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SAN LEANDRO REDEVELOPMENT AGENCY Notes to the Financial Statements For the Year Ended June 30, 2011 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, highly liquid money market investments with maturities of one year or less at time of purchase are stated at amortized cost. All other investments are stated at fair value. Market value is used as fair value for those securities for which market quotations are readily available. The Agency participated in an investment pool managed by the State of California titled Local Agency Investment Fund (LAIF), which has invested a portion of the pool funds in Structure Notes and Asset Backed Securities. LAIF's investments are subject to credit risk with the full faith and credit of the State of California collateralizing these investments. In addition, these Structure Notes and Asset - Backed Securities are subject to market risk as to changes in interest rates. F. Loans Receivable Loans receivable and related accrued interest, net of deferred revenue, are fully reserved in the equity section of the Capital Projects Funds balance sheet, as they do not represent "current financial resources ". G. Capital Assets Capital assets are those assets acquired for general governmental purposes. Such assets currently purchased or constructed are recorded at historical cost as expenditures in the Fund Financial Statements. For the Agency Wide Financial Statements, capital assets that exceed $5,000, are capitalized and depreciated over their useful lives. Contributed capital assets are recorded at fair market value at the time received. H. Property Tax Increment The State of Califomia (State) Constitution Article XIII A provides that the combined maximum property tax rate on any given property may not exceed one percent of its assessed value unless an additional amount for general obligation debt has been approved by voters. Assessed value is calculated at 100 percent of market value as defined by Article XIII A and may be increased by no more than two percent per year unless the property is sold, transferred or improved. The State Legislature has determined the method of distribution of receipts from a one percent tax levy among the counties, cities, school districts and other districts. The County of Alameda bills for and collects property taxes as follows: 31 Secured Unsecured Valuation date January 1 January 1 Lien/levy date January 1 January I Due dates 50% on November 1 50% on February 1 July I Delinquent as of December 10 (for November) April 10 (for February) August 31 31