The COPs are secured by certain real estate and the projects located on that real estate, the lease payments to KSU Campus Housing, LLC (the Company) and a pledge of general receipts. The University has entered into a lease purchase arrangement whereby on the termination of the stated lease, title to the land and buildings will be conveyed absolutely to the University. The University has the right to acquire the entire title to the facility on or after November 1, 2031.
Future debt service requirements for all certificates of participation outstanding at June 30, 2023, are as follows:
| Year Ending June 30, | Principal | Interest | Total |
|---|---|---|---|
| 2024 | $ - | $ 1,023,075 | $ 1,023,075 |
| 2025 | 1,030,000 | 2,020,400 | 3,050,400 |
| 2026 | 1,060,000 | 1,968,150 | 3,028,150 |
| 2027 | 1,095,000 | 1,914,725 | 3,009,725 |
| 2028 | 1,125,000 | 1,858,775 | 2,983,775 |
| 2029 - 2033 | 6,155,000 | 8,414,925 | 14,569,925 |
| 2034 - 2038 | 6,830,000 | 7,072,400 | 13,902,400 |
| 2039 - 2043 | 7,485,000 | 5,641,100 | 13,126,100 |
| 2044 - 2048 | 8,140,000 | 4,078,600 | 12,218,600 |
| 2049 - 2053 | 8,795,000 | 2,384,900 | 11,179,900 |
| 2054 - 2057 | 7,475,000 | 602,700 | 8,077,700 |
| Total | $ 49,190,000 | $ 36,979,750 | $ 86,169,750 |
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 June 30, | Prepaid Insurance | Bond Premium |
|---|---|---|
| 2024 | $ 25,932 | $ 577,682 |
| 2025 | 25,932 | 557,366 |
| 2026 | 25,932 | 522,026 |
| 2027 | 25,932 | 487,034 |
| 2028 | 25,932 | 452,494 |
| 2029 - 2033 | 129,660 | 1,766,480 |
| 2034 - 2038 | 129,660 | 1,274,896 |
| 2039 - 2043 | 129,660 | 946,100 |
| 2044 - 2048 | 129,660 | 669,331 |
| 2049 - 2053 | 129,660 | 391,200 |
| 2054 - 2058 | 80,211 | 94,477 |
| Total | $ 858,171 | $ 7,739,086 |
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