ECWCD FOOLS NP REPORTER
In a message dated 3/4/2010 11:02:58 A.M. Eastern Standard Time, druane@news-press**** writes: When I look at the 09-10 budget the amount of outstanding debt as of Sept. 30, 2009 was about $7.3 million with a maximum annual debt service of about $2.1 million this year. An assessment of about $9 per acre ($2.25 per quarter-acre lot) helps pay the debt. Where’s the additional $5.6 million in debt coming from? Don Debt outstanding at September 30, 2009 was $7,303,569 of which $1,004,118 was stimulus money. Year-to-date principal payments total $1,785,500 which leaves a current debt outstanding balance of $5,518,069. Debt service payments scheduled for the remainder of the fiscal year total $105,646 and stimulus loan proceeds projected to be collected by the District will be approximately $900,000 (estimate as we will not close the project until April) therefore, estimated debt outstanding at September 30, 2010 will be approximately $6,312,423. Add to this new debt
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