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Stonegate Village Metropolitan District <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2006 <br />Note 4 -General obligation bonds dyable <br />Following is a summary of general obligation bonds payable at December 31, 2006: <br />$34,575,000 General Obligation Refunding and Improvement Bonds, Series 2006, dated <br />November 30, 2006. Principal is payable annually on December ls' in various amounts in <br />accordance with the bond indenture. Interest is payable semiannually at rates ranging from <br />3.5% to 4.0% per annum. Bonds maturing prior to December 1, 2015 are subject to early <br />redemption prior to their respective maturities at the option of the District at a redemption <br />price equal to the principal amount so redeemed plus accrued interest to the redemption <br />date without a redemption premium. The scheduled payment of principal and interest will <br />be guaranteed under an insurance policy by MBIA Insurance Company. <br />The Series 2006 bonds are intended to be paid in accordance with the District's plan from <br />property tax revenue, tap fees and cash reserves in the Debt Service Fund. Revenue from <br />the proprietary funds service fees are not expected to be used to pay this debt service. <br />Authorization <br />The District has $69,770,000 general obligation debt authorized fi•oin an election held <br />December 22, 1987 at an interest rate not to exceed 18%. The continued validity of the <br />remaining general obligation from 1987 debt authorization may be in question as a result <br />of Article X, Section 20 of the Constitution of the State of Colorado {see Note 8). <br />The following is a surmnary of the transactions of the District for the year ended December <br />31, 2006: <br />Balance New Reduction of Balance <br />1/1/06 Issues Obligation <br />12/31/06 <br />General Obligation <br />Refunding and Improvement <br />Bonds <br />Series 1996 $ 31,335,000 <br />Series 2006 <br />Bond refunding <br />costs (net) _ <br />- $ 31,335,000 $ <br />34,575,000 <br />(298,348) <br />Premium (net) - <br />Total bonds payable 31.335.000 <br />1,932,451 - <br />~36 209.103 $ 31.335.000 <br />The principal payable within one year is $700,000. <br />34,575,000 <br />(298,348) <br />1,932,451 <br />$ 36.209.103 <br />18 <br />