The principal and interest repayment requirements relating to the outstanding bonds payable at June 30, 2017, are as follows:

Year ending June 30 Principal Interest Total

2019 $ 240,000 $ 97,291 $ 337,291

2020 250,000 88,291 338,291

2021 260,000 78,791 338,791

2022 270,000 68,781 338,781

2023 280,000 58,319 338,319

2024-2027 1,225,000 120,900 1,345,900

Total $ 2,525,000 $ 512,373 $ 3,037,373

During 2005, the University entered into a capital lease for an energy management project. The lease obligation has an interest rate of 4.29% and requires annual payments of principal and interest through 2021. The lease obligation will be paid with guaranteed energy savings.

The following is a schedule of future minimum payments required for the capital lease obligations at June 30, 2018:

Year ending June 30,

2019 $ 616,792

2020 616,792

2021 616,791

Total minimum lease payments 1,850,375

Less: amounts representing interest (131,337)

Present value of minimum lease payment $ 1,719,038

The University leases certain assets under operating lease agreements. The operating leases expire in various years through 2022. These leases do not transfer assets at the end of the lease term. Periods on these leases range from one to five years and requires the University to pay all executor costs (maintenance, insurance, taxes).

Future minimum lease payments at June 30, 2018, are as follows:

Year ending June 30,

2019 $ 145,538

2020 52,303

2021 46,303

2022 17,034

$261,178

Lease expense was $222,509 for the year ended June 30, 2018.

29.