Bond Debt
Bond Debt
On November 01, 2025, the remaining, unused debt issuance authorization obtained from the District’s electors in November 2025 expired Per C.R.S 32-1-1101(2). The District is unable to issue any additional debt without first submitting to the voters and obtaining voter approval of a TABOR ballot issue requesting authority to issue additional debt. Series 2017 BondsOn December 21, 2017, District issued General Obligation Refunding Bonds (Series 2017 Bonds) in the principal amount of $3,635,000. The Series 2017 Bonds were issued for the purpose of providing funds to refund the District’s prior debt obligations. The Series 2017 Bonds mature at various dates through December 1, 2046. Interest on the Series 2017 Bonds is 4.00% through December 01, 2037 and 3.625% thereafter. Interest is payable semi-annually on June 1st and December 1st and principal payments are payable December 1st each year. The Series 2017 Bonds are general obligations of the District secured by the District’s full faith and credit, and all of the taxable property of the District is subject to the levy of an ad valorem tax without limitation of rate and in an amount sufficient to pay the principal of and interest on the Bonds when due. |
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The Series 2017 Bonds are subject to redemption prior to maturity at the option of the District at any time on or after December 01, 2028. Such Bonds may be redeemed without any redemption premium.
Approximately 36% of the property taxes homeowners pay to the District annually is used to fund the repayment of the District's debt.
The District’s repayment schedule for its 2017 Bonds is as follows:
| Year Ended December 31 | Principal | Interest | Total Payment Due |
|---|---|---|---|
| 2026 | $ 75,000 | $ 121,700 | $ 196,700 |
| 2027 | 80,000 | 118,700 | 198,700 |
| 2028 | 90,000 | 115,500 | 205,500 |
| 2029 | 95,000 | 111,900 | 206,900 |
| 2030 | 105,000 | 108,100 | 213,100 |
| 2031 | 110,000 | 103,900 | 213,900 |
| 2032 | 120,000 | 99,500 | 219,500 |
| 2033 | 120,000 | 94,700 | 214,700 |
| 2034 | 130,000 | 89,900 | 219,900 |
| 2035 | 140,000 | 84,700 | 224,700 |
| 2036 | 155,000 | 79,100 | 234,100 |
| 2037 | 155,000 | 72,900 | 227,900 |
| 2038 | 170,000 | 66,700 | 236,700 |
| 2039 | 175,000 | 60,538 | 235,538 |
| 2040 | 185,000 | 54,194 | 239,194 |
| 2041 | 195,000 | 47,488 | 242,488 |
| 2042 | 205,000 | 40,419 | 245,419 |
| 2043 | 215,000 | 32,987 | 247,987 |
| 2044 | 225,000 | 25,194 | 250,194 |
| 2045 | 230,000 | 17,037 | 247,037 |
| 2046 | 240,000 | 8,700 | 248,700 |
| Total | $ 3,215,000 | $ 1,553,857 | $4,768,857 |