Distrito Escolar del - Osceola County School District

8. EDUCATIONAL FACILITIES BENEFIT DISTRICT AGREEMENT PAYABLE
Pursuant to Section 1013.355, Florida Statutes, the District entered into an interlocal agreement with
Osceola County, Florida, dated September 15, 2003, authorizing the creation of the Bellalago Educational
Facilities Benefit District (Benefit District). The purpose of the Benefit District is to finance the
construction of school facilities using a combination of sources, including impact fees, non-ad valorem
assessments from homeowners, charter capital, and payments from the District. The District also entered
into a charter contract on April 6, 2004, with the Foundation for Osceola Education, Inc. (Foundation),
creating Bellalago Charter School. The Foundation entered into an interlocal agreement with the Benefit
District under which it agreed to pay to the Benefit District any charter capital received in exchange for use
of the school facilities. On December 16, 2003, the District entered into an interlocal funding agreement
with the Benefit District and Avatar Properties, Inc., to formalize the obligations of the parties. Under the
terms of this agreement, the District is obligated to pay the portion of debt service on bonds issued by the
Benefit District not otherwise funded by impact fees, non-ad valorem assessments, and charter capital.
Phase I of the construction was funded through bonds issued by the Benefit District at a rate of 6.05
percent. Phase II of the construction was funded by issuing a second series of bonds by the Benefit District
at a rate of 5.83 percent.
Estimated amounts payable for the Benefit District agreement are as follows:
Fiscal Year
Ending June 30 Total Principal Interest
2013 777,960 372,526 405,434
2014 763,427 374,153 389,274
2015 756,634 383,590 373,044
2016 742,431 386,028 356,403
2017 730,814 391,156 339,658
2018-2022 3,480,263 2,042,083 1,438,180
2023-2027 3,144,366 2,159,393 984,973
2028-2032 2,786,623 2,280,521 506,102
2033-2035 1,019,934 956,665 63,269
Total $ 14,202,452 $ 9,346,115 $ 4,856,337
The amounts that may be required from the District in the future are dependent on the amount of charter
capital received which is dependent on enrollment at the school and the level of funding appropriated
annually by the Legislature.
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