WCID110 Falling Taxes
GOOD FYI FOR WCID110 RESIDENTS:
DEFEASANCE OF BONDS.
HC WCID 110 has issued a total principal amount of $54,035,000 in bonds to finance the construction of the water, sewer and drainage facilities to serve the land within its boundaries.
As of today, the total principal amount of such issued bonds that remain outstanding is $19,995,000. On September 1, 2018, the next principal and interest payment on the outstanding bonds will be made which will reduce the total principal amount of outstanding to $18,745,000. In addition, the Board of Directors of HC WCID 110 recently approved using surplus operating and debt service revenues to redeem an additional principal amount of $2,595,000 in outstanding bonds before those bonds were scheduled to mature. By redeeming such bonds before their stated maturity, the taxpayers of HC WCID 110 will realize a total of approximately $619,000 in interest savings. Thus, after the scheduled debt service payment on September 1, 2018, and the early redemption of $2,595,000 in bonds, HC WCID 110 will have the principal amount of $16,150,000 in bonds that remain outstanding. If property values within HC WCID 110 continue to grow over the next ten years the current Board of Directors' vision is to redeem additional bonds prior to their maturity and have all outstanding bonds paid off within ten years while still being able to lower the debt service tax rate gradually.