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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2007 AND 2006
<br />Note 2: DETAILED NOTES ON ALL FUNDS -CONTINUED
<br />Depreciation expense was charged to functions/programs of the Utilities as follows:
<br />Business-type Activities
<br />Water
<br />Electric
<br />$ 921,450 $ 790,451
<br />1,920,798 1,561,096
<br />Total depreciation expense -business-type activities $ 2,842,248 $ 2,351,547
<br />C. Long-term Debt
<br />G.O. Revenue Bonds
<br />The City of Elk River issues general obligation bonds to provide funds for the acquisition and construction of major
<br />capital facilities. The following bonds are to be paid out of Utilities' revenues and are backed by the full faith and
<br />credit of the City.
<br /> Authorized Interest Issue Maturity December 31, December 31,
<br />Description and Issued Rate Date Date 2007 2006
<br />G.O. Water Revenue
<br />Bonds of 1997B $ 335,000 4.90-5.05 % 07/28/97 02/01/07 $ - $ 40,000
<br />G.O. Water Revenue
<br />Bonds of 1998B 820,000 4.40-5.00 12/01/98 02/01/14 450,000 505,000
<br />G.0 Water Revenue
<br />Bonds of 2001A 3,590,000 4.30-5.40 10/O1/O1 02/01/22 3,020,000 3,155,000
<br />G.O. City Hall Expansion
<br />Bonds of 2002B 1,695,000 3.25-5.00 09/01/02 02/01/23 1,465,000 1,525,000
<br />G.O. Water Revenue
<br />Bonds of 2003B 1,995,000 2.50-3.70 12/09/03 02/01/14 1,475,000 1,655,000
<br />Total G.O. Revenue B onds $ 6,410,000 $ 6,880,000
<br />The annual requirements to amortize the general obligation revenue bonds as of December 31, 2007 are as follows:
<br />Year Ending
<br />December 31, Principal Interest Total
<br />2008 $ 835,000 $ 266,360 $ 1,101,360
<br />2009 410,000 233,015 643,015
<br />2010 425,000 218,328 643,328
<br />2011 440,000 202,573 642,573
<br />2012 465,000 185,627 650,627
<br />2013-2017 1,875,000 665,808 2,540,808
<br />2018-2022 1,825,000 267,663 2,092,663
<br />2023 135,000 3,375 138,375
<br />Total $ 6,410,000 $ 2,042,749 $ 8,452,749
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