The Series 2022 Subordinate Bonds bear a fixed interest rate of 7.00%. Interest is payable each year on June 1st and December 1st, and principal payments are due each year on December 1st. 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 |
| |
2025 |
$ 152,000
|
$ 119,973 |
$ 271,973 |
| |
2026 |
162,000
|
115,215 |
277,215 |
| |
2027 |
167,000 |
110,145 |
277,145 |
| |
2028 |
178,000 |
104,918 |
282,918 |
| |
2029 |
184,000 |
99,347 |
283,247 |
| |
2030 |
195,000 |
93,588 |
288,588 |
| |
2031 |
201,000 |
87,484 |
288,484 |
| |
2032 |
214,000 |
81,192 |
295,192 |
| |
2033 |
220,000 |
74,495 |
294,495 |
| |
2034 |
233,000 |
67,609 |
300,609 |
| |
2035 |
240,000 |
60,316 |
300,316 |
| |
2036 |
254,000 |
52,803 |
306,803 |
| |
2037 |
262,000 |
44,843 |
306,853 |
| |
2038 |
276,000 |
36,652 |
312,652 |
| |
2039 |
285,000 |
28,014 |
313,014 |
| |
2040 |
300,000 |
19,094 |
319,094 |
| |
2041 |
310,000 |
9,704 |
319,704 |
| |
Total |
$ 3,833,000 |
$ 1,205,402 |
$ 5,038,402 |
No repayment schedule is provided for the Subordinate General Obligation Bonds because such bonds are "cash flow" bonds where any available net cash flows from the debt mill levy are pledged to the repayment of these bonds.
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