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Note 6:
<br />CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />DECEMBER 31, 2000
<br />LONG-TERM OBLIGATIONS - CONTINUED
<br />The annual requirements to amortize all bonded debt outstanding at December 31, 2000, including
<br />interest payments totaling $8,613,113 are as follows:
<br />The annual requirements to amortize all other long-term debt outstanding at December 31, 2000,
<br />including interest payments totaling $511,286, are as follows:
<br />Year Ending
<br />G.O. Bonds
<br />G.O. Special
<br />December 31,
<br />Loan
<br />Year Ending
<br />and
<br />Assessment
<br />Revenue
<br />2002
<br />December 31
<br />Certificates
<br />Bonds
<br />Bonds
<br />Total
<br />............ . ................... —
<br />2001
<br />$ 454,312
<br />$ 2,100,861
<br />$ 1,462,804
<br />$ 4,017,977
<br />2002
<br />351,908
<br />2,035,375
<br />1,509,625
<br />3,896,908
<br />2003
<br />303,0114
<br />2,092,045
<br />1,444,705
<br />3,839,764
<br />2004
<br />302,262
<br />1,931,511
<br />1,454,620
<br />3,688,393
<br />20015-2008
<br />845,021
<br />4,910,554
<br />5,539,703
<br />11,295,278
<br />2009-2012
<br />426,446
<br />2,648,705
<br />3,225,249
<br />6,300,400
<br />2013-2016
<br />253,752
<br />..... . .... . ..... ...... ... . . .............. ...
<br />1 9g
<br />........ _,L31,�L
<br />3,195,843
<br />Total
<br />$2,936,715
<br />$17,450,941
<br />$15,846,907
<br />$36,234,56$
<br />The annual requirements to amortize all other long-term debt outstanding at December 31, 2000,
<br />including interest payments totaling $511,286, are as follows:
<br />Year Ending
<br />State
<br />Contract
<br />December 31,
<br />Loan
<br />for Deed
<br />. . .... . ..................... ---
<br />2001
<br />$51,030
<br />$108,051
<br />2002
<br />-
<br />109,514
<br />2003
<br />109,514
<br />2004
<br />— — -
<br />_49&55
<br />Total
<br />$51,030
<br />$376,7134
<br />The Debt Service Funds have a reserved fund balance of $6,039,757 available at year end to service
<br />general long-term debt. Amounts to be provided for debt retirement on the balance sheet will be
<br />derived primarily from scheduled future tax levies, tax increments and special assessments.
<br />The City's statutory debt limit is computed as two percent of the taxable market value of property within
<br />the City. Long-term debt issued and financed partially or entirely by special assessments or the net
<br />revenues of enterprise fund operations is excluded from the debt limit computation. The amount of
<br />outstanding debt at year end which is applied against the statutory debt limit is $612,450.
<br />In 1997, the City issued $2,295,000 in EDA Revenue Refunding Bonds to advance refund the City Hall
<br />and Law Enforcement Facility Revenue Bonds, Series 1991. The net proceeds were used to purchase
<br />U.S. government securities and deposited in an irrevocable trust with an escrow agent to provide for
<br />future interest payments on the new bonds through February 1, 2000. As of December 31, 2000, all
<br />bonds from the 1991 Series have been paid.
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