Successor Agency 2006 Bond Debt Service

On December 5, 2006, the Greenfield Development Agency issued $29,810,000 in Tax Allocation Bonds Series 2006 to decrease its 2005 Tax Allocation Bonds, partially decrease its 2002 Tax Allocation Bonds, provide approximately $23,000,000 in new funding for various redevelopment projects, fund a debt service reserve fund, fund capitalized interest, and pay issuance costs related to the bonds.

The interest rates on the bonds vary from 3.625 to 4.75%. During the fiscal year 2012-2013, the City retired the par value of $1,085,000 at a discounted amount of $913,646. As of June 30, 2013, the principal balance outstanding was $21,875,000. The future minimum payment obligation for the bonds payable in 2015 for principal is $585,000 and $23,390 for interest. In 2016 principal payment is $740,000 and $899,990 for interest. In 2017 principal payment is $770,000 and $866,690 for interest. Total remaining principal and interest to retire this bond in 2037 is $33,730,273.
A plot of land that has been prepared for construction.