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Bond Debt

The District’s Third Amended and Restated Service Plan, which was approved by the City of Thornton on August 22, 2017, authorizes the District to issue up to $20 million in debt over a term not to exceed 40 years. The repayment of the District’s debt can exceed 40 years if the majority of the District’s Board are residents of the District and the District’s Board has voted in favor of refunding a part or all of the District’s debt (which must result in a net present value savings).

The District’s Third Amended and Restated Service Plan also establishes a Maximum Mill levy the District is permitted to impose on taxable property within the District for the payment of debt. As long as the District’s total outstanding debt exceeds 50% of the assessed valuation of all taxable property within the District, the Maximum Debt Mill Levy is 50 mills, as adjusted by the State of Colorado for changes in the ratio of taxable valuation to assessed valuation of real property since January 1, 2005. As of January 1, 2005, the ratio was 7.96%. The ratio for 2023 was 6.95%, which caused the District’s Maximum Mill Levy for debt service for 2023 to be 57.266.

The District's Series 2017A and Series 2017B bonds may be refinanced without penalty beginning on December 01, 2025.

Series 2017A Bonds

On October 31, 2017, the District issued Limited Tax (Convertible to Unlimited Tax) G.O. Refunding and Improvement Bonds, Series 2017A in the amount of $15,090,000. The Senior Bonds were issued as two term bonds that bear interest at 5.000% and 5.125%, and are payable semi-annually on June 1 and December 1, beginning on December 1, 2017. Annual mandatory sinking fund principal payments are due on December 1, beginning on December 1, 2021. The Senior Bonds mature on December 1, 2047.

The Series 2017A bond repayment schedule is as follows:

Series 2017A Limited Tax General Obligation Refunding and Improvement Bonds Interest Rate: 5.000% to 5.125%
Year Ended December 31	Principal	Interest	Total Payment Due
2018	$ -	$ 766,381	$ 766,381
2019	-	766,381	766,381
2020	-	766,381	766,381
2021	30,000	766,381	796,381
2022	170,000	764,881	934,881
2023	185,000	756,381	941,381
2024	215,000	747,131	962,131
2025	225,000	736,381	961,381
2026	255,000	725,131	980,131
2027	265,000	712,381	977,381
2028	300,000	699,131	999,131
2029	315,000	684,131	999,131
2030	350,000	668,381	1,018,381
2031	370,000	650,881	1,020,881
2032	405,000	632,381	1,037,381
2033	430,000	612,131	1,042,131
2034	470,000	590,631	1,060,631
2035	495,000	567,131	1,062,131
2036	540,000	542,381	1,082,381
2037	565,000	515,381	1,080,381
2038	615,000	487,131	1,102,131
2039	650,000	455,613	1,105,613
2040	705,000	422,300	1,127,300
2041	740,000	386,169	1,126,169
2042	800,000	348,244	1,148,244
2043	840,000	307,244	1,147,244
2044	905,000	264,194	1,169,194
2045	955,000	217,813	1,172,813
2046	1,025,000	168,869	1,193,869
2047	2,270,000	116,338	2,386,338
	$ 15,090,000	$ 16,844,285	$ 31,934,285

SERIES 2017B BONDS

On October 31, 2017, the District issued Subordinate Limited Tax G.O. Bonds, Series 2017B in the amount of $2,060,000. The Subordinate Bonds were issued at the rate of 7.75% per annum and are payable annually on December 15, beginning December 15, 2017, from, and to the extent of, Subordinate Pledged Revenue available, if any, and mature on December 15, 2047. The Subordinate Bonds are structured as cash flow bonds meaning that there are no scheduled payments of principal or interest prior to the final maturity date. Unpaid interest on the Subordinate Bonds compounds annually on each December 15. As of December 31, 2023, accrued unpaid interest on the Series 2017B bonds totaled $579,277.