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1
<br /> City of Elk River Capital Assets
<br />
<br />(Net of
<br />Depreciation) '
<br /> Govern mental Business -n-pe
<br />
<br />Activities
<br />Activities
<br />Total '
<br /> 2007 2006 2007 2006 2007 2006
<br />Land $ 36,646,309 $ 36,59],200 $ 1,446,090 $ 1,446,090 $ 38,092,399 $ 38,037,290
<br />Construction in progress 8,304,502 3,168,482 2,178,964 1,184,497 10,483,466 4,752,979
<br />Buildings 17,973,686 14,494,586 9,422,623 9,866,625 27,396,309 24,361,211
<br />Other improvements 2,795,468 2,003,718 - - 2,795,468 2,003,718
<br />Equipment 3,715,564 3,521,841 27),060 321,690 3,990,624 3,843,531
<br />Infrastructure 40,163,]41 41,591,842 65,409749 63,583647 105,572,890 108,175,0.89
<br />Total $ 109,598.670 $ 101,371,669 $ 78,732,486 $ 76,802,549 $ 188,331.156 $ 178,174,218
<br />Additional information on the City's capital assets can be found in Note 3D on pages 49 - 51 of this report. '
<br />Long-term debt. At the end of the current fiscal year, the City had total long-term debt outstanding of $50,798,738, an
<br />increase of $13,673,201 from 2006. General obligation improvement bonds ($13,220,000) were issued to finance the '
<br />construction of a library and a recreation facility. General obligation revenue bonds ($17,355,000) were used to finance the
<br />construction of an ice arena, a liquor store, and sewer, water and electric systems. Lease revenue bonds ($7,730,000) were
<br />used to finance the construction of a public safety/city hall facility. Special assessment bonds ($4,825,000) financed
<br />improvement projects within the City and are assessed to the benefiting properties. Tax increment bonds ($675,000) t
<br />financed the City's economic development program. Certificates of indebtedness ($1,090,350) financed capital equipment
<br />purchases.
<br />Additional long-term debt in the amount of $2,123,092 is for capital leases, $2,879,054 is for notes payable and $901,242 is ,
<br />for compensated absences.
<br /> City of Elk River Outstanding Debt ,
<br /> Gove mmental Business-type
<br /> Activities Activities To tal
<br /> 2007 2006 2007 2006 2007 2006
<br />Bonds payable:
<br />G.O. bonds $ 13,220,000 $ 3,220,000 S - $ - $ 13,22Q000 $ 3,220,000
<br />G.O. revenue bonds 1,200,000 ],430,000 16,li5,000 14,200,000 17,355,000 15,630,000
<br />Leaserevenuebonds 7,730,000 8,265,000 - - 7,730,000 8,265,000
<br />Special assessment bonds 4,825,000 2,130,000 - - 4,825,000 2,f3QDOD
<br />
<br />Tax increment bonds
<br />675;000
<br />827,500
<br />- -
<br />675,000
<br />827,500 '
<br />Certificates of indebtedness ],090,350 1,134,334 - 125,000 1,090,350 1,259,334
<br />Total bonds payable 28,740,350 17,006,834 16,155,000 14,325,000 44,895,350 31,331,834
<br />Capital leases 2,123,092 1,908,725 - - 2,123,092 1,908,725
<br />Notes payable - - 2,879,054 3,066;820 2,879,054 3,066,820
<br />Compensated absences 553,378 503,194 347,854 314,964 90].242 8]8,158
<br />
<br />Total $ 31,416,820 $ 19,418,753 $ 19,381,918 $ ]7,706,784 $ 50,798,738 $ 37,125,537
<br />
<br />The City maintains a bond rat ing of Aa3 from Moody's for general obligation debt. '
<br /> 17 '
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