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<br />CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2007
<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 />2007, were as follows:
<br />Year Ending Dec. 31
<br />2008
<br />2009
<br />2010
<br />2011
<br />2012
<br />2013
<br />Total minimum lease payments
<br />Less: amount representing interest
<br />Present value of minimum lease payments
<br />G. Long-term Debt
<br />Governmental
<br />Activities
<br />$ 219,592
<br />301,344
<br />246,543
<br />183,908
<br />90,000
<br />1,590,000
<br />2,631,387
<br />(508,295)
<br />$ 2,123,092
<br />Long-term debt obligations outstanding at year end are summarized as follows:
<br />PRIMARY GOVERNMENT
<br />GOVERNMENTAL ACTIVITIES:
<br />General Obligation Bands:
<br />2D06C G.O. Capital Improvement Bonds
<br />2007D EllA G.O. Bands
<br />Total general obligation bonds
<br />Genera] Obligation Revenue Bonds:
<br />I994C G.O. S[orm Sewer Revenue Bonds
<br />1996C G.O.Icc Arena Bonds
<br />To[al general obligation revenue bonds
<br />Lease Revenue Bonds:
<br />1997 City Hall and Law Enforcement
<br />Facility Revenue Refimding Bonds
<br />2002A Public Safety Building Lease
<br />Revenue Bonds
<br />Total lease revenue bonds
<br />Special Assessment Bonds:
<br />1998A G.O. Improvement Bonds
<br />2003A G.D. Improvement Bonds
<br />2005A G.O. Improvement Bonds
<br />20D7C G.O. Improvement Bands
<br />Tots] special assessment bonds
<br />Issue Maturity Interest Authorized Payable
<br />Date Dale Rate and Issued 12/31/07
<br />12/14/2006 2/1/2027 3.80.4.05% $ 3,22D,DD0 $ 3,220,000
<br />11/8/2007 2/1/2033 3.80-4.30% 10,000,000 L0,000,000
<br />13, 220, 000 l3, 220, 000
<br />6/1!1994 12/1/2009 5.40-5.80% 1,080;000 205,000
<br />8/1/1996 12/1/20]3 5.70% 2;]00,000 995,000
<br />3,180,000 1,200,000
<br />12/1/]997 2/]/2011 4,75-5. 00% 2,295,000 915,000
<br />9/1/2002 2/1/2023 2.00-4. 85% B,000,ODO 6,815,000
<br /> 1Q295,000 7,730,000
<br />
<br />12/1/1998 2/1/2009 3.55-4. 30% 1,375,000 145,000
<br />12/9/2003 2/1/2014 2.00-4. 00% 1,255,000 620,000
<br />6/14/2005 2/1/2016 2.75-3. 70% 1,070,000 970,000
<br />6/26/2007 2/1/2D 18 4. DD% 3,090,000 3,090,000
<br /> 6,790,000 4,825,000
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