RVCC 2019 NECHE Self-Study

ates from 1.88% to 2.50%. 761,638 921,602
2017 Series A General Obligation Bonds (original principal of $4,015,070) maturing
through 2036 with annual principal payments beginning in 2018 ranging
from $160,464 to $267,756 and interest rates from
2.25% to 4.80%. 3,747,314 4,015,070
$ 15,647,569 $ 19,176,772
* During the year ended June 30, 2018, $1,406,278 of the outstanding principal on this bond along with
$944,215 of debt service previously paid, was forgiven by the State of New Hampshire due to a clerical error made by
the State in previous years.
The debt service previously paid has been reflected as a receivable from the State on forgiveness
of debt. The State has agreed to reduce debt service for this amount in 2019. The bonds principal
and interest payable table below does not reflect this reduction.
During the year ended June 30, 2015, CCSNH advance refunded selected bonds. The difference
between the reacquisition price and the net carrying amount of the old debt of approximately
$523,000 was recorded as a deferred inflow of resources and will be recognized in the statement of
revenues, expenses, and changes in net position on an annual basis through the year 2028 using
the effective-interest method. At June 30, 2018 and 2017, the unamortized deferred gain from
advance refunding of the bonds was $357,921 and $418,131, respectively.
Principal and interest payments on bonds payable for the next five years and in subsequent fiveyear
periods are as follows at June 30, 2018:
Year ending June 30, Principal Interest Total
2019 $ 2,040,332 $ 687,598 $ 2,727,930
2020 1,984,141 587,092 2,571,233
2021 1,451,074 504,418 1,955,492
2022 1,329,918 443,573 1,773,491
2023 1,337,951 374,508 1,712,459
2019 - 2023 4,822,746 1,102,697 5,925,443
2020 - 2024 2,200,016 273,039 2,473,055
2025 - 2027 481,391 31,290 512,681
$ 15,647,569 $ 4,004,215 $ 19,651,784
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