JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.

Bond Debt

In 2019, the District issued bonds totaling approximately $18,721,000 at an interest rate ranging from 5.00% to 7.625% interest and used the net cash proceeds to subsidize Lennar's costs to develop its private land prior to the start of homebuilding activities.

In January 2022, the District Board (majority comprised of Lennar employees) issued a $3,279,000 junior lien bond to Lennar (without holding a public budget hearing). The Junior Lien Bonds are cash flow bonds (no scheduled annual principal repayments) and bear a fixed interest rate of 7.00%. Interest is payable each year on June 1 and December 1.

The District’s repayment schedule for its bonds is as follows:

Year Ended December 31	Principal	Interest	Total Payment Due
2025	$ 205,000	$ 816,000	$ 1,021,000
2026	235,000	805,750	1,040,750
2027	250,000	794,000	1,044,000
2028	280,000	781,500	1,061,500
2029	295,000	767,750	1,062,500
2030	330,000	752,750	1,082,750
2031	350,000	736,250	1,086,250
2032	390,000	718,750	1,108,750
2033	405,000	699,250	1,104,250
2034	450,000	679,000	1,129,000
2035	470,000	656,500	1,126,500
2036	520,000	633,000	1,153,000
2037	545,000	607,000	1,152,000
2038	595,000	579,750	1,174,750
2039	625,000	550,000	1,175,000
2040	680,000	518,750	1,198,750
2041	710,000	484,750	1,194,750
2042	770,000	449,250	1,219,250
2043	810,000	410,750	1,220,750
2044	875,000	370,250	1,245,250
2045	920,000	326,500	1,246,500
2046	990,000	280,500	1,270,500
2047	1,040,000	231,000	1,271,000
2048	1,115,000	179,000	1,294,000
2049	2,465,000	123,350	2,588,250
Total	$ 16,320,000	$ 13,951,000	$ 30,271,000