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Bond Debt

In May 2017, the District issued bonds totaling approximately $37.6 million with interest rates ranging between 5.625% and 7.75%. The net cash proceeds was used to repay the District's 2007 bond debt totaling $24.6 million, and the remaining $13 million was designated for the construction of public infrastructure within the District. Interest is payable each year on June 1^st and December 1^st, and principal payments are due each year on December 1^st.

Early Redemption
The District may redeem the outstanding bonds on December 01, 2022 (but must pay a penalty equal to 3% of the outstanding principal). The bonds can be refinanced without paying penalties beginning on December 01, 2025.

The District’s repayment schedule for its 2017 Series A Senior Bonds is as follows:

	Series 2017A Bonds 5.625% to 5.750%
Year Ended December 31	Principal	Interest
2017	$ -	$ 1,094,068
2018	-	1,766,969
2019	-	1,766,969
2020	-	1,766,969
2021	-	1,766,969
2022	-	1,766,969
2023	235,000	1,766,969
2024	395,000	1,753,750
2025	425,000	1,731,531
2026	495,000	1,707,625
2027	520,000	1,679,781
2028	595,000	1,650,531
2029	625,000	1,617,063
2030	705,000	1,581,906
2031	745,000	1,542,250
2032	835,000	1,500,344
2033	880,000	1,453,375
2034	980,000	1,403,875
2035	1,035,000	1,348,750
2036	1,140,000	1,290,531
2037	1,205,000	1,226,406
2038	1,320,000	1,158,625
2039	1,395,000	1,082,725
2040	1,525,000	1,002,513
2041	1,610,000	914,825
2042	1,755,000	822,250
2043	1,855,000	721,338
2044	2,015,000	614,675
2045	2,130,000	498,813
2046	2,305,000	376,338
2047	4,240,000	243,800
	$ 30,965,000	$ 40,619,502

No debt-to-maturity schedule is provided for the Series 2017B Subordinate Bonds because such obligations are payable from Subordinate Pledged Revenue, if and when such revenue is available to repay such bonds. The 2017B Subordinate Bonds were issued at a face value of $6,666,000 and accrue interest at 7.75% annually. In December 2023, the District made its first principal payment on the 2017B Bonds ($28,000) and repaid all accrued unpaid interest due on such bonds.