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SAN LEXINDRO REDEVELOPMENT AGENCY --
<br />Notes to the Financial Statements
<br />For the Year Ended June 30, 2011
<br />NOTE 7 — LONG -TERM OBLIGATIONS (Continued)
<br />2004 Tax Allocation Bonds
<br />In 2004, the Agency issued $5,500 principal amount of 2005 Tax Allocation Bonds (2004
<br />TABS). I'he purpose of the 2004 TABS was to assist the Agency to finance redevelopment activities
<br />within the West San Leandro /McArthur Boulevard Redevelopment Project Area of the City. The
<br />2004 TABS bear interest rates ranging from 5.00% to 5.75% and are payable semiannually on March
<br />1 and September 1 until 2034. Principal payments are payable annually on September 1 until 2034,
<br />The .debt is secured and payable from the tax increment revenues from the Wrest San
<br />Leandro/MacArthur Boulevard Redevelopment Project area.
<br />At June 30, 2011, future debt service requirements for the 2004 Tax Allocation Bonds were as
<br />follows:
<br />For The Year
<br />Ending June 30 Principal
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017 -2021
<br />2022 -2026
<br />2027 -2031
<br />2032 -2035
<br />2008 Tax Allocation Bonds
<br />$110,000
<br />115,000
<br />125,000
<br />130,000
<br />140,000
<br />810,000
<br />1,035,000
<br />1,350,000
<br />1,385,000
<br />$5,200,000
<br />Interest
<br />$284,425
<br />277,956
<br />271,056
<br />263,887
<br />256,637
<br />1,166
<br />924,622
<br />598,609
<br />164,595
<br />$4,207,968
<br />Total
<br />$394,425
<br />392,956
<br />396,056
<br />393,887
<br />396,637
<br />1,976,181
<br />1,959,672
<br />1,948,609
<br />1,549,595
<br />$9,407,968
<br />In 2008, the Agency issued $27,530,000 principal amount of 2008 Tax Allocation Bonds (2008
<br />TABs). The purpose of the 2008 T.�Bs was to provide funds to finance capital projects in the
<br />Alameda County -City of San Leandro Redevelopment Project Area. A portion of 2008 TABS will be
<br />used to finance projects that meet the goals and objectives set forth in the Redevelopment Plan. These
<br />include, but not limited to, design and construction of a senior center, a proposed parking garage, and
<br />infrastructure improvements on East 14th Street. Interest rates vary from 4.75% to 5.00% and are
<br />payable annually. Principal payments are payable annually on September 1 until 2038.
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