Schedule of Annual Debt Service for Principal and Interest for the next five (5) years and increments thereafter for Bonded Debt issued and outstanding:
Fiscal
| Year | Principal | Interest | Total |
|---|---|---|---|
| 2015 | 3,600,000 | 887,441 | 4,487,441 |
| 2016 | 3,745,000 | 756,466 | 4,501,466 |
| 2017 | 3,150,000 | 618,979 | 3,768,979 |
| 2018 | 3,215,000 | 503,354 | 3,718,354 |
| 2019-2023 | 8,032,000 | 1,091,271 | 9,123,271 |
| 2024-2028 | 2,734,000 | 265,475 | 2,999,475 |
| Total | $ 24,476,000 | $ 4,122,986 | $ 28,598,986 |
The Township, during 2009, issued $8,010,000 in General Obligation Bonds, Series, 2009 (the “Refunding Bonds”). The Bonds were issued in accordance with the Township’s refunding plan. The Refunding Plan calls for the current refunding and redemption of the Township’s Series 1996 Bonds on June 11, 2009 (the “1996 Redemption Date”) at par and for advance refunding the Township’s Series 2001 Bonds and redeeming the Series 2001 bonds on December 31, 2010 (the 2001 “Redemption Date” and together with the 1996 Redemption Date, the “Redemption Dates”) at par, the earliest dates set for optional redemption of the Refunded Bonds, plus accrued interest to the Redemption Dates.
The proceeds of the Refunding Bonds were applied to the purchase of direct noncallable obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (State and Local Government Securities) the ("Government Obligations") with any investments earnings thereon, together with any cash remaining after the purchase of the Government Obligations, will be sufficient to make payments when due of principal of, interest on and redemption premium, if any, payable with respect to the Refunded Bonds. The Government Obligations (together with any cash remaining in after the purchase of the Government Obligations) are required to be held in an escrow fund by the escrow agent for the Refunded Bonds pursuant to the terms of an escrow deposit agreement.
The Refunding Plan calls for the escrow agent, pursuant to the escrow deposit agreement, to pay, from the escrow fund, when due, interest on and principal of the Refunded Bonds and in accordance with the terms of the Refunded Bonds to call the Refunded Bonds for early redemption on their respective Redemption Dates.
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