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Bond Debt

In 2002, the District issued bonds totaling approximately $4.3 million and used the net cash proceeds to fund the construction of the infrastructure (e.g. streets, sidewalks, open spaces, utility lines, etc) within the Potomac Farms neighborhoods.

In September 2007, the District issued $4,680,000 (Series 2007A) in General Obligation Refunding and Improvement Bonds and $885,000 (Series 2007B) in Convertible Capital Appreciation General Obligation Refunding and Improvement Bonds. Proceeds from the Bonds were used to pay off the Series 2002 Bonds, fund the District's Reserve Fund, finance certain project costs, and repay other debts owed to the Developer.

Both 2007A and 2007B bonds are term bonds that bear interest at the rate of 7.25% and 7.625%, respectively.

The repayment schedule for the District's Series 2007A General Obligation Limited Tax Bonds is as follows:

	Series 2007A Bonds @ 7.25%		Series 2007B Bonds @ 7.625%
Year Ended December 31	Principal	Interest	Principal	Interest	Total Payment Due
2016	-	339,300	65,000	57,569	461,869
2017	-	339,300	65,000	52,613	456,913
2018	-	339,300	80,000	47,656	466,956
2019	-	339,300	85,000	41,556	465,856
2020	-	339,300	100,000	35,075	474,375
2021	-	339,300	110,000	27,450	476,750
2022	-	339,300	130,000	19,063	488,363
2023	15,000	339,300	120,000	9,150	483,450
2024	155,000	338,212			493,212
2025	170,000	326,975			496,975
2026	190,000	314,650			504,650
2027	205,000	300,875			505,875
2028	230,000	286,012			516,012
2029	245,000	269,338			514,338
2030	270,000	251,575			521,575
2031	290,000	232,000			522,000
2032	325,000	210,975			535,975
2033	345,000	187,413			532,413
2034	380,000	162,400			542,400
2035	410,000	134,850			544,850
2036	450,000	105,125			555,125
2037	1,000,000	72,500			1,072,500
	$ 4,680,000	$ 5,907,300	$ 755,000	$ 290,132	$ 11,632,432

Interest is payable each year on June 1^st and December 1^st, and principal payments are due each year on December 1^st. Beginning December 1, 2017, the District may redeem the outstanding bond balance at any time without paying a redemption premium to the bond holders.