Bond Debt

 
In August 2017, the City of Thornton authorized the District to borrow up to $20 million to fund the construction of public infrastructure within the District. The District's borrowing history against the City-imposed limit is as follows:

  Debt Issuance
Date
Principal Amount
Borrowed
 
Lender / Note Holder
1. July 19, 2010 $         500,000 Amber Development, LLC 
2. Dec. 08, 2011 597,519 Amber Development, LLC
3. Oct. 31, 2017 15,090,000 Series 2017A - General public
4. Oct. 31, 2017 2,060,000 Series 2017B - General public
5. Oct. 31, 2017 1,752,000 Lennar
  Total  $     19,999,519   
 
             
The District's Series 2017A, Series 2017B and Series 2017C bonds may be refinanced without penalty beginning on December 01, 2025.

Series 2017A Bonds


The District is projecting that by December 2022, the District will generate sufficient annual tax revenue to pay in full the interest and principal amounts due annually on these bonds. Prior to December 2022, the District will supplement property tax revenue with funds borrowed from a restricted cash reserve fund. The District must repay all borrowings from the restricted cash reserve fund before it can make any payments on the Series 2017B bonds.

The Series 2017A bond repayment schedule is as follows:

Series 2017A Limited Tax General Obligation
Refunding and Improvement Bonds
Interest Rate: 5.000% to 5.125%
Year Ended
December 31

Principal

Interest
Total
Payment Due
2018 $                               -
$                  766,381 $                  766,381
2019 - 766,381
766,381
2020 - 766,381 766,381
2021 30,000 766,381 796,381
2022 170,000
764,881 934,881
2023 185,000 756,381 941,381
2024 215,000 747,131 962,131
2025 225,000 736,381 961,381
2026 255,000 725,131 980,131
2027 265,000 712,381 977,381
2028 300,000 699,131 999,131 
2029 315,000 684,131 999,131 
2030 350,000 668,381 1,018,381
2031 370,000 650,881 1,020,881
2032 405,000 632,381 1,037,381
2033 430,000 612,131 1,042,131
2034 470,000 590,631 1,060,631
2035 495,000 567,131 1,062,131
2036 540,000 542,381 1,082,381
2037 565,000 515,381 1,080,381
2038 615,000 487,131  1,102,131
2039 650,000 455,613 1,105,613
2040 705,000 422,300 1,127,300
2041 740,000 386,169 1,126,169
2042 800,000 348,244 1,148,244
2043 840,000 307,244 1,147,244
2044 905,000 264,194 1,169,194
2045 955,000 217,813 1,172,813
2046 1,025,000 168,869 1,193,869
2047 2,270,000 116,338 2,386,338
$    15,090,000  $      16,844,285 $      31,934,285
 



SERIES 2017B BONDS


The District is projecting it will not generate sufficient revenue from property taxes (under a maximum 53.606 mill levy established per the District's current service plan) and other revenue sources through December 31, 2026 to make any payments towards the accrued interest and principal due under the Series 2017B bonds. Consequently, per the terms of the Bond agreement, the accrued, unpaid interest is added to the principal balance of the loan. Per the following schedule, the principal balance of the Series 2017B bonds is projected to grow 97% (or $1,989,290) from $2,050,000 as of November 30, 2017 to $4,039,290 by December 1, 2026.

                                          Series 2017B Limited Tax General Obligation
Refunding and Improvement Bonds
Interest Rate: 7.750%

Year Ended
December 31

Current Interest
Cumulative Unpaid Interest
(Projected)
Total Unpaid Principal and Interest
2017 $ 13,240 $ 13,240 $2,063,240
2018 159,901
173,141 2,223,141
2019 172,293 345,434 2,395,434
2020 185,646 531,080 2,581,080
2021 200,034 731,114 2,781,114
2022 215,536 946,650 2,996,650
2023 232,240 1,178,890 3,228,890
2024 250,239 1,429,129 3,479,129
2025 269,632 1,698,761 3,748,761
2026 $ 290,529 $1,989,290 $ 4,039,290


SERIES 2017C BONDS


The District is projecting it will not generate sufficient revenue from property taxes (under a maximum 53.606 mill levy established per the District's current service plan) and other revenue sources through December 31, 2026 to make any payments towards the accrued interest and principal due under the Series 2017C bonds. Consequently, per the terms of the Bond agreement, the accrued, unpaid interest is added to the principal balance of the loan. Per the following schedule, the principal balance of the Series 2017C bonds is projected to grow 150% (or $2,633,730) from $1,752,000 as of November 30, 2017 to $4,385,730 by December 1, 2026.

Series 2017C Junior Bonds
(Payable to Lennar)
Interest Rate: 10.625%

Year Ended
December 31

Current Interest
Cumulative Unpaid Interest
(Projected)
Total Unpaid Principal and Interest
2017 $15,513 $15,513 $1,767,513
2018 187,798 203,311 1,955,311
2019 207,752 411,063 2,163,063
2020 229,825 640,888 2,392,888
2021 254,244 895,132 2,647,132
2022 281,258 1,176,390 2,928,390
2023 311,141 1,487,531 3,239,531
2024 344,200 1,831,731 3,583,731
2025 380,771 2,212,502 3,964,502
2026 $ 421,228 $2,633,730 $ 4,385,730

DEVELOPer Advances


In September 2015, the District entered into an agreement to repay Lennar Colorado, LLC and Stratus Amber Creek, LLC (the Developers) for advances made by Developers to fund the District's operations and maintenance expenses. Such advances incurred by the Developer accrue interest at 7% per annum. Per the Agreement, all advances made under this agreement are repyable at the discretion of the District's Board of Directors. As of December 31, 2017, outstanding acquisitions due to the Developer totaled $320,224 and accrued interest totaled $71,680.