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Bond Debt

In July 2018, the District issued bonds totaling approximately $13.2 million at interest rates ranging between 5.5% and 8.0%. The District used the net cash proceeds to construct the streets, water and sewer lines, storm drainage system, parks and open spaces, and other public infrastructure within the North Hill neighborhood.

The District's debt is divided among three layers of debt: (1) Senior bonds totaling $10.56 million at 5.5% interest, (2) subordinate bonds totaling $1.02 million at 7.875% interest and (3) junior lien bonds totaling $1.65 million at 8.0% interest. The Junior Lien Bonds are held by Toll Southwest, LLC and the projected net effective interest rate on the Junior Lien Bonds is 20.9%.

The District’s repayment schedule for its senior bonds is as follows:

Year Ended December 31	Principal	Interest	Total Payment Due
2020	$ -	$ 580,525	$ 580,525
2021	-	580,525	580,525
2022	-	580,525	580,525
2023	-	580,525	580,525
2024	-	580,525	580,525
2025	35,000	580,525	615,525
2026	115,000	578,600	693,600
2027	165,000	572,275	737,275
2028	185,000	563,200	748,200
2029	195,000	553,025	748,025
2030	225,000	542,300	767,300
2031	235,000	529,925	764,925
2032	265,000	517,000	782,000
2033	280,000	502,425	782,425
2034	310,000	487,025	797,025
2035	325,000	469,975	794,975
2036	360,000	452,100	812,100
2037	380,000	432,300	812,300
2038	415,000	411,400	826,400
2039	440,000	388,575	828,575
2040	480,000	364,375	844,375
2041	510,000	337,975	847,975
2042	555,000	309,925	864,925
2043	585,000	279,400	864,400
2044	635,000	247,225	882,225
2045	665,000	212,300	877,300
2046	720,000	175,725	895,725
2047	760,000	136,125	896,125
2048	1,715,000	94,325	1,809325
	$ 10,555,000	$ 12,640,650	$ 23,195,650