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Elk River Municipal Utilities
<br />Elk River, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2024
<br />Note 2: Detailed Notes on All Funds (Continued)
<br />Depreciation expense was charged to functions/programs of the Utilities as follows:
<br />Business -type Activities
<br />Electric
<br />Water
<br />Total Depreciation Expense - Business -type Activities
<br />D. Long-term Debt
<br />General Obligation Revenue Bonds
<br />,)n)a
<br />$ 3,317,829
<br />1,223,033
<br />$ 4,540,862
<br />The City of Elk River issues general obligation bonds to provide funds for the acquisition and construction of major capital
<br />facilities. The following bonds are to be paid out of Utilities' revenues and are backed by the full faith and credit of the
<br />City.
<br />Authorized Interest Issue Maturity Balance at
<br />Description and Issued Rate Date Date Year End
<br />G.O. Water Revenue
<br />Bonds, Series 2021 C 1,615,000 2.00 - 4.00 % 06/10/21 08/01 /41 $ 1,445,000
<br />The annual debt service requirements to maturity for the general obligation revenue bonds are as follows:
<br />Year Ending
<br />December 31, Principal Interest Total
<br />2025
<br />$ 65,000 $
<br />39,200
<br />$ 104,200
<br />2026
<br />70,000
<br />36,600
<br />106,600
<br />2027
<br />70,000
<br />33,800
<br />103,800
<br />2028
<br />75,000
<br />31,000
<br />106,000
<br />2029
<br />75,000
<br />28,000
<br />103,000
<br />2030 - 2034
<br />420,000
<br />97,500
<br />517,500
<br />2035 - 2039
<br />470,000
<br />48,700
<br />518,700
<br />2040 - 2041
<br />200,000
<br />6,000
<br />206,000
<br />Total
<br />$ 1,445,000 $
<br />320,800
<br />$ 1,765,800
<br />In 2024, annual principal and interest payment on the bonds required about 3.5 percent of revenues from the Water fund.
<br />The principal and interest paid and total customer revenues for the Water fund were $101,600 and $2,907,113,
<br />respectively.
<br />39
<br />102
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