In 2009, the University signed a 10-year promissory note with the City of Frankfort, for the purchase of real property. The following is a schedule of future minimum payments required for the note payable at June 30, 2017:
Year ending June 30,
2018 $ 100,000
2019 50,000
$ 150,000
The principal and interest repayment requirements relating to the outstanding bonds payable at June 30, 2017, are as follows:
| Year ending June 30 | Principal | Interest | Total |
|---|---|---|---|
| 2018 | $ 230,000 | $ 105,916 | $ 335,916 |
| 2019 | 240,000 | 97,291 | 337,291 |
| 2020 | 250,000 | 88,291 | 338,291 |
| 2021 | 260,000 | 78,791 | 338,791 |
| 2022 | 270,000 | 68,781 | 338,781 |
| 2023-2027 | 1,505,000 | 179,219 | 1,684,219 |
| Total | $ 2,755,000 | $ 618,289 | $ 3,373,289 |
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 obligations at June 30, 2017:
Year ending June 30,
2018 $ 616,792
2019 616,792
2020 616,792
2021 616,791
Total minimum lease payments 2,467,167
Less: amounts representing interest 222,069
Present value of minimum lease payment $ 2,245,098
The University leases computer equipment under operating leases, which expire on various dates through 2019. Lease payments to the lessors under these leases totaled $138,976 for the year ended June 30, 2017. Minimum lease payments for 2018 and 2019 are $68,135.
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