5.1. SR 05-14-2001 - Laserfiche WebLink

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Nate 6: CITY OF ELK. RIVER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2000 LONG-TERMOBLIGATIONS - CONTINUED Economic Development Authority (EDA) revenue bonds were issued to finance the construction of a city hall/law enforcement facility in accordance withMinnesotaStatutes 469.103. The City entered into a lease purchase agreement with the EDA and intends to continue this lease for the entire lease period, which coincides with the repayment schedule of the bonds issued. The bonds are payable solely from rental revenues generated by the facility and are not backed by the full faith and credit of the City. Economic Development Authority (EDA)revenue refunding bands. were issued to refund the 2001 through 2011 maturities of the EDA revenue bonds in order to reduce total future debt service payments. The bonds will be payable solely from rental revenues generated by the facility and are not backed by the full faith and credit of the City. Ice arena bonds consist of bonds issued to finance the construction and expansion of an indoor ice arena. The bonds are payable from ice arena revenues but are backed by the full faith and credit of the City. Storm sewer revenue bonds consist of bonds issued to finance repair and construction of various drainage projects. The bonds are payable from revenues but are backed by the full faith and credit of the City. Liquor revenue bonds consist of bonds issued to finance the construction of a new liquor store. The bonds are payable from revenues but are backed by the full faith and credit of the City. Sewer revenue bonds consist of bonds issued to finance the expansion of the wastewater treatment plant. The bonds are payable from revenues but are backed by the full faith and credit of the City. Water revenue bonds consist of bonds issued to finance water system expansion. The bonds are payable from revenues but are backed by the full faith and credit of the City. Electric equipment certificates were issued to finance the purchase of a transformer. The certificates are payable from revenues but are backed by the full faith and credit of the City. The following is a summary of changes in Fang -term debt for the year ended December 31, 2000: W Balance Debt Principal Balance January 1 Issued Retired December 31 General Long -Term Debt: Compensated absences $ 269,692 $ 49,379 $ - $ 319,071 Contract for deed 411,800 - 82,409 329,391 State loan 90,536 - 43,449 47,087 Bonds and certificates 1,541,925 1,508,200 801,175 2,248,950 Special assessment bonds 13„575,000 2,175,000 2,110,000 13,640,000 EDA revenue bonds 135,000 - 135,000 - EDA revenue refunding bonds 2„295,000 - - 2,295,000 Ice arena bonds 1,895,000 - 90,000 1,805,000 Storm sewer revenue bonds 825,000 - 65,000 760,000 Total general -long term debt 21038,953 3,732 579 3,327,033 21,444,499 W