Future debt service requirements for all certificates of participation outstanding at June 30, 2022, are as follows:
| Year ending 30-June | Principal | Interest | Total |
|---|---|---|---|
| 2023 | $-0- | $2,046,150 | $2,046,150 |
| 2024 | -0- | 2,046,150 | 2,046,150 |
| 2025 | 1,030,000 | 2,011,817 | 3,041,817 |
| 2026 | 1,060,000 | 1,959,317 | 3,019,317 |
| 2027 | 1,095,000 | 1,905,150 | 3,000,150 |
| 2028 - 2032 | 5,975,000 | 8,655,333 | 14,630,333 |
| 2033 - 2037 | 6,715,000 | 7,294,183 | 14,009,183 |
| 2038 - 2042 | 7,355,000 | 5,888,867 | 13,243,867 |
| 2043 - 2047 | 8,010,000 | 4,348,200 | 12,358,200 |
| 2048 - 2052 | 8,665,000 | 2,676,333 | 11,341,333 |
| 2053 - 2057 | 9,285,000 | 876,000 | 10,161,000 |
| Total | $49,190,000 | $39,707,500 | $88,897,500 |
The University has prepaid bond insurance and a premium in connection with the issuance of the certificates. The prepaid insurance costs and bond premiums will be amortized as follows:
| Year ending | Prepaid | Bond |
|---|---|---|
| 30-June | Insurance | Premium |
| 2023 | $ 25,932 | $ 567,643 |
| 2024 | 25,932 | 577,682 |
| 2025 | 25,932 | 557,366 |
| 2026 | 25,932 | 522,026 |
| 2027 | 25,932 | 487,034 |
| 2028 - 2032 | 129,660 | 1,919,933 |
| 2033 - 2037 | 129,660 | 1,347,556 |
| 2038 - 2042 | 129,660 | 1,006,440 |
| 2043 - 2047 | 129,660 | 723,322 |
| 2048 - 2052 | 129,660 | 448,546 |
| 2053 - 2057 | 106,143 | 149,182 |
| Total | $ 884,103 | $ 8,306,730 |
44.