The principal and interest repayment requirements relating to the outstanding bonds payable at June 30, 2013, are as follows:
| Principal | Interest | Total | |
|---|---|---|---|
| Year ending June 30, | |||
| 2014 | $ 385,000 | $ 143,658 | $ 528,658 |
| 2015 | 210,000 | 129,701 | 339,701 |
| 2016 | 215,000 | 122,089 | 337,089 |
| 2017 | 225,000 | 114,241 | 339,241 |
| 2018 | 230,000 | 105,916 | 335,916 |
| 2019-2023 | 1,300,000 | 391,474 | 1,691,474 |
| 2024-2027 | 1,225,000 | 120,900 | 1,345,900 |
| Total | $ 3,790,000 | $ 1,127,979 | $ 4,917,979 |
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, 2013:
Year ending June 30, $ 616,792
2014 616,792
2015 616,792
2016 616,792
2017 616,792
2018 616,792
Thereafter 1,850,376
Total minimum lease payments 4,934,336
Less: amounts representing interest 794,723
Present value of minimum lease payment $ 4,139,613