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Bond Debt

In 2017, the District issued bonds totaling $3,625,000 at a 6.0% interest rate and used the net cash proceeds to subsidize the Developer's costs incurred to construct the infrastructure within the West Line Village neighborhood.

In March 2022, the District issued $4,230,000 in general obligation refunding loans to repay the Series 2017 bonds. The 2022 loans bear a fixed interest rate of 3.13%. 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 Series 2022 Loans mature on December 1, 2041. The District may prepay or refinance the Series 2022 loans at any time after December 1, 2026 and no prepayment penalties apply.

In April 2022, the District issued $1,614,000 in subordinate general obligation refunding bonds, the proceeds of which were paid to the

Developer. The Developer is the owner of these Series 2022 Subordinate Cash Flow Bonds. The Series 2022 Subordinate Bonds bear a fixed interest rate of 7.00%. 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 Series 2022 Subordinate Bonds mature on December 15, 2061. The District may prepay or refinance the Series 2022 Subordinate Bonds at any time after June 1, 2027 subject to prepayment penalties equal to 3% of the redeemed principal amount.

The District’s repayment schedule for its Series 2022 Loans is as follows:

Year Ended December 31	Principal	Interest	Total Payment Due
2022	$ xxx,xxx	$ xxx,xxx	$ xxx,xxx
2023	xxx,xxx	xxx,xxx	xxx,xxx
2024	xxx,xxx	xxx,xxx	xxx,xxx
2025	xxx,xxx	xxx,xxx	xxx,xxx
2026	xxx,xxx	xxx,xxx	xxx,xxx
2027	xxx,xxx	xxx,xxx	xxx,xxx
2028	xxx,xxx	xxx,xxx	xxx,xxx
2029	xxx,xxx	xxx,xxx	xxx,xxx
2030	xxx,xxx	xxx,xxx	xxx,xxx
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041	xxx,xxx	xxx,xxx	xxx,xxx
	$ 4,230,000	$ xxx,xxx	$ xxx,xxx