7.5. SR 06-04-2007 - Laserfiche WebLink

Home Browse Search

CITY OF ELK RIVER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2006 Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED Long-term liability activity for the year ended December 31, 2006 was as follows: For the governmental activities, bonds payable can be summarized in the following categories: The general obligation capital improvement bonds will be used to construct a new library. The bonds are general obligations of the City and are backed by its full faith and credit. The general obligation revenue bonds were used for the construction of various drainage projects and expansion of an indoor ice arena. The bonds are payable from revenues but are backed by the full faith and credit of the City. The lease revenue bonds were used for the construction of city hall and a public safety building and the expansion of city hall. The bonds are payable from annual lease payments received by the EDA from the City. The special assessment bonds are used to finance assessable improvements within the City. The bonds are payable primarily from special assessments levied against properties benefited by the improvements. In addition, the bonds are general obligations of the City and are backed by its full faith and credit. The tax increment bonds are used to finance land acquisition and other public costs to facilitate development within the tax increment district. The bonds are payable from tax increment revenues generated by existing and new development within the district. In addition, the bonds are general obligations of the City and are backed by its full faith and credit. The certificates of indebtedness are used to finance the purchase of capital equipment. The certificates are general obligations backed by the full faith and credit of the City. 52