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.
|