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SAN LEANDRO REDEVELOPMENT AGENCY Notes to the Financial Statements For the Year Ended Jenne 30, 2011. NOTE 7 — LONG -TERM OBLIGATIONS (Continued) At June 30, 2.011, future debt services requirements for the HUD 108 Guarantee loan were as follows: For The Year Ending June 30 Principal Interest 201.2 $63,000 $11,372 2013 63,000 10,925 2014 63 10,232 2015 63,000 9,243 2016 63,000 7,983 2017 -2020 244,000 14,855 $559,000 $64,610 Financing Agreement -with San Leandro Unified School District Total 574,372 73,925 73,232 72,243 70,983 258,855 $623,610 In February 2009, the City of San Leandro (City) entered into a joint use agreement with the San Leandro Unified School District which provides for the City use of the 9th grade gymnasium during non - school hours. The Agency agreed to provide for financial contribution to the project in the amount of $2,170,800 with no interest payable by June 30, 2014. During the fiscal year ended June 30, 2010, . annual payments for the 2009 -10 and 2010-1 1 fiscal years were reduced from $327,072 to $160,000 as a consequence of the State SERAT requirement, consistent with the terms of the financing agreement between the Agency and the school district. Assuming no additional payments are required by the State in subsequent years, the term of the agreement was extended with additional payments at $167,072 for each fiscal year until fiscal year 2019. For The Year Ending June 30 Principal 2012 2013 2014 2015 2016 2017 -2019 $160,000 160,000 160,000 167,072 167,072 501,216 $1,315,360 41