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CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br />The future minimum lease obligations and the net present value of these minimum lease payments as of December 31, <br />2006, were as follows: <br />Governmental <br />Year Ending Dec. 31Activities <br />2007$ 216,157 <br />2008 1,621,977 <br />2009 117,798 <br />2010 67,063 <br />2011 7,080 <br />Total minimum lease payments 2,030,075 <br />Less: amount representing interest (121,350) <br />Present value of minimum lease payments1,908,725$ <br /> <br />F.Long-term Debt <br />The City issues general obligation bonds and equipment certificates to provide funds for the acquisition and construction <br />of major capital facilities. The reporting entity’s long-term debt is segregated between the amounts to be repaid from <br />governmental activities and amounts to be repaid from business-type activities. <br />49 <br /> <br />