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REDEVELOPMENT AGENCY OF SAN LEANDRO <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2010 <br />8. LONG -TERM OBLIGATIONS (Continued) <br />2001 Certificates of Participation — (Joint Project Area) <br />In 2001, the Agency issued $5,020,000 principal amount of 2001 Certificates of Participation (2001 COPS). <br />The purpose of the 2001 COPS was to assist the Agency in financing redevelopment activities within the <br />Joint Project Area. The certificates mature annually through 2027. The 2001 COPS bear interest rates <br />ranging from 2.10% to 5.10% and are payable semiannually on each December 1 and June 1. Principal <br />payments are payable annually on December 1. The certificates evidence fractional interest of the owners in <br />lease payments to be made by the City for use and occupancy of the City's corporation yard and are <br />additionally secured and payable from the property tax increment revenues from the Joint Project Area <br />within the City. <br />At June 30, 2010, future debt service requirement for the 2001 Certificates of Participation were as follows: <br />For The Year <br />Ending June 30, Principal Interest <br />Total <br />2011 <br />$ 155,000 $ <br />187,857 $ <br />342,857 <br />2012 <br />165,000 <br />181,375 <br />346,375 <br />2013 <br />170,000 <br />174,423 <br />344,423 <br />2014 <br />180,000 <br />166,937 <br />346,937 <br />2015 <br />185,000 <br />158,860 <br />343,860 <br />2016 -2020 <br />1,070,000 <br />649,759 <br />1,719,759 <br />2021 -2025 <br />1,360,000 <br />344,760 <br />1,704,760 <br />2026 -2027 <br />645,000 <br />33,278 <br />678,278 <br />Total debt service <br />$ 3,930,000 $ <br />1,897,249 $ <br />5,827,249 <br />28 <br />