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Bond Debt

In 2006, the District issued bonds totaling approximately $1.65 million at a 6.00% interest rate and used the net cash proceeds to construct the infrastructure for the Harvest Meadows neighborhood.

On October 17, 2017, the District issued a $1,775,000 general obligation refunding and improvement bond to repay the 2006 bonds and all other outstanding obligations of the district. The 2017 Bond bears a fixed interest rate of 3.12%. 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, 2022, the District may redeem the outstanding bond balance at any time without paying a redemption premium to the bond holder.

The District’s repayment schedule for its bond is as follows:

Year Ended December 31	Principal	Interest	Total Payment Due
2018	$ 75,000	$ 55,380	$ 130,380
2019	80,000	53,040	133,040
2020	80,000	50,544	130,544
2021	80,000	48,048	128,048
2022	85,000	45,552	130,552
2023	85,000	42,900	127,900
2024	90,000	40,248	130,248
2025	95,000	37,440	132,440
2026	95,000	34,476	129,476
2027	100,000	31,512	131,512
2028	100,000	28,392	128,392
2029	105,000	25,272	130,272
2030	110,000	21,996	131,996
2031	110,000	18,564	128,564
2032	115,000	15,132	130,132
2033	120,000	11,544	131,544
2034	125,000	7,800	132,800
2035	125,000	3,900	128,900
	$ 1,775,000	$ 571,740	$ 2,346,740