Distrito Escolar del - Osceola County School District
Distrito Escolar del - Osceola County School District
Distrito Escolar del - Osceola County School District
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7. NOTES PAYABLE<br />
Notes payable are comprised of the following:<br />
Balance at<br />
<strong>School</strong> <strong>District</strong> of Indian River <strong>County</strong>, Florida 6/30/2012<br />
Pursuant to Section 1013.68(6), Florida Statutes, the Board entered into an interlocal<br />
agreement in which the Board received $9,308,048 in Classrooms First Funds<br />
allocated to Indian River <strong>County</strong> <strong>District</strong> <strong>School</strong> Board by the State of Florida. In<br />
return, the Board agreed to pay Indian River <strong>County</strong> <strong>District</strong> <strong>School</strong> Board the<br />
Classrooms First Funds it would have otherwise received from the State. The<br />
effective interest rate on the loan is 5.776 percent. Proceeds were used as capital<br />
funding for new school construction. The Board's intent is to repay the loan and<br />
related interest in 15 annual installments of $897,039 through August 1, 2016. $ 3,801,759<br />
<strong>School</strong> <strong>District</strong> of Collier <strong>County</strong>, Florida<br />
Pursuant to Section 1013.68(6), Florida Statutes, the Board entered into an interlocal<br />
agreement in which the Board received $29,176,952 in Classrooms First<br />
Funds allocated to Collier <strong>County</strong> <strong>District</strong> <strong>School</strong> Board by the State of Florida. In<br />
return, the Board agreed to pay Collier <strong>County</strong> <strong>District</strong> <strong>School</strong> Board the<br />
Classrooms First Funds it would have otherwise received from the State. The<br />
effective interest rate on the loan is 5.26 percent. Proceeds were used as capital<br />
funding for new school construction. The Board's intent is to repay the loan and<br />
related interest in 105 installments of $401,693, seven per year, through May 31,<br />
2017. 12,243,206<br />
Total Notes Payable $ 16,044,965<br />
Amounts payable for the planned extended repayment of the Section 1013.68, Florida Statutes, interlocal<br />
agreements are as follows:<br />
Fiscal Year<br />
Ending June 30 Total Principal Interest<br />
2013 $ 3,708,892 $ 2,881,673 $ 827,219<br />
2014 3,708,892 3,036,746 672,146<br />
2015 3,708,892 3,200,178 508,714<br />
2016 3,708,892 3,372,420 336,472<br />
2017 3,708,894 3,553,950 154,944<br />
Total $ 18,544,462 $ 16,044,967 $ 2,499,495<br />
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