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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 />2008 Tax Allocation Bonds
<br />In 2008, the Agency issued $27,530,000 principal amount of 2008 Tax Allocation Bonds (2008 TABS).
<br />The purpose of the 2008 TABS was to provide funds to finance capital projects in the Alameda County -
<br />City of San Leandro Redevelopment Project Area. A portion of 2008 TABS will be used to finance projects
<br />that meet the goals and objectives set forth in the Redevelopment Plan. These include, but not limited to,
<br />design and construction of a senior center, a proposed parking garage, and infrastructure improvements on
<br />East 14 Street. Interest rates vary from 4.75% to 5.00% and are payable annually. Principal payments are
<br />payable annually on November 1.
<br />At June 30, 2010, future debt service requirements for the 2008 Tax Allocation Bonds were as follows:
<br />For The Year
<br />Ending June 30,
<br />Principal
<br />Interest
<br />Total
<br />2011
<br />$ 475,000
<br />$ 1,389,813 $
<br />1,864,813
<br />2012
<br />495,000
<br />1,365,563
<br />1,860,563
<br />2013
<br />510,000
<br />1,340,438
<br />1,850,438
<br />2014
<br />530,000
<br />1,314,438
<br />1,844,438
<br />2015
<br />550,000
<br />1,287,438
<br />1,837,438
<br />2016 -2020
<br />3,105,000
<br />5,994,325
<br />9,099,325
<br />2021 -2025
<br />3,860,000
<br />5,155,869
<br />9,015,869
<br />2026 -2030
<br />4,895,000
<br />4,076,745
<br />8,971,745
<br />2031 -2035
<br />6,360,000
<br />2,621,753
<br />8,981,753
<br />2036 -38
<br />6,425,000
<br />715,905
<br />7,140,905
<br />Total debt service $ 27,205,000 $ 25,262,287 $ 52,467,287
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