Bond Debt

 
In September 2020, the District issued bonds totaling approximately $8.4 million at a 5.2% interest rate and used the net cash proceeds to subsidize costs incurred by the Developer to construct the public infrastructure within the Bradley Ranch neighborhood. The bonds mature on December 1, 2056 and the bonds are held by the Developer.

The bonds may be redeemed at anytime prior to maturity without a prepayment penalty.

The Bonds are secured by and payable from the Pledged Revenue consisting of monies derived by the District from the following sources, net of any collection costs: (1) the Required Mill Levy, and (2) the portion of the Specific Ownership Tax which is collected as a result of the imposition of the Required Mill Levy. Required Mill Levy means an ad valorem mill levy imposed upon all taxable property of the District each year in an amount sufficient to pay the principal, premium if any, and interest on the Bonds as the same become due and payable including any accrued interest and unpaid amounts and interest due as a result of compounding, if any.

The District’s repayment schedule for its bonds is as follows:
 
             
  Year Ended
December 31

Principal

Interest
Total
Payment Due
  2021 $                         -
$         436,375 $           436,375
  2022 - 436,375
436,375
  2023 - 436,375 436,375
  2024 4,000 436,375 440,375
  2025 16,000 436,167 452,167
  2026 31,000 435,335 466,335
  2027 32,000 433,723 465,723
  2028 48,000 432,059 480,059
  2029 51,000
429,563 480,563
  2030 68,000 426,911 494,911
  2031 71,000 423,375 494,375
  2032 90,000 419,683 509,683
  2033 94,000 415,003 509,003
  2034 115,000 410,115 525,115
  2035 121,000 404,135 525,135
  2036 143,000 397,843 540,843
  2037 150,000 390,407 540,407
  2038 174,000 382,607 556,607
  2039 183,000 373,559 556,559
  2040 209,000 364,043 573,043
  2041 220,000 353,175 573,175
  2042 249,000 341,735 590,735
  2043 262,000 328,787 590,787
  2044 293,000 315,163 608,163
  2045 309,000 299,927 608,927
  2046 343,000 283,859 626,859
  2047 361,000 266,023 627,023
  2048 398,000 247,251 645,251
  2049 419,000 226,555 645,555
  2050 460,000 204,767 664,767
  2051 484,000 180,847 664,847
  2052 529,000 155,679 684,679
  2053 557,000 128,171 685,171
  2054 606,000 99,207 705,207
  2055 638,000 67,695 705,695
  2056 663,822 34,510 698,332
  Total $    8,391,822  $    11,853,379 $  20,245,201