Finance Highlights 2011 1202 - Laserfiche WebLink

Home

2001 Certificates of Participation. In 2001, the City issued $5,020,000 principal amount of 2001 Certificates of Participation ( "the 2001 COPs "). The purpose of the 2001 COPs was to assist the Redevelopment Agency of the City of San Leandro (the "Agency ") to finance redevelopment activities within the Joint Project Area of the City. The 2001 COPs bear interest rates ranging from 2.10% to 5.10% and are payable semiannually on each June 1 and December 1. Principal payments are payable annually on December 1. The certificates evidence fractional interest of the owners in lease payments to be made by the City for use and occupancy of the City corporation yard. The City and the Agency, at the time of delivery of the 2001 COPs, entered into a reimbursement agreement pursuant to which the Agency is obligated to reimburse the City for such lease payments from the Agency's portion of the tax increment generated by the Joint Project Area. To date, the Agency has reimbursed the City for each such lease payment 2003 Certification of Participation. In 2003, the City issued $12,550,000 principal amount of 2003 Certificates of Participation (the "2003 COPs "). The purpose of the 2003 COPs was to refund the City's 1993 COPs and raise capital funds for a new aquatics center. The 2003 COPs bear interest rates ranging from 2.5% to 5.00% and are payable semiannually on each June 1 and December 1. Principal payments are payable annually on June 1. The COPs evidence fractional interests of the owners in lease payments to be made by the City for use and occupancy of the San Leandro City Hall. The 2003 COPs resulted in a present value of savings of $1,166,751 or 11.75% of the refunded bonds. Through a five year extension of debt service on the outstanding COPs, the city was able to generate $2,750,000 of capital improvement funds and a slight reduction in the annual debt service payment. The balance outstanding as of June 30, 2011 was $14,886,150. 2007 Certification of Participation. In 2007, the City issued $23,435,000 principal amount of 2007 Certificates of Participation (the "2007 COPs "). The purpose of the 2007 COPs was to provide funds to refund the outstanding 1999 Certificates of Participation (Library and Fire Stations Project) of the City of San Leandro and the San Leandro Public Financing Authority. Interest rates vary from 4.00% to a maximum of 4.375% and are payable semiannually on each May 1 and November 1. Principal payments are payable annually on November 1. The COPs evidence fractional interest of the owners in lease payment to be made by the City for use and occupancy of San Leandro Libraries and San Leandro Fire Stations. The balance outstanding as of June 30, 2011 was $30,266.400. 2005 Master Equipment Lease /Purchase Agreement. In 2005, the City entered into a Lease /Purchase Agreement with Bank of America to Lease /Purchase Equipment in the amount of $3,048,260. The Equipment was for the Police Departments computer upgrades for servers, mobile laptops, and computer aided dispatch and records management system. The interest rates range from 3.40% to 3.70% payable in seven years. The balance outstanding as of June 30, 2011 was $405,601. 2010 Master Equipment Lease /Purchase Agreement. In 2010, the City entered into a Lease /Purchase Agreement with Oshkosh Capital to Lease /Purchase Equipment in the amount of $461,717. The Equipment was for a 2010 Triple Combination Pumper Truck for the Fire Department. The interest rate is 3.80% payable in five years. The balance outstanding as of June 30, 2011 was $414,740. A -25