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CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS ' <br />DECEMBER 31, 2007 <br />Note 4: OTHER INFORMATION -CONTINUED , <br />H. Subsequent Events <br />On February 20, 2008, the City issued $2,000,000 Genera] Obligation Bonds and $3,085,000 General Obligation Water ' <br />Revenue Refunding Bonds. The $2,000,000 General Obligation Bonds will be used to finance the construction of a <br />recreation facility which will be leased to the YMCA. The YMCA has pledged to pay one third of the debt service on <br />the bonds. The interest rate on the bonds was 3.375 percent and the maturity date is February 1, 2015. ' <br />On March 1, 2008, a portion of the $3,085,000 General Obligation Water Revenue Refunding Bands were used to <br />redeem the 2009 through 2014 maturities of the $820,000 General Obligation Water Revenue Bonds, Series 1998B. The <br />remaining net proceeds will be used for the callable portion of the 53,590,000 General Obligation Water Revenue Bonds, ' <br />Series 2001 A (bonds maturing in years 2011 and 2D22) to be redeemed on February 1, 2010. The City will continue to <br />pay, as due, principal and interest on the Series 2001A Bonds at [he rates and amounts specified to the call date. The <br />refunded bonds will be called and paid by the escrow account. The new refunding bonds have an average coupon rate of ' <br />3.264 percent and will mature on February t, 2022. The net cash flow savings is calculated at $177,178. <br />C <br /> <br /> <br />!I <br /> <br /> <br /> <br /> <br />I~ <br />LJ <br />u <br />62 ' <br />