Because land within the District has not developed as quickly as planned, the land has not generated sufficient property tax revenue since 2005 to fund the annual principal and interest payments on the District's bonds.
Unpaid interest and principal on the bonds is rolled forward each year and reflected in the current year's principal and interest payment due.
Note: Because interest on these bonds accrues on unpaid interest, the effective interest rate on these bonds is higher than the stated rate of 7% per annum.
The District’s repayment schedule for its bond is as follows:
| |
Year Ended
December 31 |
Principal |
Interest |
Total
Payment Due |
| |
2019 |
$ 285,000 |
$ 1,501,697 |
$ 1,786,697 |
| |
2020 |
55,000
|
126,645
|
181,645 |
| |
2021 |
60,000
|
122,795
|
182,795 |
| |
2022 |
65,000
|
118,595 |
183,595 |
| |
2023 |
70,000
|
114,045 |
184,045 |
| |
2024 |
80,000
|
109,045 |
189,045 |
| |
2025 |
85,000
|
103,545 |
188,545 |
| |
2026 |
95,000
|
97,595 |
192,595 |
| |
2027 |
100,000
|
90,945 |
190,945 |
| |
2028 |
110,000
|
83,945 |
193,945 |
| |
2029 |
120,000
|
76,245 |
196,245 |
| |
2030 |
130,000
|
67,845 |
197,845 |
| |
2031 |
140,000
|
58,745 |
198,745 |
| |
2032 |
155,000 |
48,945 |
203,945 |
| |
2033 |
165,000 |
38,070 |
203,070 |
| |
2034 |
180,000 |
26,438 |
206,438 |
| |
2035 |
195,000
|
13,748 |
208,748 |
| |
|
$ 2,090,000 |
$ 2,798,888 |
$ 4,888,888 |
|