Bond Debt

 
In 2003, 2005 and 2015, the District issued bonds totaling approximately $6.586 million and used the net cash proceeds to construct the infrastructure within the Fronterra Village Filing No. 3 neighborhood.

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 1st and December 1st, and principal payments are due each year on December 1st. 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

Developer Advances


On December 11, 2002, the District and Gateway American Properties, LLC (the Developer) entered into an Advance and Reimbursement Agreement (the Reimbursement Agreement) pursuant to which the District acknowledged the advancement of funds from the Developer to the District to fund the District’s operations and capital projects. The District agreed to reimburse the Developer for such amounts, subject to annual appropriation by the District in its sole discretion. The Reimbursement Agreement is not a multiple-fiscal year obligation for the purposes of Article X, Section 20 of the Colorado Constitution. The contingent obligation bears simple interest at 7% per annum. The Reimbursement Agreement shall continue until fully performed or terminated by mutual agreement of the District and the Developer.

As of December 31, 2019, Developer advances totaled approximately $286,100 and accrued, unpaid interest totaled $591,400.