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