Bond Debt
In 2003, the District issued bonds totaling approximately $4.7 million at a 7.50% interest rate and used the net cash proceeds to construct the infrastructure within the Outlook neighborhood.
In November 2015, the District issued a $4,740,000 general obligation refunding and improvement bond to repay the 2003 bonds. The 2015 Bond bears a fixed interest rate of 2.99%.
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 at any time subject to a prepayment fee.
The District’s repayment schedule for its bond is as follows:
|
 |
| |
Year Ended
December 31 |
Principal |
Interest |
Total
Payment Due |
| |
2016 |
$ 155,000
|
$ 146,057 |
$ 301,057
|
| |
2017 |
160,000
|
137,092
|
297,092
|
| |
2018 |
165,000
|
132,308
|
297,308
|
| |
2019 |
170,000
|
127,374
|
297,374
|
| |
2020 |
175,000
|
122,291
|
297,291
|
| |
2021 |
180,000 |
117,059 |
297,059 |
| |
2022 |
185,000
|
111,677
|
296,677 |
| |
2023 |
190,000
|
106,145
|
296,145
|
| |
2024 |
195,000
|
100,464
|
295,464 |
| |
2025 |
3,165,000
|
94,631
|
3,259,631 |
| |
|
$ 4,740,000 |
$ 1,195,098 |
$ 5,935,098 |
Developer Advances
In July 2002, the District entered into an agreement to repay the land developer for costs the developer incurred constructing public infrastructure within the neighborhood. Such costs incurred by the Developer accrue no interest and repayment is subject to the discretion of the Board. As of December 31, 2017, outstanding acquisitions due to the Developer totaled $1,014,922.
In June 2002, the District entered into an agreement with the land Developer to repay advances made by the Developer to fund the District's organizational and initial operational costs. Such costs incurred by the Developer accrues simple interest at the rate of 8% per annum. As of December 31, 2017, outstanding advances total $76,000 and accrued interest totals $69,626.
|