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Bond Debt

In 2000, the District issued bonds totaling approximately $4.1 million 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 March 2007, the District issued $7,485,000 in General Obligation Limited Tax Bonds and $1,220,000 in Supplemental "B" Interest Registered Coupons and used the proceeds to pay off the Series 2000 Bonds and other debts owed to the Developer. The General Obligation Limited Tax Bonds are term bonds that bear interest at the rate of 3.50% to 4.25%. The Supplemental "B" Interest Registered Coupons are payable at a fixed amount per year.

The repayment schedule for the District's Series 2007 General Obligation Limited Tax Bonds and Supplemental "B" Interest Registered Coupons is as follows:

Year Ended December 31	Principal	Interest	Interest Rate	Supp "B" Interest Coupons	Total Payment Due
2014	$ 150,000	$ 294,973	4.22%	$ 40,000	$ 484,973
2015	155,000	288,973	4.22%	40,000	483,973
2016	170,000	282,773	4.23%	40,000	492,773
2017	175,000	275,973	4.23%	40,000	490,973
2018	190,000	268,973	4.24%	40,000	498,973
2019	200,000	260,898	4.24%	40,000	500,898
2020	215,000	252,398	4.24%	40,000	507,398
2021	225,000	243,260	4.24%	40,000	508,260
2022	240,000	233,698	4.24%	40,000	513,698
2023	250,000	223,498	4.24%	40,000	513,498
2024	270,000	212,873	4.24%	40,000	522,873
2025	285,000	201,398	4.24%	40,000	526,398
2026	305,000	189,285	4.23%	40,000	534,285
2027	315,000	176,323	4.23%	40,000	531,323
2028	340,000	163,093	4.24%	40,000	543,093
2029	350,000	148,813	4.24%	40,000	538,813
2030	375,000	134,113	4.24%	40,000	549,113
2031	400,000	118,363	4.25%	40,000	558,363
2032	430,000	101,363	4.25%	40,000	571,363
2033	450,000	83,088	4.25%	40,000	573,088
2034	475,000	63,963	4.25%	40,000	578,963
2035	500,000	43,775	4.25%	35,000	578,775
2036	530,000	22,525	4.25%	35,000	587,525
	$ 6,995,000	$ 4,284,392		$ 910,000	$ 12,189,392

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, 2017, the District may redeem the outstanding bond balance at any time without paying a redemption premium to the bond holders.