| |
Date of Redemption |
Redemption Premium (%) |
Redemption Premium ($) |
| |
December 01, 2023, to November 30, 2024 |
3.0% |
$ 346,650 |
| |
December 01, 2024, to November 30, 2025 |
2.0% |
230,400 |
| |
December 01, 2025, to November 30, 2026 |
1.0% |
113,950 |
| |
December 01, 2026 and thereafter |
0.0% |
-- |
Outstanding principal and interest on the 2018 Bonds mature as follows:
| |
Year Ended
December 31 |
Principal |
Interest |
Total
Payment Due |
| |
2023 |
$ 100,000
|
$ 636,806 |
$ 736,806
|
| |
2024 |
115,000 |
631,931
|
746,931
|
| |
2025 |
125,000 |
626,325 |
751,325 |
| |
2026 |
140,000 |
620,231 |
760,231 |
| |
2027 |
120,000 |
613,406 |
733,406 |
| |
2028 |
140,000 |
607,556 |
747,556 |
| |
2029 |
145,000 |
600,325 |
745,325 |
| |
2030 |
170,000 |
592,350 |
762,350 |
| |
2031 |
175,000 |
583,000 |
758,000 |
| |
2032 |
200,000 |
573,375 |
773,375 |
| |
2033 |
210,000 |
562,375 |
772,375 |
| |
2034 |
235,000 |
550,825 |
785,825 |
| |
2035 |
250,000 |
537,900 |
787,900 |
| |
2036 |
275,000 |
524,150 |
799,150 |
| |
2037 |
290,000 |
509,025 |
799,025 |
| |
2038 |
320,000 |
493,075 |
813,075 |
| |
2039 |
335,000 |
475,475 |
810,475 |
| |
2040 |
370,000 |
457,050 |
827,050 |
| |
2041 |
390,000 |
436,700 |
826,700 |
| |
2042 |
425,000 |
415,250 |
840,250 |
| |
2043 |
450,000 |
391,875 |
841,875 |
| |
2044 |
490,000 |
367,125 |
857,125 |
| |
2045 |
515,000 |
340,175 |
855,175 |
| |
2046 |
560,000 |
311,850 |
871,850 |
| |
2047 |
590,000 |
281,050 |
871,050 |
| |
2048 |
635,000 |
248,600 |
883,600 |
| |
2049 |
670,000 |
213,675 |
883,675 |
| |
2050 |
725,000 |
176,825 |
901,825 |
| |
2051 |
765,000 |
136,950 |
901,950 |
| |
2052 |
1,725,000 |
94,875 |
1,819,875 |
| |
Total |
$ 11,655,000 |
$ 13,610,130 |
$ 25,265,130 |
Debt Authorization
On November 4, 2003, the District’s four electors (all of whom were qualified to vote by the owner of all land within the District at that time - SolVista Corporation) authorized the District to issue up to $160 million in debt at a net effective interest rate not to exceed 10% . On November 2, 2004, the District’s electors authorized the District to issue up to $48 million in additional debt at a net effective interest rate not to exceed 10% per annum.
Per C.R.S 32-1-1101(2), any remaining, unused debt issuance authorization obtained from the District’s electors will expire as follows:
- $122.2 million will expire in November 2023 - 20 years after the original debt authorization election
- $48.0 million will expire in November 2024 - 20 years after the original debt authorization election
LAND SUBJECT TO PAYING OFF BOND DEBT
Subsequent to the District issuing bond debt in 2006, approximately 754.8 acres of land was excluded from the District’s service boundaries. Such land remains subject to paying the District’s debt mill levy until such time as this debt is repaid in full or otherwise defeased. The 987 acres of land subject to paying the District's annual debt mill levy is identified on the map below:
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