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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 />Promissory Note
<br />The Utilities has issued a promissory note to provide for construction of a landfill gas generator. The note is to be
<br />paid from revenue of the system and is secured by the facility.
<br />Authorized Interest Issue Maturity December 31, December 31,
<br />Description and Issued Rate Date Date 2007 2006
<br />Iandfil l
<br />Generator Note $ 3,521,000 - % 03/19/02 12/31/22 $ 2,879,054 $ 3,066,821
<br />Year Ending
<br />December 31, Principal Interest Total
<br />2008 $ 177,060 $ - $ 177,060
<br />2009 177,348 - 177,348
<br />2010 179,328 - 179,328
<br />2011 182,436 - 182,436
<br />2012 183,444 - 183,444
<br />2013-2017 956,952 - 956,952
<br />2018-2022 1,022,486 - 1,022,486
<br />Total $ 2,879,054 $ - $ 2,879,054
<br />Changes in Long-term Liabilities
<br />Long-term liability activity for the year ended December 31, 2007 was as follows:
<br />Business-type activities
<br />Bonds payable
<br />General obligation
<br />revenue bonds
<br />Equipment
<br />certificate
<br />Revenue bonds
<br />Total bonds
<br />payable
<br />Notes payable
<br />Compensate d
<br />absences payable
<br />Business-type activity
<br />long-term
<br />liabilities
<br />Beginning Ending Due Within
<br />Balance Increases Decreases Balance One Year
<br />$ 6,880,000 $ - $ (470,000) $ 6,410,000 $ 835,000
<br />125,000 - (125,000) - -
<br />4,460,000 2,875,000 (260,000) 7,075,000 275,000
<br />11,465,000 2,875,000 (855,000) 13,485,000 1,110,000
<br />3,066,820 - (187,766) 2,879,054 177,060
<br />8
<br />256,635 215,634 (183,482) 288,78 -
<br />$ 14,788,455 $ 3,090,634 $ (1,226,248) $ 16,652,841 $ 1,287,060
<br />-22-
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