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District's Debt structure

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.

On January 13, 2021, the District borrowed $7,032,000 from BBVA Bank for the purpose of refinancing its existing debt and funding $2.2 million for a new capital project. The Series 2021 Bank Loan is due December 1, 2040, with a fixed stated annual interest rate of 2.35%, paid semiannually on June 1 and December 1. The Series 2021 Bank Loan may be prepaid prior to maturity at the option of the District beginning December 01, 2025 subject to prepayment penalties and may be prepaid without prepayment penalties beginning on December 01, 2030.

The repayment schedule for the District's Series 2021 Bank Loan is as follows:

Year Ended December 31	Principal	Interest	Total Payment Due
2021	$ 249,000	$ 145,973	$ 394,973
2022	287,000	159,401	446,401
2023	294,000	152,656	446,656
2024	301,000	145,747	446,747
2025	308,000	138,674	446,674
2026	315,000	131,436	446,436
2027	323,000	124,033	447,033
2028	330,000	116,443	446,443
2029	338,000	108,688	446,688
2030	346,000	100,745	446,745
2031	354,000	92,614	446,614
2032	362,000	84,295	446,295
2033	371,000	75,788	446,788
2034	380,000	67,069	447,069
2035	389,000	58,139	447,139
2036	398,000	48,998	446,998
2037	407,000	39,645	446,645
2038	417,000	30,080	447,080
2039	426,000	20,281	446,281
2040	437,000	10,270	447,270
	$ 7,032,000	$ 1,850,273	$ 8,882,969

Interest is payable each year on June 1^st and December 1^st, and principal payments are due each year on December 1^st.