In September 2021, the District issued bonds totaling $10.13 million at an interest rate of 4.625% and a 30-year payoff period. The bonds are structure as cash flow bonds – which means there are no scheduled payments of principal on such bonds prior to the bonds’ maturity date of December 01, 2051.

The 2021 Bonds require the District to levy a debt mill levy equal to 50 mills each year and such debt mill levy must be adjusted each year when and if the State of Colorado changes the ratio of taxable valuation to assessed valuation for residential property since January 1, 2019, which was 7.15%. The ratio for 2024 is 6.765%, which caused the District’s Debt Levy for 2024 to be 52.846 mills.

Interest is payable annually on December 1^st and principal payments are due each year on December 1^st. The District may begin paying down the outstanding principal on the bonds beginning September 01, 2026 subject to paying a 3% redemption premium. The redemption premium decreases by 1 point each year on September 1st until no redemption premium is due on or after September 01, 2029.

The District’s 2020 amended and restated Service Plan restricts the District to issuing no more than $18,924,000 in debt (of which $10.13 million has now been used with the issuance of the September 2021 bonds).