Bond Debt
In 2006, the District issued bonds on the public financial market totaling approximately $14.7 million at a 6.75% interest rate for the purpose of funding construction of public infrastructure within the District. |  |
| Date of Redemption | Redemption Premium (%) | Redemption Premium ($) |
|---|---|---|
| December 01, 2023, to November 30, 2024 | 3.0% | $346,650 |
| December 01, 2024, to November 30, 2025 | 2.0% | 230,400 |
| December 01, 2025, to November 30, 2026 | 1.0% | 113,950 |
| December 01, 2026 and thereafter | 0.0% | -- |
Outstanding principal and interest on the 2018 Bonds mature as follows:
Year Ended December 31 | Principal ($) | Interest ($) | Total Payment Due ($) |
|---|---|---|---|
2023 | 100,000 | 636,806 | 736,806 |
2024 | 115,000 | 631,931 | 746,931 |
2025 | 125,000 | 626,325 | 751,325 |
2026 | 140,000 | 620,231 | 760,231 |
2027 | 120,000 | 613,406 | 733,406 |
2028 | 140,000 | 607,556 | 747,556 |
2029 | 145,000 | 600,325 | 745,325 |
2030 | 170,000 | 592,350 | 762,350 |
2031 | 175,000 | 583,000 | 758,000 |
2032 | 200,000 | 573,375 | 773,375 |
2033 | 210,000 | 562,375 | 772,375 |
2034 | 235,000 | 550,825 | 785,825 |
2035 | 250,000 | 537,900 | 787,900 |
2036 | 275,000 | 524,150 | 799,150 |
2037 | 290,000 | 509,025 | 799,025 |
2038 | 320,000 | 493,075 | 813,075 |
2039 | 335,000 | 475,475 | 810,475 |
2040 | 370,000 | 457,050 | 827,050 |
2041 | 390,000 | 436,700 | 826,700 |
2042 | 425,000 | 415,250 | 840,250 |
2043 | 450,000 | 391,875 | 841,875 |
2044 | 490,000 | 367,125 | 857,125 |
2045 | 515,000 | 340,175 | 855,175 |
2046 | 560,000 | 311,850 | 871,850 |
2047 | 590,000 | 281,050 | 871,050 |
2048 | 635,000 | 248,600 | 883,600 |
2049 | 670,000 | 213,675 | 883,675 |
2050 | 725,000 | 176,825 | 901,825 |
2051 | 765,000 | 136,950 | 901,950 |
2052 | 1,725,000 | 94,875 | 1,819,875 |
Total | 11,655,000 | 13,610,130 | 25,265,130 |
Debt Authorization
On November 05, 2024, 84% of voters in the District cast ballots approving a ballot issued submitted by the District’s Board of Directors that eliminated all remaining borrowing authority of the District. Consequently, the District Board is unable to issue any new debt except for the purpose of refinancing its existing debt at a lower repayment cost to the taxpayers.
LAND SUBJECT TO PAYING OFF BOND DEBT
Subsequent to the District issuing bond debt in 2006, approximately 754.8 acres of land was excluded from the District’s service boundaries. Such land remains subject to paying the District’s debt mill levy until such time as this debt is repaid in full or otherwise defeased. The 987 acres of land subject to paying the District's annual debt mill levy is identified on the map below:
