On April 18, 2002, the Agency adopted a resolution authorizing the sale of $4,005,000 aggregate principal amount of Tax Allocation Refunding and Escrow Bonds at interest rates ranging from 4.125 to 5.8%. The purpose of the bond was to retire $1,500,000 of tax allocation notes issued on December 1, 2000 and to provide additional redevelopment project funds.
A portion of these bonds were advance refunded by the 2006 Tax Allocation Refunding Bonds. As of June 30, 2014, the principal balance outstanding was $1,365,000. The future minimum payment obligation for the bonds payable in 2015 is $120,768, $118,618 in 2016 and $121,418 in 2017. The total remaining principal and interest to retire this bond in 2032 is $2,321,838.