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ELI RIVER MUNICIPAL UTILITIES
<br />ELI RIVER, MINNESOTA
<br />NOTES TQ FINANCIAL STATEMENTS
<br />DECEMBER 31, 2009 AND 2008
<br />Note Z: DETAILED NOTES ~N ALL FUNI~~ - C~NTINUE~
<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 />Authorised Interest Issue Maturity December 31,
<br />Description and Issued Rate Date Date 2009 2048
<br />Landfill
<br />Generator Note $ 3,521,000 - % 03/19/02 02/19/22 $ 2 524 64~ $ 2 701994
<br />The annual requirements to amortize the generator note as of December 31, 2009 areas follows;
<br />Year Ending
<br />December 31, Principal ~ntex•est Total
<br />2010 $ 179,328 $ - $ 179,328
<br />2011 152,436 - 182,436
<br />2012 ~ 183,444 - 183,444
<br />2013 186,588 - 186,555
<br />2x14 189,348 - 189,348
<br />2015-2019 980,184 - 980,184
<br />2020-2022 623,318 - 623,315
<br />Total _ $ 2,524,646 $ ~ , $ 2,-524,646
<br />Changes in Long-term Liabilities
<br />Long-term liability activity for the year ended December 31, 2009 Was as follows;
<br />Beginning Ending Due Within
<br />TM . Y ~ ~ . l.. ..._
<br />Business-type activities
<br />Bands payable
<br />General obligation
<br />revenue bonds
<br />Revenue bonds
<br />Total bonds payable
<br />Nates payable
<br />Compensated
<br />absences payable
<br />4PEB liability
<br />Business-type activity
<br />long-term
<br />liabilities
<br />$ 8,660,000 $ -
<br />6,soo,ooo
<br />15,460,000 -
<br />2,701,994 -
<br />266,925 175,781
<br />10,213 la,o3o
<br />$ (475,000} $ 8,185,000 $ 3,065,000
<br />2s0,0oo 6,520,000 460,000
<br />(755,000} 14,705,000 3,525,000
<br />(177,348} 2,524,646 179,328
<br />(206,781} 235,925 117,838
<br />- 20,243
<br />$ 18,439,132 $ 185,811 $ 1139129 ~ 17,485,814 , $ 3,822,166
<br />-41_
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