Bond Debt
Series 2016A Senior General Obligation Bonds
On December 22, 2016, the District issued $31,260,000 General Obligation Limited Tax Refunding Bonds, Series 2016A (“Senior Bonds”). The Senior Bonds were issued as two term bonds that bear interest at 5.50% (on $11,785,000 principal) and 5.75% (on $19,475,000 principal), and are payable semi-annually on June 1 and December 1, beginning on December 1, 2017. Annual mandatory sinking fund principal payments are due on December 1, beginning on June 01, 2017. The Senior Bonds mature on December 01, 2046.
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Series 2016B Subordinate General Obligation Bonds
On December 22, 2016, the District issued $13,330,000 Subordinate General Obligation Limited Tax Refunding Bonds, Series 2016B (“Subordinate Bonds”). The Subordinate Bonds were issued at the rate of 6.500% per annum and are payable annually on December 15, beginning December 15, 2017, from, and to the extent of, Subordinate Pledged Revenue available, if any, and mature on December 15, 2048. The Subordinate Bonds are structured as cash flow bonds meaning that there are no scheduled payments of principal or interest prior to the final maturity date. Unpaid interest on the Subordinate Bonds compounds annually on each December 15.