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.