Foxwood Estates Debt Service Fund

(Fund 084)

Chris Richardson, Board of County Commissioners (BOCC), Chair

Fund Overview

The Foxwood Estates Fund is used to account for the mill levy tax collection on all properties within the boundaries of the district for the purpose of paying the special improvement district general obligation bond. Reference the Debt and Lease section for additional detail on the district's bonds.

Narrative/Historical Overview

Description

The Elbert County Commissioners serve as the Board of the Foxwood Estates and Foxwood Ranches Public Improvement District (Foxwood Estates). The Foxwood Estates General Obligations Bonds, dated January 27, 2005 were issued in the principal amount of $345,000. Principal and interest are computed at a variable rate of 3.25 - 5.50% per annum and maturing December 1, 2029


Accomplishments, Goals, and Objectives

The County certifies and collects a mill levy on all properties that fall within the boundaries of the district for the purpose of covering the annual principal and interest bond payments. The district's share of special ownership tax (SOT) collections have historically been used to make additional principal payments when possible. In 2020 and again in 2021, an additional $10,000 was applied to bond principal. Final payment of the district's bond is currently projected to occur in 2026, three years ahead of the original payment schedule. The Board foresees an opportunity for further prepayments in 2024 and potential retirement in 2025. This opportunity will be confirmed furing the mid-year budget review in 2023.

Revenues Table

Expenditures Table