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Board hears long-range principal schedule for East–West Spine Road debt
Summary
Presenters outlined principal payments on Series 23 GOs tied to the East–West Spine Road, showing principal payments rising from about $246,250 in 2027 to a peak of $815,000 in 2048 and a total principal of roughly $11.96M over the life of the debt.
Board members reviewed the long-range principal-payment schedule for the Series 23 general obligation bonds issued for the East–West Spine Road. The presenter gave a year-by-year outline showing FY27 principal at about $246,250, rising through the 2030s and reaching a maximum principal payment of $815,000 in 2048; the presenter summarized total principal repayments across the life of the issue at about $11,960,000.
A member asked whether the figures reflected the full interest; the presenter answered that the amounts presented were principal-only and that the Economic Development Corporation covers the interest portion. The presenter said, “that is the full interest for that year” while clarifying the board’s transfers apply only to the principal portion from fund 96. Board members discussed how those principal schedules will affect the allocation between interest/sinking components and maintenance and operations in future tax-rate calculations.
