The following is a schedule of future minimum payments required for the promissory note at June 30, 2014:
Year ending June 30,
2015 $ 50,000
2016 50,000
2017 50,000
2018 50,000
2019 50,000
Total $ 250,000
The principal and interest repayment requirements relating to the outstanding bonds payable at June 30, 2014, are as follows:
| Principal | Interest | Total | |
|---|---|---|---|
| Year ending June 30, | |||
| 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 | 240,000 | 97,291 | 337,291 |
| 2020-2024 | 1,350,000 | 341,651 | 1,691,651 |
| 2025-2027 | 935,000 | 73,431 | 1,008,431 |
| Total | $ 3,405,000 | $ 984,320 | $ 4,389,320 |
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.
During 2014, the University entered into a capital lease for the purchase of four police vehicles. The lease is payable in 4 annual installments, of which the first was paid in 2014.