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 2022, the District refinanced the outstanding Series 2015 bonds into a bank loan with Vectra Bank. The Loan constitutes a general obligation of the District and secured by a pledge of the full faith and credit of the District, payable from general ad valorem taxes which may be levied without limitation of rate and in the amount necessary to pay the Loan when due against all taxable property within the District
The Loan has a 10-year term at a fixed rate of 5.05% with semi-annual payments due on June 1 and December 1, beginning June 1, 2023 through December 1, 2032.
The District’s repayment schedule for its Loan is as follows:
|
 |
| |
Year Ended
December 31 |
Principal |
Interest |
Total
Payment Due |
| |
2024 |
$ 217,291
|
$ 120,051 |
$ 337,342
|
| |
2025 |
227,127
|
109,078
|
336,205
|
| |
2026 |
237,750
|
97,608
|
335,358
|
| |
2027 |
249,129
|
85,601
|
334,730
|
| |
2028 |
261,301
|
73,020
|
334,322
|
| |
2029 |
274,377 |
59,825 |
334,202 |
| |
2030 |
288,332
|
45,969
|
334,300 |
| |
2031 |
303,117
|
31,408
|
334,525
|
| |
2032 |
318,822
|
16,101
|
334,922 |
| |
|
$ 2,377,246 |
$ 638,661 |
$ 3,015,906 |
|