Rock Valley College Comprehensive Annual Financial Report ...

ROCK VALLEY COLLEGE
ILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511
NOTES TO FINANCIAL STATEMENTS (Continued)
Note 5 - Long-Term Debt (Continued)
General Obligation Bonds
The College issued general obligation bonds to finance various capital projects and improvements. General
Obligation Bonds at June 30, 2008 and 2007 are as follows:
2008 2007
Community College General Obligation Bonds, Series 1999, issued
November 1999 under the provisions of the "Public Community College Act"
of the State of Illinois. Principal payments are due annually on January 1 through
2015. Interest at 4.50 percent to 6.35 percent is due July 1 and January 1 of each year. $ 925,000 $ 1,755,000
Community College General Obligation Bonds, Series 2000, issued December 2000
under the provisions of the "Public Community College Act" of the State of Illinois.
Principal payments are due beginning on October 1, 2009 through October 1,
2020. Interest at 4.50 percent to 6.30 percent is due April 1 and October 1 of each year. 5,285,000 5,285,000
Community College General Obligation Bonds, Series 2002A, issued October 2002
under the provisions of the "Public Community College Act" of the State of Illinois.
Principal payments are due annually through December 30, 2014. Interest
at 1.75 percent to 3.90 percent due June 30 and December 30 of each year. 9,765,000 11,175,000
Community College Taxable General Obligation Refunding Bonds, Series 2003A,
issued October 2003 under the provisions of the "Public Community College Act"
of the State of Illinois. Principal payments are due annually beginnning on
December 15, 2005 through December 15, 2008. Interest at 1.90 percent to
4.30 percent is due June 15 and December 15 of each year. 265,000 890,000
Community College General Obligation Refunding Bonds, Series 2003B, issued
October 2003 under the provisions of the "Public Community College Act"
of the State of Illinois. Principal payments are due annually beginning on
December 15, 2008 through December 15, 2012. Interest at 2.70 percent to
3.60 percent is due June 15 and December 15 of each year. 7,000,000 7,000,000
Community College General Obligation Refunding Bonds, Series 2005, issued
October 2005 under the provisions of the "Public Community College Act"
of the State of Illinois. Principal payments are due annually beginning on April 1,
2006 through October 1, 2020. Interest at 3.75 percent to 3.95 percent is due
April 1 and October 1 of each year. 9,970,000 9,970,000
Community College General Obligation Refunding Bonds, Series 2006, issued
January 2006 under the provisions of the "Public Community College Act" of
the State of Illinois. Principal payments are due annually beginning on
April 1, 2006 through October 1, 2018. Interest at 3.25 percent to 3.85 percent is
due April 1 and October 1 of each year. 7,610,000 7,610,000
Community College General Obligation Refunding Bonds, Series 2007, issued
February 2007 under the provisions of the "Public Community College Act" of
the State of Illinois. Principal payments are due annually beginning on
December 30, 2007 through December 30, 2008. Interest at 3.95 percent to
4.05 percent is due December 30 of each year. 800,000 1,490,000
Community College General Obligation Refunding Bonds, Series 2008, issued
March 2008 under the provisions of the "Public Community College Act" of the
State of Illinois. Principal payments are due annually beginning on January 1, 2009
through January 1, 2015. Interest at 3.0 percent to 3.5 percent is due January 1
and July 1 of each year. 9,995,000 -
Total $ 51,615,000 $ 45,175,000
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