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Note 6:
<br />Note 6:
<br />CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2000
<br />FIXED ASSETS - CONTINUED
<br />A summary of proprietary fund fixed assets at December 31, 2000 follows:
<br />Land and improvements
<br />Buildings
<br />Plant and production
<br />Collection and distribution
<br />Equipment, furniture and
<br />fixtures
<br />Total
<br />Less accumulated depreciation
<br />Net fixed assets
<br />Sewage
<br />Liquor _Ns_posal Water Electric Total
<br />$ 823,761
<br />$ 411,095
<br />$
<br />$
<br />$ 1,234,856
<br />1,394,887
<br />-
<br />1,394,887
<br />-
<br />8,556,723
<br />5,189,574
<br />2,847,614
<br />16,593,911
<br />-
<br />2,234,480
<br />1,677,911
<br />14,741,998
<br />18,654,389
<br />149,2_03
<br />_271,982
<br />_.74 �41 Z
<br />_ww3,249,875
<br />_2,754,278
<br />2,367,851
<br />11,474,280
<br />6,941,897
<br />20,343,890
<br />41,127,918
<br />443,128,
<br />41446,327
<br />�1 511,016
<br />8444,28
<br />1,„4,844,759
<br />$1,924,723 $7,027,953 $5,430,881 $11,899,602 $26,283,159
<br />The following are included as long-term debt of the City'.
<br />A contract for deed of $465,000 was entered into in 1999 to finance the purchase of property. The
<br />contract is payable over five years with interest at 7% and is to be financed with development fund
<br />revenues.
<br />A state loan of $487,377 was received in 1981 for the repair of Orono Dam pursuant to Minnesota
<br />Statutes. This loan is payable over twenty years through March 1, 2001, together with interest at
<br />8.374% and is to be financed through special assessments against benefiting properties and ad
<br />valorem taxes.
<br />General obligation bonds ”have been issued to provide for the acquisition and construction of major
<br />capital facilities. General obligation bonds have also been issued to refinance other general
<br />obligation bonds. The general obligation bonds are backed by the full faith and credit of the City.
<br />General obligation tax increment bonds were issued in accordance with Minnesota Statutes. The
<br />bond proceeds were used to finance certain capital: and administrative costs within the tax
<br />increment district. It is anticipated that the captured tax capacity of the district will derive sufficient
<br />property taxes to retire the bonds as they come due. If such captured tax capacity is not
<br />sufficient, general ad valorem taxes will be levied as needed. The bonds are backed by the full
<br />faith and credit of the City.
<br />General obligation equipment certificates of indebtedness were issued to finance the purchase of
<br />public safety, public works and other capital equipment in accordance with Minnesota Statutes.
<br />The certificates are to be repaid over a period not exceeding five years. The certificates are an
<br />obligation backed by the full faith and credit of the City.
<br />General obligation special assessment 'bonds were issued to finance various improvements in
<br />accordance with Minnesota Statutes. All or a portion of the benefits are assessed against the
<br />benefiting properties. The bonds are general obligations of the City and are backed by its full faith
<br />and credit,
<br />21
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