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<br />Including the city's lease debt, the city's 4.4% overall debt burden is above the state median of 3.4%, and <br />largely refiects the needs of a growing region, including overlapping entities, such as Elk River Independent <br />School District The city's direcl debt level of 1.1% is more manageable, with a portion of direct debt <br />supported by special assessments and enterprise system revenues, thus further mitigating the impact on <br />taxpayers. The city expects to issue over the near term for ongoing capital and infrastructure needs, including <br />approximately $12 million in general obligation debt for a recent voter-approved bond referendum for a new <br />YMCA facility, and approximately $2 million for an electric utility system expansion. Given relatively quick <br />principal amortization (76% retired in ten years), sustained tax base growth, significant supporting revenue <br />streams (a sizeable portion Is backed by special assessments on affected property), Moody's believes the <br />city's debt profile should remain manageable over the near to medium term. <br /> <br />KEY STATISTICS <br /> <br />2007 Population (Estimate): 21,547 <br /> <br />2006 Full Value: $2.4 billion <br /> <br />2006 Full Value Per Capita: $111,434 <br /> <br />2000 Per Capita Income, as a % of state: 94.0% <br /> <br />2000 Median Family Income. as a % of state: 115.1 % <br /> <br />2000 Median Home Value, as a % of US: 121.1 % <br /> <br />Direct debt burden: 1.1 % <br /> <br />Overall debt burden: 4.4% <br /> <br />Principal amortization, in ten years 76.1% <br /> <br />Fiscal 2006 General Fund Balance: $4.8 million (44% of revenues) <br /> <br />Post-sale general obligation debt outstanding, including current issue: $17.8 million <br /> <br />Analysts <br /> <br />Molly Shellhom <br />Analyst <br />Public Finance Group <br />Moody's Investors Service <br /> <br />Rachel Cortez <br />Backup Analyst <br />Public Finance Group <br />Moody's Investors Service <br /> <br />Edwa rd Damutz <br />Senior Credit Officer <br />Public Finance Group <br />Moody's Investors Service <br /> <br />Contacts <br /> <br />Journalists: (212) 553-0376 <br />Research Clients: (212) 553-1653 <br /> <br />@'Copyriiihi-2667:"Mo'ody'lsmln've5tors~SeiVfce';"fn;:'and/or itS"'Hce'n's'ors'Inc'luding MOCKf}i's'A's's'ura"nce"'Com-pany. lric~ <br />(together, "MOODY'S"). All rights reserved. <br /> <br />ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE or SUCH iNFORMATION i\-1AY 8E <br />COPfED OR OTHERWfSE REPRODUCED, REPACKAGED, fURTHE.R TRANSMITTED, TRANSFERRED, DIS$f::f'.1fNATED, <br />R[DISTRIBUTED OR RESOl.D, OR STOIlED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE., IN WHOLE OR IN PART, IN ANY <br />FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY AN'{ PERSON WITHOUT HOODY'S f)RIOR WRITTEN CONSENT. AI! <br />information mnt.i.'lined herein is obtained by MOODY'S from $ourC(~s believed by it to be accurate and reliable. Because of the <br />possibility of human or mecnanic;al error .:1S well as other factors, however, such information is provided "as is" without warranty <br />of any kind and MOODY'S, in particular, mak(:s no repr~:St~nU)tion or warranty, express or impiied, as t{l the ar.Cl,Jracy, timetine~,s, <br />