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SAN LEANDRO REDEVELOPMENT AGENCY
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2011
<br />NOTE 6 — ADVANCES FROM CITY FUNDS
<br />The City has made long term advances to the Agency from various City funds to cover operational
<br />expenditures incurred by the Agency. The terms of the loans are indefinite. Interest accrues annually
<br />at the rate of 6 %. The balance as of June 30, 2011, was $2,088,908.
<br />NOTE 7 — LONG -TERM OBLIGATIONS
<br />A summary of changes in long -term debt for the year ended June 30, 2011, is as follows
<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
<br />COPS). The purpose of the 2001 COPS was to assist the Agency in financing redevelopment activities
<br />within the Joint Project Area. The certificates mature annually through 2027. The 2001 COPS bear
<br />interest rates ranging from 2.10% to 5.10% and are payable semiannually on each December 1 and
<br />June 1. Principal payments are payable annually on December 1. The certificates evidence fractional
<br />interest of the owners in lease payments to be made by the City for use and occupancy of the City's
<br />corporation yard and are additionally secured and payable from the property tax increment revenues
<br />from the Joint Project Area within the City.
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<br />Balance
<br />Balance
<br />Current
<br />Long -Term
<br />June 30, 2010
<br />Retirements
<br />June 30, 2011
<br />Portion
<br />Portion
<br />2001 Certificates of Participation
<br />$3,930,000
<br />$155,000
<br />$3,775,000
<br />$165,000
<br />$3,610,000
<br />2002 Tax Allocation Bonds
<br />13,565,000
<br />575,000
<br />12,990,000
<br />605,000
<br />12,385,000
<br />2004 Tax Allocation Bonds
<br />5,305,000
<br />105,000
<br />5,200,000
<br />110,000
<br />5,090,000
<br />2008 Tax Allocation Bonds
<br />27,205,000
<br />475,000
<br />26,730,000
<br />495,000
<br />26,235,000
<br />Bayfair Mall Debt
<br />700,000
<br />700,000
<br />250,000
<br />450,000
<br />HUD 108 Guarantee
<br />622,000
<br />63,000
<br />559,000
<br />63,000
<br />496,000
<br />Owner Participation Agreements
<br />2,513,632
<br />92,439
<br />2,421,193
<br />95,000
<br />2,326,193
<br />San Leandro USD - 9th Grade
<br />1,475,360
<br />160,000
<br />1,315,360
<br />160,000
<br />1,155,360
<br />Total
<br />55,315,992
<br />1,625,439
<br />53,690,553
<br />1,943,000
<br />51,747,553
<br />Plus (Less) unamortized:
<br />Discount (2002 TAB)
<br />(73,929)
<br />4,107
<br />(69,822)
<br />(4,107)
<br />(65,715)
<br />Premium (2008 TAB)
<br />189,134
<br />(6,522)
<br />182,612
<br />6,522
<br />176,090
<br />Total Government Activity Debt
<br />$55,431,197
<br />$1,623,024
<br />$53,803,343
<br />$1,945,415
<br />$51,857,928
<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
<br />COPS). The purpose of the 2001 COPS was to assist the Agency in financing redevelopment activities
<br />within the Joint Project Area. The certificates mature annually through 2027. The 2001 COPS bear
<br />interest rates ranging from 2.10% to 5.10% and are payable semiannually on each December 1 and
<br />June 1. Principal payments are payable annually on December 1. The certificates evidence fractional
<br />interest of the owners in lease payments to be made by the City for use and occupancy of the City's
<br />corporation yard and are additionally secured and payable from the property tax increment revenues
<br />from the Joint Project Area within the City.
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