[k2at]

When the bond payment comes do this year, can one pay more than the annual minimum, but not pay it off fully or is the payment either one year or nothing additional?

[Indy-Guy]

Originally Posted by k2at

When the bond payment comes do this year, can one pay more than the annual minimum, but not pay it off fully or is the payment either one year or nothing additional?

This is what is was stated with the yearly statement that I received this last May which was due by the end of July if paid off in full. In a seperate page of the statement titled Bond Assessment Frequently asked Questions.

Can I make a partial payment of total assement due?
No, you cannot make a partial payment on the assessment due. FLorida law requires payment in full or through the annual assessment on your tax bill.

[k2at]

Thanks Indy-guy for info. Looks like all or nothing.

[784caroline]

k2at

I think you meant to say "All or Minimun." The minimun being the stated amount.

[nova12]

Does anyone know the rate of interest we pay on the remaining bond amount?

[k2at]

Sorry for the confusion. It is my old age setting in. What I meant to ask is can we pay the yearly assessment plus lets say an additional $3000 or must we pay only the yearly assessment or the total amount of the bond with no other options available. Hope this is clearer.

[784caroline]

No confusion..It was clearly stated earlier...ALL or minimun that being what the tax bill states (No additions or exceptions)

[villages07]

Nova,

The interest rate on the bond was determined when the bond was issued...so, the answer is it depends on when you bought and where.

Some CDD5 bonds, issued in 2003 were done at 6.5%

Some CDD7 bonds issued in the last couple of years were more like 5 3/8 %

If you buy a resale, you inherit the bond balance and the interest rate from the original bond issue date.