Finance

Basic Financial Statements

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In 1994, the District expanded the sewer system and relocated wastewater treatment to the new Grange Road plant. Prior to the expansion, there were many vacant lots remaining in the Hidden Valley Lake subdivision that were not considered buildable. The composition of the soil would not allow proper drainage that would make septic systems a feasible option to potential builders. The expansion of the system allowed 1460 properties within the Hidden Valley Lake Association to be viable for construction. The project was funded by four bonds and a low-interest loan. Of the four bonds, three were paid off early in order to minimize interest payments. The remaining bond, the 1995-2 series bond was issued by the USDA on August 16, 1994, for $5,500,000. After refinancing March 23, 2016, the bond carries a 3.25-3.5% interest rate and is set to mature in 2032. The remaining balance of the loan on March 23, 2016, was $3,650,000. The principal and interest related to the 1995-2 bond is collected annually on the property tax roll. The low-interest portion of the loan was held by the State Revolving Fund. Loan documents are dated June 15, 1994 for $9,994,334 at 3% interest. The loan was paid in May 2015 and the $380 assessed on property to pay this loan no longer appears on your taxes. »