second bond series secured

To finance the restoration project, FLTF is leveraging grant dollars and funding from two municipal bond issuances. The first bond series was secured in June 2025 for an amount of $80 million with an effective interest rate of 5.94 percent. Bond proceeds from this borrowing were used to fund dam restoration from June 2025 to June 2026. ​

To fund the remainder of the project costs, FLTF issued a second series of bonds. The total borrowing was reduced by assessment payoffs, making the bond amount $80,285,000. The effective interest rate is 5.73 percent over the term of the bond.

The total assessment amount between the first bond issuance, second bond issuance, and net prepayments is $183,726,904. This is $33.9 million under our not-to-exceed amount of $217.7 million. If project costs do not increase beyond the contingency defined within the borrowing, refunds will be distributed to property owners in the Four Lakes Special Assessment District in 2028 after construction concludes, who paid off their full assessment amount 

​Special assessment revenues are used to make the bond payments.