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Bond Anticipation Note (BAN) Sale – October 2024 2024- 2025 Reason for 15% Tax Increase in Water District 1 • BAN for Water Tank Repairs AND Phase 1 of Waterline Replacements sold effective 10/3/24 at a 3.69% interest rate which is less than the 2023 rate of 4.5% • Interest due 10/3/25 is $138,670 split across all water funds with the majority hitting District 1 due to the new $2,771,000 of Phase 1 being solely in District 1. • Principal payment (water tank portion) due in 2025 will be $37,000 split across all water funds. 2026 will have another $35,000 principal on the water tank and $96,000 principal on Phase 1 155