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CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br />Note 4: OTHER INFORMATION - CONTINUED <br />G. Prior Period Adjustment <br /> An adjustment is required for the December 31, 2005 carry forward (net asset) balance of the business-type activities to <br />adjust for the reclassification of accumulated depreciation of business-type capital assets. The following schedule <br />reconciles the December 31, 2005 net asset balance as restated: <br /> Net assets - December 31, 2005 $68,790,344 <br /> Prior period adjustment - reclass accumulated depreciation (423,256) <br /> Total net assets as restated - January 1, 2006 $68,367,088 <br />H. Subsequent Events <br /> On March 28, 2007, the City issued $2,875,000 of electric revenue bonds to finance an electric utility project. The <br />interest rate on the bonds was 4 percent and the maturity date is February 1, 2022. <br />57 <br /> <br />