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Bond Debt

In 2015, the District issued bonds totaling approximately $3.3 million at interest rates ranging between 5.75% and 7.75% and used the net cash proceeds to subsidize the Developer's costs to develop its private land prior to the start of homebuilding activities.

In December 2019, the District borrowed $3.9 million from Academy Bank and issued $464,000 in general obligation bonds to repay the District's 2015 bonds plus $750,000 in developer funds advanced to the District. The bank loan bears a fixed interest rate of 3.3% and the Series 2019B bonds bear interest at 6.5%. Interest is payable each year on June 1^st and December 1^st, and principal payments are due each year on December 1^st. The District may redeem the outstanding Series 2019B bonds without penalty beginning on December 01, 2027. No prepayment restrictions exist with the $3.9 million loan with Academy Bank.

The District’s projected repayment schedule for its loan and bonds is as follows:

$3.9 million Loan w Academy Bank
Year Ended December 31	Principal Repayments	Interest	Total Payment Due
2020	$ 50,000	$ 161,996	$ 211,996
2021	85,000	127,050	212,050
2022	90,000	124,245	214,245
2023	95,000	121,275	216,275
2024	100,000	118,140	218,140
2025	105,000	114,840	219,840
2026	115,000	111,375	226,375
2027	115,000	107,580	222,580
2028	125,000	103,785	228,785
2029	130,000	99,660	229,660
2030	140,000	95,370	235,370
2031	140,000	90,750	230,750
2032	150,000	86,130	236,130
2033	155,000	81,180	236,180
2034	165,000	76,065	241,065
2035	170,000	70,620	240,620
2036	185,000	65,010	250,010
2037	190,000	58,905	248,905
2038	200,000	52,635	252,635
2039	205,000	46,035	251,035
2040	220,000	39,270	259,270
2041	225,000	32,010	257,010
2042	240,000	24,585	264,585
2043	245,000	16,665	261,665
2044	260,000	8,580	268,580
2045	-	-	-
	$ 3,900,000	$ 2,033,756	$ 5,933,756

Refunding General Obligation Bonds Series 2019B
Year Ended December 31	Principal Repayments	Interest	Total Payment Due
2020	$ 28,000	$ 30,411	$ 58,411
2021	31,000	28,340	59,340
2022	36,000	26,325	62,325
2023	37,000	23,985	60,985
2024	42,000	21,580	63,580
2025	44,000	18,850	62,850
2026	45,000	15,990	60,990
2027	53,000	13,065	66,065
2028	55,000	9,620	64,620
2029	58,000	6,045	64,045
2030	35,000	2,275	37,275
	$ 464,000	$ 196,486	$ 660,486