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REDEVELOPMENT AGENCY OF SAN LEANDRO <br />NOTES TO THE FINANCIAL STATEMENTS <br />FORTHE YEAR ENDED JUNE 30, 2008 <br />8. LONG-TERM OBLIGATIONS {Continued) <br />2~1 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 />Iease 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, 2008, future debt service requirement for the 2001 Certificates of Participation were as follows: <br />For The Year <br />Ending June 30, Principal <br />2009 $ 145,000 <br />2010 150,000 <br />201 I 155,000 <br />2012 165,000 <br />2013 170,000 <br />2014-2018 975,000 <br />2019-2023 1,235,000 <br />2024-2027 1,230,000 <br />Interest Total <br />$ 199,415 $ 344,415 <br />193,845 343,845 <br />187,858 342,858 <br />I8I,375 346,375 <br />174,423 344,423 <br />747,331 1,722,331 <br />476,978 1,7I 1,978 <br />129,285 1,359,285 <br />Total debt service $ 4,225,000 $ 2,290,510 $ 6,515,510 <br />27 <br />