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Bond Debt

In 2005, the District issued bonds totaling $5.0 million at a 8.0% interest rate and used the net cash proceeds to construct the infrastructure within the Turnberry neighborhood. Catellus Acquisition Company, LLC (the financer of the original land developer of the District and employer of certain District board members) was the holder of these bonds. Due to lack of housing construction occurring within the District, the District did not generate sufficient property tax revenue through 2019 to pay the annual accrued interest in full. Consequently, accrued unpaid interest on these bonds totaled $2.6 million before the bonds were paid off through a refinancing transaction in December 2019.

In December 2019, the District issued a $21.1 million in general obligation refunding and improvement bonds (Series A and B) to repay the 2005 bonds and fund additional public infrastructure constructed within the Turnberry neighborhood. Catellus Acquisition Company, LLC is the holder of the Series A and B bonds. The 2019 Series A Bonds bear a fixed interest rate of 3.50%, and the 2019 Series B Bonds bear a fixed interest rate of 6.00%. Interest is payable each year on June 1^st and December 1^st, and principal payments are due each year on December 1^st. The District may redeem the Series A and B bonds anytime without paying any pre-payment penalties.

The District’s repayment schedule for its Series A Bonds is as follows:

Year Ended December 31	Principal	Interest	Total Payment Due
2020	$ -	$ -	$ -
2021	-	-	-
2022	-	-	-
2023	-	607,125	607,125
2024	99,336	597,089	696,425
2025	243,824	608,751	852,575
2026	320,583	607,542	928,125
2027	329,613	596,086	925,699
2028	361,220	586,705	947,925
2029	370,251	573,674	943,925
2030	401,857	562,718	964,575
2031	415,403	548,597	964,000
2032	447,010	535,890	982,900
2033	465,071	520,504	985,575
2034	496,678	505,872	1,002,550
2035	514,739	488,561	1,003,300
2036	550,861	472,489	1,023,350
2037	568,922	453,078	1,022,000
2038	609,559	435,391	1,044,950
2039	632,135	414,190	1,046,325
2040	672,772	394,053	1,066,825
2041	695,349	370,402	1,065,751
2042	735,986	347,814	1,083,800
2043	763,077	322,198	1,085,275
2044	808,230	297,470	1,105,700
2045	839,837	269,538	1,109,375
2046	889,504	242,321	1,131,825
2047	921,111	211,239	1,132,350
2048	970,779	180,871	1,151,650
2049	1,006,901	147,124	1,154,025
	$ 15,130,608	$ 11,897,292	$ 27,027,900