I ran the numbers on the Series 2004 bond payments as detailed on page 13 of the audit report, and approx $500K/year on a principal of approx $6M until maturity, comes in around a 7.5% interest rate. I found an SEC report on the web [see http://www.secinfo.com/dvjdn.vJ1.htm] for a tax-exempt fund that has some of these bonds and, consistent with the numbers I ran, they report a yield of 7.375% to 7.45% .
On page 13 the audit report also says, “Annual principal payments and semi-annual interest payments, with interest accruing at rates ranging from 2.5% to 4.5%, are required under the bond indenture.” This doesn’t seem to be a fair statement about how much the bond money is actually costing the school.