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Bond Debt

In 2001 and 2007, the District issued bonds totaling approximately $7.2 million and $3.9 million, respectively, and used the net cash proceeds to construct the infrastructure within the Fronterra Village neighborhood.

In September 2017, the District issued a $12.0 million general obligation refunding loans to repay the 2001 and 2007 bonds. The 2017 loans bear a fixed interest rates of 4.07% and 3.06%. Interest is payable each year on June 1^st and December 1^st, and principal payments are due each year on December 1^st. The District may redeem the outstanding loans without paying penalties beginning

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

General Obligation Tax-Free Refunding Loan Series 2017A
Year Ended December 31	Principal	Interest	Total Payment Due
2020	$ 416,539	$ 278,786	$ 695,325
2021	429,285	266,040	695,325
2022	442,421	695,325	695,325
2023	455,959	239,366	695,325
2024	469,911	225,413	695,324
2025	484,290	211,034	695,324
2026	499,110	196,215	695,325
2027	514,383	180,942	695,325
2028	530,123	165,202	695,325
2029	546,344	148,980	695,324
2030	563,062	132,262	695,324
2031	580,292	115,032	695,324
2032	598,049	97,275	695,324
2033	616,349	78,975	695,324
2034	635,210	60,115	695,325
2035	654,647	40,677	695,324
2036	674,679	20,645	695,324
	$ 9,110,653	$ 2,709,863	$ 11,820,516

Refunding Loan Series 2007B
Year Ended December 31	Principal	Interest	Total Payment Due
2020	$ 84,731	$ 56,710	$ 141,441
2021	87,323	54,117	141,440
2022	89,996	51,445	141,441
2023	92,750	48,691	141,441
2024	95,588	45,853	141,441
2025	98,513	42,928	141,441
2026	101,527	39,914	141,441
2027	104,634	36,807	141,441
2028	107,836	33,605	141,441
2029	111,136	30,305	141,441
2030	114,537	26,904	141,441
2031	118,042	23,400	141,442
2032	121,654	19,787	141,441
2033	125,376	16,065	141,441
2034	129,212	12,228	141,440
2035	133,166	8,274	141,440
2036	137,242	4,200	141,442
	$ 1,853,263	$ 90,738	$ 1,405,496