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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 />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 />Authorized
<br />Interest
<br />Issue
<br />Maturity
<br />Balance at
<br />Description
<br />and Issued
<br />Rate
<br />Date
<br />Date
<br />Year End
<br />Electric Revenue Bonds, Series 2016A
<br />$ 9,755,000
<br />2.00 - 4.00 %
<br />07/14/16
<br />02/01/36
<br />$
<br />7,020,000
<br />Electric Revenue Bonds, Series 2018A
<br />10,000,000
<br />3.50 - 5.00
<br />09/26/18
<br />08/01/48
<br />8,815,000
<br />Electric Revenue Bonds, Series 2021 B
<br />11,810,000
<br />2.00 - 5.00
<br />05/13/21
<br />08/01/51
<br />11,170,000
<br />Total Revenue Bonds
<br />$
<br />27,005,000
<br />The annual debt service requirements to
<br />maturity for the revenue bonds are as follows:
<br />Year Ending
<br />December 31,
<br />Principal
<br />Interest
<br />Total
<br />2025
<br />$
<br />990,000
<br />$ 811,306
<br />$
<br />1,801,306
<br />2026
<br />1,035,000
<br />774,406
<br />1,809,406
<br />2027
<br />1,075,000
<br />738,256
<br />1,813,256
<br />2028
<br />1,105,000
<br />700,606
<br />1,805,606
<br />2029
<br />1,140,000
<br />663,606
<br />1,803,606
<br />2030 - 2034
<br />6,330,000
<br />2,707,856
<br />9,037,856
<br />2035 - 2039
<br />5,210,000
<br />1,778,056
<br />6,988,056
<br />2040 - 2044
<br />4,460,000
<br />1,159,756
<br />5,619,756
<br />2045 - 2049
<br />4,570,000
<br />484,563
<br />5,054,563
<br />2050 - 2051
<br />1,090,000
<br />36,900
<br />1,126,900
<br />Total
<br />$
<br />27,005,000
<br />$ 9,855,311
<br />$
<br />36,860,311
<br />In 2024, annual principal and interest payment on the bonds required about 4.2 percent of revenues from the Electric fund.
<br />The principal and interest paid and total customer revenues for the Electric fund were $1,804,381 and $43,175,102,
<br />respectively.
<br />40
<br />103
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