Bond Debt

 
In 2002, the District issued bonds totaling approximately $4 million and used the net cash proceeds to reimburse the developer for costs the developer incurred to construct the infrastructure for the Dunes Park neighborhood.

In October 2016, the District refinanced its debt by issuing $2,760,000 in General Obligation Refunding Bonds. The bonds are term bonds with a fixed interest rate of 4.00%. The bonds are subject to mandatory sinking fund redemption commencing on December 01, 2020 and on each December 1st thereafter in increasing amounts annually prior to the maturity of the bonds

The District’s repayment schedule for its Series 2016 general obligation refunding bonds is as follows:

 
             
Year Ended
December 31

Principal

Interest
Interest
Rate
Total
Payment Due
2017 $    95,000 $ 89,119 4.000% $ 184,119
2018 100,000 85,319 4.000% 185,319
2019 100,000 81,319 4.000% 181,319
2020 105,000 77,319 4.000% 182,319
2021 110,000 75,481 4.000% 185,481
2022 110,000 73,556 4.000% 183,556
2023 115,000 70,944 4.000% 185,944
2024 115,000 68,212 4.000% 183,212
2025 120,000 65,481 4.000% 185,481
2026 120,000 62,631 4.000% 182,631
2027 125,000 59,781 4.000% 184,781
2028 130,000 54,469 4.000% 184,469
2029 135,000 48,944 4.000% 183,944
2030 140,000 43,206 4.000% 183,206
2031 145,000 37,256 4.000% 182,256
2032 155,000 31,094 4.000% 186,094
2033 160,000 26,250 4.000% 186,250
2034 160,000 21,250 4.000% 181,250
2035 165,000 16,250 4.000% 181,250
2036 175,000 11,094 4.000% 186,094
 2037 180,000 5,625 4.000% 185,625
$    2,760,000  $      1,104,600 $      3,864,600
           

Interest is payable each year on June 1st and December 1st, and principal payments are due each year on December 1st. Beginning December 1, 2026, the District may redeem the outstanding bond balance at any time without paying a redemption premium to the bond holders.