Special assessment bonds payable are secured by a
lien on the property within each improvement district. In the
event of default on assessments receivable, Larimer County may
be obligated, although there is no legal obligation to do so,
to cover bond deficiencies with other resources until foreclosure
proceeds are received. Special assessment bonds payable are comprised
of the following individual issues:
| December 31 | 1997 |
|---|---|
| $64,000 Seventh and Taylor bonds due September 1, 2002; callable before maturity; interest payable semi-annually at 11% |
$ 2,000 |
| $215,000 Homestead Estates bonds due September 1, 1997; callable before maturity; ($20,000 called September 1, 1997, which had not been redeemed at December 31, 1997); interest payable semi-annually at 11% | - |
| $1,200,000 Boyd Lake Shores bonds due June 1, 2009; callable before maturity; ($5,000 called June 1, 1995, which had not been redeemed at December 31, 1997; $45,000 called December 1, 1997, of which $25,000 had not been redeemed at December 31, 1997); interest payable semi-annually at 9% |
150,000 |
| $40,000 Riviera Estates bonds due September 1, 1999; callable before maturity; ($10,000 called September 1, 1997); interest payable semi-annually at 9.55% | - |
| $165,000 Coffee Park bonds due July 1, 2004; callable before maturity; ($10,000 called January 1, 1997; $10,000 called July 1, 1997, of which $5,000 had not been redeemed at December 31, 1997); interest payable semi-annually at 8.25 to 8.3% |
15,000 |
| $1,721,489 Mountain Range Shadows bond (loan) due in annual installments of $102,975 including interest at 0.89% through June 15, 2010; callable before maturity | 1,258,628 |
| $630,000 Consolidated '89-2 bonds due July 1, 2000; callable before maturity; ($5,000 called July 1, 1997); interest payable semi-annually at 8.3% | - |
| $215,000 Double D/Lake Knolls bonds due September 1, 2009; callable before maturity; ($10,000 called September 1, 1997, which had not been redeemed at December 31, 1997); interest payable semi-annually at 9% | 40,000 |
| $140,000 Fairway Estates bonds due July 1, 2001; callable before maturity; ($5,000 called January 1, 1997); interest payable semi-annually at 8.5 to 9% | 15,000 |
| $97,000 Arapahoe Pines serial bonds due in annual installments of $9,364 including interest at 8.5% through August 19, 2006; callable before maturity | 57,298 |
| $310,000 Scenic Knolls/Glades West bonds due July 1, 2002; callable before maturity; ($25,000 called July 1, 1997); interest payable semi-annually at 6.4 to 7% | 85,000 |
| $330,000 Colony Ridge bonds due August 5, 2001; callable before maturity; ($135,000 called February 1, 1997; $25,000 called August 1, 1997); interest payable semi-annually at 7 to 7.5% | 170,000 |
| Total | $ 1,792,926 |
A summary of annual requirements to amortize bonds
outstanding is as follows:
| Year | Principal | Interest | Total |
|---|---|---|---|
| 1998 | $ 96,233 | $ 54,103 | $ 150,336 |
| 1999 | 97,433 | 52,903 | 150,336 |
| 2000 | 98,674 | 51,662 | 150,336 |
| 2001 | 114,958 | 50,379 | 165,337 |
| 2002 | 188,286 | 47,749 | 236,035 |
| 2003 - 2007 | 703,851 | 158,741 | 862,592 |
| 2008 - 2010 | 493,491 | 32,885 | 526,376 |
| Totals | $ 1,792,926 | $ 448,422 | $ 2,241,348 |
Bond interest cost in the Debt Service Fund for the Year Ended December 31, 1997 was $72,941.