINUED)
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<br />D. Minimum Debt Payments
<br />Minimum annual principal and interest payments required to retire long-term liabilities:
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<br />Primary Government
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<br /> Year Ending
<br /> December 31, Principal Interest Principal Interest Principal Interest
<br />2024 1,470,000$ 589,285$ 935,000$ 984,838$ 113,628$ 4,167$
<br />2025 1,530,000 531,760 1,000,000 938,088 115,099 2,696
<br />2026 1,590,000 473,060 1,030,000 888,088 54,996 1,192
<br />2027 1,640,000 412,616 1,080,000 836,588 11,411 67
<br />2028 1,705,000 353,966 1,135,000 782,588 - -
<br />2029-2033 9,085,000 1,024,443 6,450,000 3,145,788 - -
<br />2034-2038 3,580,000 418,540 7,550,000 2,045,056 - -
<br />2039-2043 3,085,000 112,490 8,580,000 1,014,725 - -
<br />2044 - - 1,865,000 55,950 - -
<br />Total 23,685,000$ 3,916,160$ 29,625,000$ 10,691,709$ 295,134$ 8,122$
<br /> Year Ending
<br /> December 31, Principal Interest Principal Interest Principal Interest
<br />2024 580,000$ 123,835$ 955,000$ 849,381$ 9,481$ 805$
<br />2025 595,000 116,185 990,000 811,306 9,754 533
<br />2026 605,000 108,260 1,035,000 774,406 10,035 252
<br />2027 605,000 100,110 1,075,000 738,256 3,409 20
<br />2028 620,000 91,910 1,105,000 700,606 - -
<br />2029-2033 3,225,000 312,740 6,130,000 2,909,631 - -
<br />2034-2038 1,655,000 78,195 5,730,000 1,938,006 - -
<br />2039-2043 300,000 12,000 4,340,000 1,279,006 - -
<br />2044-2048 - - 4,985,000 630,856 - -
<br />2049 - - 1,615,000 73,240 - -
<br />Total 8,185,000$ 943,235$ 27,960,000$ 10,704,694$ 32,679$ 1,610$
<br />G.O. Revenue Bonds Revenue Bonds Lease Liability
<br />G.O. Revenue BondsG.O. Bonds Lease Liability
<br />Governmental Activities
<br />Business-Type Activities
<br />E. Lease Liability
<br />The City entered into lease agreements for copiers, a mail machine, body cameras, fleet cameras,
<br />and tasers. The lease agreements include annual principal and interest payments as noted above.
<br />Interest and discount rates on the lease agreements range from 0.36% to 2.84%.
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