The principal and interest repayment requirements relating to the outstanding bonds payable at June 30, 2011, are as follows:
| Principal | Interest | Total |
|---|
| Year ending June 30, | | | |
| 2012 | $360,000 | $170,302 | $530,302 |
| 2013 | 375,000 | 157,251 | 532,251 |
| 2014 | 385,000 | 143,658 | 528,658 |
| 2015 | 210,000 | 129,701 | 339,701 |
| 2016 | 215,000 | 122,089 | 337,089 |
| 2017-2021 | 1,205,000 | 484,531 | 1,689,531 |
| 2022-2026 | 1,450,000 | 235,406 | 1,685,406 |
| Thereafter | 325,000 | 12,594 | 337,594 |
| Total | $4,525,000 | $1,455,532 | $5,980,532 |
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 obligation at June 30, 2011:
Year ending June 30,
2012 $ 616,792
2013 616,792
2014 616,792
2015 616,792
2016 616,792
Thereafter 3,083,961
Total minimum lease payments 6,167,921
Less: amounts representing interest 1,195,060
Present value of minimum lease payment $ 4,972,861