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ELI RIVER MUNICIPAL UTILITIES
<br />ELK RIVER, MINNESOTA
<br />NOTES TC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2009 AND 200$
<br />Note 2. ~ETA~LED N~TE~ ~N ALL F'UN~S - C~NTINUEI~
<br />Depreciation expense was charged to functionslprograms of the Utilities as follows:
<br />Business-type Activities
<br />water
<br />Electric
<br />Total depreciation expense -business-type activities
<br />C. Long-term debt
<br />G.~. Revenue and Refunding Bonds
<br />2009 2008
<br />$ 956,993 $ 974,848
<br />2,126,794 2,057,851
<br />$ 3 083,787 $ 3,032,69.9
<br />The City of Elk Rivet issues general obligation bonds to provide funds for the acquisition and construction of major
<br />capital facilities. The following bonds are to be paid out of Utilities' revenues and are backed by the full faith and
<br />credit of the City.
<br />Authorized Interest Issue Maturity
<br />Description and Issued Rate Date Date
<br />G,O, '~1Vater Revenue
<br />2009
<br />2008
<br />Refunding Bonds of2008 ~ 3,085,000 2,50-3,65 % 02/20/08 42/01/22 $ 3,020,000 $ 3,085,000
<br />G, 0 V~ater Revenue
<br />Bonds of 2001A 3,590,000 4,55.5.40 10/01/41 02101/22 2,730,000 2,880,040
<br />G.O. City Hall Expansion
<br />Bonds of 2042B 1,695,404 3,75-5.00 09/01/02 02/01/23 1,340,044 1,445,000
<br />G.O, Water Revenue
<br />Bonds of2003B 1,985,000 3.25-3,70 12/09/03 42/01/14 1,095,000 1,290,000
<br />Total G.O, Revenue and Refunding Bonds
<br />$ _ $,185,000 -
<br />$ 8,
<br />664,000_
<br />The annual requirements to amortize the general obligation revenue bonds as of December 31, 2009 are as follows:
<br />Year Ending
<br />December 31, Principal Interest Total
<br />2010 $ 3,065,000 $ 251,053 $ 3,316,053
<br />2011 530,000 174,118 704,118
<br />2012 550,400 157,434 707,436
<br />2013 580,000 139,3$3 719,383
<br />2014 590,000 120,002 710,002
<br />2015-2019 1,600,000 414,327 2,014,327
<br />2020-2023 1,270,000 93,795 1,363,795
<br />Total $ 8,185,000 $ 1350114 $ .9,535,114
<br />December 31,
<br />_3g_
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