The principal and interest repayment requirements relating to the outstanding bonds payable at June 30, 2012, are as follows:
| Principal | Interest | Total | |
|---|---|---|---|
| Year ending June 30, | |||
| 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 | 225,000 | 114,241 | 339,241 |
| 2018 – 2023 | 1,250,000 | 439,071 | 1,689,071 |
| 2023 – 2028 | 1,505,000 | 179,219 | 1,684,219 |
| Total | $ 4,165,000 | $ 1,285,230 | $ 5,450,230 |
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, 2012:
Year ending June 30, $ 616,792
2013 616,792
2014 616,792
2015 616,792
2016 616,792
2017 616,792
Thereafter 2,467,168
Total minimum lease payments 5,551,128
Less: amounts representing interest 986,050
Present value of minimum lease payment $4,565,078