The principal and interest repayment requirements relating to the outstanding bonds payable at June 30, 2016, are as follows:
| Principal | Interest | Total | |
|---|---|---|---|
| Year ending June 30, | |||
| 2017 | $ 225,000 | $ 114,241 | $ 339,241 |
| 2018 | 230,000 | 105,916 | 335,916 |
| 2019 | 240,000 | 97,291 | 337,291 |
| 2020-2024 | 1,350,000 | 341,651 | 1,691,651 |
| 2025-2027 | 935,000 | 73,431 | 1,008,431 |
| Total | $ 2,980,000 | $ 732,530 | $ 3,712,530 |
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, 2016:
Year ending June 30,
2017 $ 650,527
2018 616,792
2019 616,792
2020 616,792
Thereafter 616,791
Total minimum lease payments 3,117,694
Less: amounts representing interest 334,665
Present value of minimum lease payment $ 2,783,029