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Bond Debt

Series 2016A General Obligation Bonds

On June 03, 2016, the District issued $25,745,000 in General Obligation Refunding Bonds, Series 2016A (“2016A Bonds”). The proceeds of which were used to advance refund the Series 2007 Bonds and pay the costs of issuance of the 2016A Bonds. The 2016A Bonds have a final maturity date of December 1, 2035. The principal amount of the 2016A Bonds is subject to mandatory sinking fund payments prior to their final maturity date. The 2016A Bonds currently bear interest at a rate of 3.23%.

The 2016A Bonds are subject to redemption any time prior to maturity at the option of the District. If the 2016A Bonds are redeemed prior to December 1, 2025, the District must pay a prepayment fee as defined in the 2016A Indenture of Trust.

Series 2016B General Obligation Bonds

On June 03, 2016, the District issued General Obligation Bonds, Series 2016B (“2016B Bonds”) in the amount of $12,180,000. The proceeds from the sale of the 2016B Bonds were used to prepay and cancel the 2007 Repayment Obligation incurred under the 2007 Advance and Reimbursement Agreement, finance the costs of certain public improvements, fund the Debt Service Surplus Fund, and pay the costs of issuing the 2016B Bonds. The 2016B Bonds are term bonds with the first term due December 1, 2038 and bearing interest of 5.00% and the second term bonds due December 1, 2045, and bearing and interest rate of 3.50%.

The 2016B Bonds are secured by a pledge of the District's unlimited debt service mill levy, specific ownership taxes collected as a result of the imposition of such unlimited debt service mill levy, and any other legally available funds.

The 2016B Bonds are subject to redemption prior to maturity, at the option of the District on December 01, 2025, and on any date thereafter, upon payment of par, accrued interest, and no redemption premium.

	Series 2016A Bonds (3.23% interest)		Series 2016B Bonds (3.50% to 5.00% interest)
Year Ended December 31	Principal	Interest	Principal	Interest	Total Payment Due
2023	$ 1,200,000	$ 613,377	$ -	$ 473,625	$ 2,287,002
2024	1,240,000	574,617	-	473,625	2,288,242
2025	1,280,000	534,565	-	473,625	2,288,190
2026	1,320,000	493,221	-	473,625	2,286,846
2027	1,360,000	450,585	-	473,625	2,284,210
2028	1,405,000	406,657	-	473,625	2,285,282
2029	1,450,000	361,276	-	473,625	2,284,901
2030	1,495,000	314,441	-	473,625	2,283,066
2031	1,545,000	266,152	-	473,625	2,284,777
2032	1,595,000	216,249	-	473,625	2,284,874
2033	1,645,000	164,730	-	473,625	2,283,355
2034	1,700,000	111,597	-	473,625	2,285,222
2035	1,755,000	56,687	-	473,625	2,285,312
2036	-	-	1,000,000	473,625	1,473,625
2037	-	-	1,050,000	423,625	1,473,625
2038	-	-	1,105,000	371,125	1,476,125
2039	-	-	1,160,000	315,875	1,475,875
2040	-	-	1,200,000	275,275	1,475,275
2041	-	-	1,245,000	233,275	1,478,275
2042	-	-	1,285,000	189,700	1,474,700
2043	-	-	1,330,000	144,725	1,474,725
2044	-	-	1,380,000	98,175	1,478,175
2045	-	-	1,425,000	49,875	1,474,875
	$ 18,990,000	$ 4,564,154	$ 12,180,000	$ 8,732,400	$ 44,466,554