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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 />2002 Tax Allocation Bonds — (Plaza Project Area)
<br />The Tax Allocation Bonds were issued by the Redevelopment Agency to refund 1993 Tax Allocation Bonds
<br />used to finance the redevelopment activities within the Plaza Project Area (which have been completed) and
<br />to finance new redevelopment activities within the Plaza Area (which have been completed) and to finance
<br />new redevelopment projects as set forth in the Redevelopment Plan. The bonds consist of serial bonds in the
<br />amount of $15,935,000 that mature annually though 2025 in amounts ranging from $305,000 to $860,000.
<br />Interest rates vary from 2.90% to maximum of 5.95% and are payable semiannually on September 1 and
<br />March 1. The debt is secured and payable from the property tax increment revenues from the Plaza Area
<br />within the City.
<br />At June 30, 2010, future debt service requirement for the 2002 Tax Allocation Bonds were as follows:
<br />For The Year
<br />Ending June 30,
<br />Principal
<br />Interest
<br />Total
<br />2011
<br />$ 575,000
<br />$ 757,194
<br />$ 1,332,194
<br />2012
<br />605,000
<br />728,413
<br />1,333,413
<br />2013
<br />635,000
<br />697,095
<br />1,332,095
<br />2014
<br />670,000
<br />663,482
<br />1,333,482
<br />2015
<br />705,000
<br />627,380
<br />1,332,380
<br />2016 -2020
<br />3,990,000
<br />2,490,740
<br />6,480,740
<br />2021 -2025
<br />2,300,000
<br />1,572,228
<br />3,872,228
<br />2026 -2030
<br />2,580,000
<br />844,976
<br />3,424,976
<br />2031 -2033
<br />1
<br />131,250
<br />1,636,250
<br />Total debt service
<br />$ 13,565,000
<br />$ 8,512,758
<br />$ 22,077,758
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