Budgets, Levies, & Debt
Bond Disclosure - 2007
Attached is the complete report of the 2007 Bond Issue. The original request was for $85.8 million dollars. Through what is called a "premium bond," the District received $112.1 million dollars. By offering a higher than normal coupon rate (5% & 9%) the District was able to receive the incremental revenue. The revenue breakout is explained on page 11.
What is the benefit of a premium bond? The premium revenue received is not included in the maximum debt allowed. The District's maximum debt is 13.8% of the Operating Revenue. Operating Revenue is defined as all revenue except for revenue for debt repayment.
 2007 Bond Issue |