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REDEVELOPMENT AGENCY OF SAN LEANDRO <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2007 <br />8. LONG-TERM OBLIGATIONS (Continued) <br />2001 Certificates of Participation - (Joint Project Area) <br />In 2001, the Agency issued $5,020,000 principal amount of 2001 Certificates of Participation (2001 COPs). <br />The purpose of the 2001 COPS was to assist the Agency in financing redevelopment activities within the <br />Joint Project Area. The certificates mature annually through 2027. The 2001 COPS bear interest rates <br />ranging from 2.10% to 5.10% and are payable semiannually on each December 1 and June 1. Principal <br />payments are payable annually on December 1. The certificates evidence fractional interest of the owners in <br />lease payments to be made by the City for use and occupancy of the City corporation yard and are <br />additionally secured and payable from the property tax increment revenues from the Joint Project Area <br />within the City. <br />At June 30, 2007, future debt service requirement for the 2001 Certificates of Participation were as follows: <br />For The Year <br />Ending June 30, Principal _ <br />2008 $ 140,000 $ <br />2009 <br />2010 <br />2011 <br />2012 <br />2013-2017 <br />2018-2022 <br />2023-2027 <br />145,000 <br />150,000 <br />155,000 <br />165,000 <br />935,000 <br />1,175,000 <br />1,500,000 <br />Interest _ <br />204,513 $ <br />199,416 <br />193,845 <br />187,857 <br />181,375 <br />790,999 <br />538,118 <br />198,900 <br />Total <br />344,513 <br />344,416 <br />343,845 <br />342,857 <br />346,375 <br />1,726,710 <br />1,713,118 <br />1,698,900 <br />Total debt service $ 4,365,000 $ 2,495,023 $ 6,860,734 <br />28 <br />