Tax Bond History
The Bonds (Unlimited Tax Bonds, Series 1997) constitute the seventh series of unlimited tax bonds issued by the District for the purpose of acquiring and constructing a waterworks, wastewater and storm drainage system to serve the District and for refunding such bonds.
The District has previously issued:
- $2,640,000 Waterworks and Sewer System Unlimited Tax Bonds, Series 1980 (the "Series 1980 Bonds");
- $2,545,000 Waterworks and Sewer System Unlimited Tax Bonds, Series 1982 (the "Series 1982 Bonds);
- $2,555,000 Unlimited Tax Bonds, Series 1995 (the "Series 1995 Bonds"); and
- $3,610,000 Unlimited Tax Bonds, Series 1996 (the "1996 Series Bonds").
The District has also issued $5,285,000 Unlimited Tax Refunding Bonds, Series 1991, (the "Series 1991 Refunding Bonds") to refund certain maturities of the Series 1980 and Series 1982 Bonds and $5,635,000 Unlimited Tax Refunding Bonds, Series 1996 (the "Series 1996 Refunding Bonds") to refund certain maturities of the Series 1980 Bonds and the Series 1991 Refunding Bonds, collective reference is made in this Official Statement to the Series 1980 Bonds, Series 1982 Bonds, Series 1995 Bonds, Series 1996 Bonds, Series 1991 Refunding Bonds and Series 1996 Refunding Bonds as the "Outstanding Bonds."
None of the principal amount of the Series 1980 bonds, $125,000 in principal amount of the Series 1982 Bonds, all $2,555,000 in principal amount of the Series 1995 Bonds, all $3,610,000 in principal amount of the Series 1996 Refunding Bonds are outstanding as of the date of this Official Statement.
Voters in the District have authorized a total of $26,715,000 principal amount of bonds for the purpose of acquiring and constructing waterworks, wastewater and storm drainage system (the "System") to serve the District, and $8,000,000 in bonds for refunding purposes. Following the issuance of the Bonds, $14,065,000 principal amount of unlimited tax bonds authorized by the District's voters for acquiring and constructing the System and $5,720,000 for refunding purposes will remain unissued.
(See "THE BONDS" -- Issuance of Additional Debt." The Bonds, when issued, constitute valid and legally binding obligations of the District, payable from the proceeds of a continuing, direct, annual ad valorem tax, without legal limitation as to rate or amount, levied against all taxable property within the District. (See "THE BONDS -- source of Payment.")