Bond Debt
In 2004 and in 2013, the District issued bonds totaling approximately $13.7 million and used the net cash proceeds to construct the infrastructure within the Turnberry neighborhood.
In November 2017, the District issued a $12.0 million in general obligation bonds to repay the 2013 bonds and fund the construction of an additional $1.6 million in public infrastructure. The 2017 senior bonds bear interest at rates ranging between 3.00% and 5.00% and the subordinate bonds bear interest at 7.375% per annum. Interest is payable each year on June 1st and December 1st, and principal payments are due each year on December 1st. The District may redeem or refinance the senior bonds and the subordinate bonds without paying penalties beginning December 2027 and December 2025, respectively.
The District’s repayment schedule for its bonds is as follows:
| Year Ended December 31 | Principal | Interest | Total Payment Due |
|---|---|---|---|
| 2020 | $ 185,000 | $ 426,100 | $ 611,100 |
| 2021 | 190,000 | 420,500 | 610,500 |
| 2022 | 200,000 | 412,950 | 612,950 |
| 2023 | 205,000 | 404,950 | 609,950 |
| 2024 | 215,000 | 396,750 | 611,750 |
| 2025 | 225,000 | 386,000 | 611,000 |
| 2026 | 235,000 | 374,750 | 609,750 |
| 2027 | 250,000 | 363,000 | 613,000 |
| 2028 | 260,000 | 350,500 | 610,500 |
| 2029 | 275,000 | 337,500 | 612,500 |
| 2030 | 290,000 | 323,750 | 613,750 |
| 2031 | 300,000 | 309,250 | 609,250 |
| 2032 | 315,000 | 294,250 | 609,250 |
| 2033 | 335,000 | 278,500 | 613,500 |
| 2034 | 350,000 | 261,750 | 611,750 |
| 2035 | 370,000 | 244,250 | 614,250 |
| 2036 | 385,000 | 225,750 | 610,750 |
| 2037 | 405,000 | 206,500 | 611,500 |
| 2038 | 425,000 | 188,862 | 613,862 |
| 2039 | 440,000 | 172,875 | 612,875 |
| 2040 | 455,000 | 156,375 | 611,375 |
| 2041 | 475,000 | 139,313 | 614,313 |
| 2042 | 490,000 | 121,500 | 611,500 |
| 2043 | 510,000 | 103,125 | 613,125 |
| 2044 | 530,000 | 84,000 | 614,000 |
| 2045 | 550,000 | 64,125 | 614,125 |
| 2046 | 570,000 | 43,500 | 613,500 |
| 2047 | 590,000 | 22,125 | 612,125 |
| $ 10,025,000 | $ 7,112,800 | $ 17,137,800 |