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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 />Revenue Bonds
<br />The following bonds were issued to fmance capital improvements in the electric fund. They will be retired from net
<br />revenues of the fund.
<br /> Authorized Interest Issue Maturity December 3l, December 3l,
<br />Description and Issued Rate Date Date 2007 2006
<br />Electric Revenue
<br />Bonds, Series 2004A $ 940,000 3.25-4.25 % 08/01/04 02/01/15 $ 785,000 $ 865,000
<br />Electric Revenue
<br />Bonds, Series 2006A 3,595,000 3.25-4.00 03/02/06 08/01/21 3,415,000 3,595,000
<br />Electric Revenue
<br />Bonds, Series 2007A 2,875,000 4.00 03/28/07 02/01/22 2,875,000 -
<br />Total Revenue Bonds $ 7,075,000 $ 4,460,000
<br />The annual requirements to amortize the revenue bonds as of December 31, 2007 are as follows:
<br />Year Ending
<br />December 31, Principal Interest Total
<br />2008 $ 275,000 $ 269,252 $ 544,252
<br />2009 280,000 260,208 540,208
<br />2010 460,000 247,085 707,085
<br />2011 480,000 229,784 709,784
<br />2012 495,000 211,434 706,434
<br />2013-2017 2,595,000 759,714 3,354,714
<br />2018-2021 2,490,000 254,780 2,744,780
<br />Total $ 7,075,000 $ 2,232,257 $ 9,307,257
<br />G.O. Equipment Certificates
<br />The Utilities has issued equipment certificates to provide for acquisition of vehicles and equipment. The following
<br />issue is to be paid out of Utilities' revenue.
<br />Description
<br />G.O. Equipment
<br />Certificates
<br />Authorized Interest
<br />and Issued Rate
<br />$ 500,000 4.90
<br />Issue Maturity December 31, December 31,
<br />Date Date 2007 2006
<br />06/17/02 02/01/07 $ $ 125.000
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