Distrito Escolar del - Osceola County School District

10. BONDS PAYABLE
Bonds payable at June 30, 2012, are as follows:
Bond Type
Amount
Outstanding
Interest
Rates
(Percent)
Annual
Maturity
To
Original
Amount
State School Bonds:
Series 2003A 1,350,000 3.00 - 4.25 2023 1,985,000
Series 2004A 1,110,000 3.35 - 4.625 2024 1,595,000
Series 2005A 1,270,000 4.0 - 5.0 2025 1,685,000
Series 2005A, Refunding 2,915,000 4.0 - 5.0 2017 5,160,000
Series 2005B, Refunding 1,185,000 5.0 2020 1,715,000
Series 2006A 1,485,000 4.0 - 4.625 2026 1,810,000
Series 2009A, Refunding 640,000 3.0 - 5.0 2019 870,000
Series 2010A, Refunding 1,135,000 4.0 - 5.0 2022 1,205,000
Series 2011A, Refunding 1,135,000 3.0 - 5.0 2023 1,135,000
District Revenue Bonds:
Sales Tax Revenue Series 2007A 38,715,000 3.6 - 5.0 2025 47,580,000
Sales Tax Revenue Series 2007B 29,880,000 3.5 - 5.0 2024 32,255,000
Total Bonds 80,820,000
Plus: unamortized bond premium 3,607,390
Less: deferred amount on refunding (1,788,161)
Total Bonds Payable $ 82,639,229
The various bonds were issued to finance capital outlay projects of the District. The following is a
description of the bonded debt issues:
‣ State School Bonds
These bonds are issued by the State Board of Education on behalf of the District. The bonds mature
serially, and are secured by a pledge of the District's portion of the State-assessed motor vehicle
license tax. The State's full faith and credit is also pledged as security for these bonds. Principal and
interest payments, investment of Debt Service Fund resources, and compliance with reserve
requirements are administered by the State Board of Education and the State Board of
Administration.
‣ District Revenue Bonds
The School Board issued Sales Tax Revenue Bonds, Series 2001, in the amount of $42,325,000 on
May 1, 2001. These bonds are authorized by Chapter 1001, Florida Statutes, and Chapter 212, Part I,
Florida Statutes. A resolution providing for the issuance of the bonds was adopted by the School
Board on April 24, 2001. Proceeds of the discretionary local government infrastructure sales tax
surtax received by the District pursuant to an interlocal agreement between Osceola County, the
cities of Kissimmee and St. Cloud, and the District are pledged for the payment of bonds. Proceeds
of the bonds were used to finance construction of new school facilities and renovations of existing
school facilities.
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