Below is a summary of the changes in the special assessment bonds payable:
| Balance | Balance | Amount | ||||
| June 30, 2024 | Additions | Deletions | June 30, 2025 | Due Within One Year | ||
| 2003 Assessment Revenue Bonds | $ 559,001 | $ - | $ 120,000 | $ 439,001 | $ 125,000 | |
| CFD 2021-1 Special Tax Bonds Series 2021 | 14,114,999 | - | 315,000 | 13,799,999 | 325,000 | |
| CFD 2005-1 Special Tax Bonds Series 2021A | 4,645,000 | - | 280,000 | 4,365,000 | 290,000 | |
| Section 29 Assessment District 2004-02 Limited Obligation Bonds Series 2021 | 14,650,000 | - | 2,106,831 | 12,543,169 | 850,000 | |
| Special Tax Bonds, Series 2024 | 11,600,000 | - | 40,000 | 11,560,000 | 50,000 | |
| Total | $ 45,569,000 | $ - | $ 2,861,831 | $ 42,707,169 | $ 1,640,000 | |
The City has Special Assessment Bonds Payable issued under the 1911 and 1915, Special Improvement Acts and the 1982 Mello-Roos Community Facilities Act (1982 Bonds). The City has no liability to 1911 Act bondholders until assessments have been collected from the property owner. Such liability is then recorded in the Custodial Funds. Therefore, the 1911 Bonds are not recorded as liabilities in the accompanying financial statements.
The City also has no liability to the 1915 Act bondholders, or the bondholders of bonds issued under the 1982 Mello-Roos Community Facilities Act until assessments are collected on the tax rolls. However, the City may take certain actions to assume secondary liability for all or part of 1915 Act Bonds and the 1982 Bonds until such time as foreclosure proceedings are consummated.
Special assessment bonds payable, as described below, and are not recorded as long-term liabilities, as these obligations do not constitute a debt or obligation of the City.
In June 2003, the Palm Desert Financing Authority issued $4,423,000 in 2003 Assessment Revenue Bonds. The proceeds were used to purchase three series of limited obligation improvement bonds issued by the City in connection with the financing and refinancing of certain improvements of benefit to property within the City's Assessment District No. 94-2 (Sunterrace), Assessment District No. 94-3 (Merano) and Silver Spur Ranch Utility Underground Assessment District No. 01-01. These bonds were issued under the 1915 Improvement Bond Act to provide funds for public improvements in the respective assessment districts.
Debt service requirements to maturity are as follows:
| Year Ending June 30, | Principal | Interest | Total |
|---|---|---|---|
| 2026 | $ 125,000 | $ 25,934 | $ 150,934 |
| 2027 | 135,000 | 18,947 | 153,947 |
| 2028 | 140,000 | 11,556 | 151,556 |
| 2029 | 39,001 | 3,897 | 42,898 |
| Total | $ 439,001 | $ 60,334 | $ 499,335 |
As of June 30, 2025, the principal amounts to be repaid by the Assessment District No. 01-1 to pay off the loans from the Financing Authority is $439,001.