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