Quote:
Originally Posted by iaudit
.....In reviewing your figures in the first table, the principal amount does not agree with the total bonds issued which is $426 million, not $50 million. I don't know why the budgets would have the principal and interest for these bonds, they were purchased by outside interests, not the central districts.
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You’re misunderstanding what I’m showing here. The $50 million represents the total principal paid
by the VCCDD
to the bondholders between 2003 and 2012. The $113 million is the total interest paid by the VCCDD to the bondholders during that period. It’s that column that is being used to compute the approximate back taxes owed by the bondholders.
But since the IRS can only go back three years, I shortened the table to get a more realistic estimate of what is legally owed to the government if they were forced to collect it from each individual bondholder.
And as things stand right now (short of an absolute final judgment) the VCCDD is scheduled to make that approx. $116 million annual repayment on the bonds until around 2032.