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Bond Debt

In 2003, 2005 and 2015, the District issued bonds totaling approximately $6.586 million and used the net cash proceeds to subsidize the Developer's costs to develop its private land prior to the start of homebuilding activities.

In December 2019, the District issued $6.295 million general obligation refunding and improvement bonds to refinance the District's prior bonds to a lower interest rate. The 2019 Bonds bear a fixed interest rate of 4.00%. Interest is payable each year on June 1^st and December 1^st, and principal payments are due each year on December 1^st. The District may redeem the outstanding bond balance without paying penalties beginning on December 1, 2029.

The District’s repayment schedule for its bonds is as follows:

Year Ended December 31	Principal	Interest	Total Payment Due
2020	$ 250,000	$ 244,106	$ 494,106
2021	255,000	241,800	496,800
2022	265,000	231,600	496,600
2023	275,000	221,000	496,000
2024	285,000	210,000	495,000
2025	300,000	198,600	498,600
2026	310,000	186,600	496,600
2027	325,000	174,200	499,200
2028	335,000	161,200	496,200
2029	350,000	147,800	497,800
2030	365,000	133,800	498,800
2031	375,000	119,200	494,200
2032	390,000	104,200	494,200
2033	410,000	88,600	498,600
2034	425,000	72,200	497,200
2035	440,000	55,200	495,200
2036	460,000	37,600	497,600
2037	480,000	19,200	499,200
	$ 6,295,000	$ 2,646,906	$ 8,941,906