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CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2007
<br />Note 3: DETAILED NOTES ON ALL FUNDS -CONTINUED '
<br />Long-term liability activity far the year ended Dec ember 31, 2007 was as Follows:
<br /> Beginning Ending Due Within '
<br />PRIMARY GOVERNMENT Balance Additions Reductions Balance One Year
<br />GOVERNMENTAL ACTIVITIES :
<br />Bonds payable:
<br />
<br />General obligation bonds
<br />$ 3,220,000
<br />$ 10,000,000
<br />$ -
<br />$ 13,220,000
<br />$ 85,000 '
<br />G.O. revenue bonds 1,430,000 - (230,000) 1,200,000 245,000
<br />Lease revenue bonds 8,265,000 (535,000) 7,730,000 560,000
<br />
<br />Special assessment bonds
<br />2,130,000
<br />3,090,000
<br />(395,000)
<br />4,825,000
<br />270,000 ,
<br />Tax increment bonds 827,500 - (152,500) 675,000 ]70,000
<br />Certificates of indebtedness 1,134,334 300,500 (344,484) 1,090,350 334,317
<br />Total bonds payable 17,006,834 13,390,500 (1,656,984) 28,740,350 1,664,317 '
<br />Capital leases 1,908,725 325,000 (110,633) 2,123,092 193,300
<br />Compensated absences 503,194 372,246 (322,062) 553,378 289.585
<br />Governmental activiTy
<br />long-term liabilites $ 19,418,753 $ 14,087,746 $(2,089,679) $ 31,416,820 $ 2,147,202
<br />BUSINESS-TYPE ACTIVITIES:
<br />
<br />Bands payable ,
<br />G.O. revenue bonds $ 14,200,000 $ 2,875,000 $ (920,000) $ 16,155,000 $ 1,330,000
<br />Certificates of indebtedness 125,000 - (125,000) - -
<br />
<br />Total bonds payable
<br />14,325,000
<br />2,875,000
<br />(1,045,000)
<br />16,155,000
<br />1,33Q000 '
<br />Notes payable 3,066,820 - (187,766) 2,879,054 177,060
<br />Compensated absences 314,964 249,498 (216,598) 347,864 213,370
<br />
<br />Business-type activity '
<br />long-term liabilities $ 17,706,784 $ 3,124,498 $(1,449.364) $ 19,381,918 $ 1,720,430
<br />Total primary government ,
<br />long-term liabilities $ 37.125.537 $ 17,212,244 $(3,539.0431 $ 50,798,738 $ 3,867,632
<br />
<br />COMPONENT UNIT
<br />Contract for deed $ 504,000 $ $ (43,964) $ 460,036 $ 91.925
<br /> '
<br />For the governmental activities, bo nds payable can be summarized in the following cat egories:
<br />The general obligation bonds were used to construct a library and finance the construction of a recreation facility. '
<br />The recreation facility will be leased to the YMCA, which has pledged to pay one-third of the $10,000,000 bonds in
<br />addition to a $2,000;000 grant awarded by the county. The bonds are genera] obligations of the City and are backed
<br />by its full faith and credit.
<br />The general obligation revenue bonds were used for the construction of various drainage projects and expansion of
<br />an indoor ice arena, The bonds are payable from revenues but are backed by the full faith and credit of the City.
<br />The lease revenue bonds were used for the construction of city hall and a public safety building and the expansion of
<br />city hall. The bonds are payable from annual lease payments received by the EDA from the City.
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