Bond Debt
Bond Debt
On April 17, 2025, the District issued $7,275,000 in Limited Tax (Convertible to Unlimited Tax) General Obligation Refunding Bonds for the purpose of refunding the District’s Series 2019 Bonds. The Series 2025 Bonds are term bonds due December 01, 2054, with an interest of 5.00%, paid semiannually on June 1 and December 1. The bonds are payable from Pledged Revenue, including the District's covenant to levy the Required Mill Levy on all taxable property within the District to pay for debt scheduled payments as well as a portion of specific ownership taxes collected by the District as a result of the imposition of the required mill levy. The 2025 Bonds were issued when Toll Brothers employees no longer qualified to serve on the Board. Toll Brother employees relied on land purchase option contracts with Toll Brothers regarding a particular vacant home lot to qualify themselves to serve on the District Board. That home lot was sold to a third-party home buyer in approximately February 2025. Additionally, the refinance of the District's bond debt generated an approximate $142,000 net present value loss for the District's taxpayers and the fees paid to the consultants (who recommended this refinancing transaction) was approximately $330,000. |  |
| Date of Redemption | Redemption Premium (%) | Redemption Premium ($) |
|---|---|---|
| June 01, 2030, to May 31, 2031 | 3.0% | $ 205,500 |
| June 01, 2031, to May 31, 2032 | 2.0% | 135,000 |
| June 01, 2032, to May 31, 2033 | 1.0% | 66,450 |
| June 01, 2033 and thereafter | 0.0% | -- |
Outstanding principal and interest on the 2025 Bonds mature as follows:
Year Ended December 31 | Principal ($) | Interest ($) | Total Payment Due ($) |
|---|---|---|---|
2025 | $ 125,000 | $ 239,501 | $ 364,501 |
2026 | 65,000 | 378,663 | 443,663 |
2027 | 70,000 | 375,413 | 445,413 |
2028 | 80,000 | 371,913 | 451,913 |
2029 | 85,000 | 367,913 | 452,913 |
2030 | 100,000 | 363,663 | 463,663 |
2031 | 105,000 | 358,663 | 463,663 |
2032 | 120,000 | 353,413 | 473,413 |
2033 | 125,000 | 347,413 | 472,413 |
2034 | 140,000 | 341,163 | 481,163 |
2035 | 150,000 | 334,163 | 484,163 |
2036 | 165,000 | 326,663 | 491,663 |
2037 | 175,000 | 317,587 | 492,587 |
2038 | 195,000 | 307,963 | 502,963 |
2039 | 205,000 | 297,237 | 502,237 |
2040 | 225,000 | 285,962 | 510,962 |
2041 | 240,000 | 273,588 | 513,588 |
2042 | 260,000 | 260,387 | 520,387 |
2043 | 275,000 | 246,087 | 521,087 |
2044 | 300,000 | 230,962 | 530,962 |
2045 | 315,000 | 214,462 | 529,462 |
2046 | 335,000 | 197,137 | 532,167 |
2047 | 355,000 | 179,550 | 534,550 |
2048 | 375,000 | 160,912 | 535,912 |
2049 | 395,000 | 141,225 | 536,225 |
2050 | 415,000 | 120,487 | 535,487 |
2051 | 435,000 | 98,700 | 533,700 |
2052 | 460,000 | 75,862 | 535,862 |
2053 | 480,000 | 51,712 | 531,712 |
2054 | 505,000 | 26,512 | 531,512 |
Total | $ 7,275,000 | $ 7,644,876 | $ 14,919,876 |