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