In July 2021, the City of Palm Desert Community Facilities District No. 2005-1 (University Park) Special Tax Refunding Bonds, Series 2021A (the “Bonds”) are being issued by City of Palm Desert Community Facilities District No. 2005-1 (University Park) (the “District”) to provide funds: (i) to refund a portion of the District’s outstanding Special Tax Bonds, Series 2006A (the “2006 Bonds”); (ii) to fund a Reserve Account for the Bonds; and (iii) to pay costs incurred in connection with the issuance of the Bonds. The 2006 Bonds were issued for the purpose of providing funds to pay the costs of acquiring certain public facilities. The Bonds are special obligations of the District and are payable solely from Net Taxes (as defined herein), and the other assets pledged therefor under the Indenture, all as further described herein. Special Taxes (as defined herein) are to be levied according to the rate and method of apportionment approved by the City Council of the City and the qualified electors within the District. Interest rates vary from 3.00% to 4.00% with interest payable semi-annually on March 1 and September 1, with principal maturing annually on September 1.
Debt service requirements to maturity are as follows:
| Year Ending
June 30, | Principal | Interest | Total |
|---|
| 2026 | $ 290,000 | $ 168,800 | $ 458,800 |
| 2027 | 300,000 | 157,000 | 457,000 |
| 2028 | 315,000 | 144,700 | 459,700 |
| 2029 | 330,000 | 131,800 | 461,800 |
| 2030 | 340,000 | 118,400 | 458,400 |
| 2031-2035 | 1,505,000 | 328,700 | 1,833,700 |
| 2036-2037 | 1,285,000 | 78,500 | 1,363,500 |
| Total | $ 4,365,000 | $ 1,127,900 | $ 5,492,900 |
In July 2021, the City of Palm Desert issued $16,400,000 Limited Obligation Improvement Bonds. The proceeds of the Bonds will be used to refund previously issued series 2017 bonds that financed certain infrastructure improvements within the City's Section 29 Assessment District (No. 2004-02). The debt service on the bonds is to be paid by assessments secured on the property tax rolls of those properties benefiting from the improvements. Interest ranging from 4.00% to 4.70% payable semiannually on March 2 and September 2. Bond maturities begin September 2, 2009 and continue annually through 2020. Term bonds in the amount of $2,525,000 carry an interest rate of 4.75% and mature September 2, 2022. Term bonds in the amount of $5,110,000 carry an interest rate of 5.05% and mature September 2, 2027. Term bonds in the amount of $12,543,169 carry an interest rate of 5.10% and mature September 2, 2037.