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ELK RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2008 AND 2007
<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 2008 2007
<br />Landfill
<br />Generator Note $ 3,521,000 - % 03/19/02 02/19/22 $ 2,701,994 $ 2,879,054
<br />The annual requirements to amortize the generator note as of December 31, 2008 are as follows:
<br />Year Ending
<br />December 31, Principal Interest Total
<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 186,588 186,588
<br />2014-2018 968,616 - 968,616
<br />2019-2022 824,234 - 824,234
<br />Total $ 2,701,994 $ - $ 2,701,994
<br />Changes in Long-term Liabilities
<br />Long-term liability activity for the year ended December 31, 2008 was as follows:
<br />Business-type activities
<br />Bonds payable
<br />General obligation
<br />revenue bonds
<br />Revenue bonds
<br />Total bonds
<br />payable
<br />Notes payable
<br />Compensated
<br />absences payable
<br />OPEB liability
<br />Business-type activity
<br />long-term
<br />liabilities
<br />Beginning Ending Due Within
<br />Balance Increases Decreases Balance One Year
<br />$ 6,410,000 $ 3,085,000 $ (835,000) $ 8,660,000 $ 475,000
<br />7,075,000 - (275,000) 6,800,000 280,000
<br />13,485,000 3,085,000 (1,110,000) 15,460,000 755,000
<br />2,879,054 - (177,060) 2,701,994 177,348
<br />288,788 161,620 (183,483) 266,925 132,618
<br />- 10,213 - 10,213 -
<br />$ 16,652,842 $ 3,256,833 $ (1,470,543) $ 18,439,132 $ 1,064,966
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