The Senior Bonds are secured by and payable solely from Senior Pledged Revenue, net of any costs of collection, which is comprised of the following:
a) all Senior Property Tax Revenues (generated by the imposition of the Senior Required Mill Levy);
b) all Senior Specific Ownership Taxes (attributable to the Senior Required Mill Levy);
c) all System Development Fees; and
d) any other legally available amounts that the District may designate towards payment of the Senior Bonds.
The 2020 Indenture of Trust Agreement for the 2020A Senior Bonds establishes a Maximum Debt Mill levy the District is permitted to impose on taxable property within the District to fund the repayment of the Senior Bonds. The Maximum Debt Mill Levy is 50 mills, as adjusted by the State of Colorado for changes in the ratio of taxable valuation to assessed valuation of real property since August 06, 2001 – at which time, the ratio was 9.15%. The ratio for the 2024 collection year is 6.700%, which causes the District’s Maximum Debt Mill Levy for debt service for 2024 to be 66.905.
The Senior Bonds are subject to redemption prior to maturity, at the option of the District on December 1, 2025, and on any date thereafter, upon payment of par, accrued interest, and a redemption premium equal to a percentage of the principal amount so redeemed, as follows:
Date of Redemption |
|
Redemption Premium (%) |
|
Redemption Premium ($) |
Dec 01, 2025 to Nov 30, 2026 |
|
3.0% |
|
$ 1,533,450 |
Dec 01, 2026 to Nov 30, 2027
|
|
2.0% |
|
$ 1,021,700 |
Dec 01, 2027 to Nov 30, 2028
|
|
1.0% |
|
$ 510,100 |
Dec 01, 2028and thereafter
|
|
0.0% |
|
$ - |
The District’s repayment schedule for its Series 2020A Bonds is as follows:
|
|
Series 2020A Bonds
(5.00% to 5.25% interest) |
|
|
Year Ended
December 31 |
Principal |
Interest |
Total
Payment Due |
|
2020 |
$ - |
$ - |
$ - |
|
2021 |
- |
2,652,350 |
2,652,350 |
|
2022 |
- |
2,652,350 |
2,652,350 |
|
2023 |
- |
2,652,350 |
2,652,350 |
|
2024 |
- |
2,652,350 |
2,652,350 |
|
2025 |
- |
2,652,350 |
2,652,350 |
|
2026 |
30,000 |
2,652,350 |
2,682,350 |
|
2027 |
75,000 |
2,650,850 |
2,725,850 |
|
2028 |
240,000 |
2,647,100 |
2,887,100 |
|
2029 |
255,000 |
2,635,100 |
2,890,100 |
|
2030 |
440,000 |
2,622,350 |
3,062,350 |
|
2031 |
460,000 |
2,600,350 |
3,060,350 |
|
2032 |
665,000 |
2,577,350 |
3,242,350 |
|
2033 |
700,000 |
2,544,100 |
3,244,100 |
|
2034 |
930,000 |
2,509,100 |
3,439,100 |
|
2035 |
975,000 |
2,462,600 |
3,437,600 |
|
2036 |
1,230,000 |
2,413,850 |
3,643,850 |
|
2037 |
1,290,000 |
2,352,350 |
3,642,350 |
|
2038 |
1,570,000 |
2,287,850 |
3,857,850 |
|
2039 |
1,650,000 |
2,209,350 |
3,859,350 |
|
2040 |
1,965,000 |
2,126,850 |
4,091,850 |
|
2041 |
2,060,000 |
2,028,600 |
4,088,600 |
|
2042 |
2,415,000 |
1,920,450 |
4,335,450 |
|
2043 |
2,540,000 |
1,793,663 |
4,333,663 |
|
2044 |
2,935,000 |
1,660,313 |
4,595,313 |
|
2045 |
3,090,000 |
1,506,225 |
4,596,225 |
|
2046 |
3,525,000 |
1,344,000 |
4,869,000 |
|
2047 |
3,710,000 |
1,158,938 |
4,868,938 |
|
2048 |
4,195,000 |
964,163 |
5,159,163 |
|
2049 |
4,415,000 |
743,925 |
5,158,925 |
|
2050 |
9,755,000 |
512,138 |
10,267,138 |
|
Total |
$ 51,115,000 |
$ 64,185,665 |
$ 115,300,665 |
|