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City of San Leandro <br />Notes to Basic Financial Statements <br />For the year ended June 30, 2012 <br /> <br /> <br />97 <br /> <br />NOTE 18 – REDEVELOPMET AGENCY DISSOLUTION AND SUCCESSOR AGENCY <br />ACTIVITIES, continued <br /> <br />H. Long-Term Debt Obligations, continued <br /> <br />2001 Certificates of Participation <br /> <br />In 2001, the City issued $5,020,000 principal amount of 2001 Certificates of Participation (2001 COPs). The purpose of <br />the 2001 COPs was to assist the Successor Agency of the City finance redevelopment activities within the Joint Project <br />Area of the City. The 2001 COPs bear interest rates ranging from 2.10% to 5.10% and are payable semiannually on each <br />June 1 and December 1. Principal payments are payable annually on December 1. The certificates evidence fractional <br />interest of the owners in lease payments to be made by the City for use and occupancy of the City corporation yard and <br />are additionally secured and payable from the property tax increment revenues from the Joint Project Area within the <br />City. <br /> <br />At June 30, 2012, future debt service requirements for the 2001 Certificates of Participation were as follows: <br /> <br /> <br />For the Year <br />Ending <br />June 30,Principal Interest Total <br />2013 170,000$ 263,419$ 433,419$ <br />2014 180,000 166,938 346,938 <br />2015 185,000 158,860 343,860 <br />2016 195,000 150,115 345,115 <br />2017 205,000 72,766 277,766 <br />2018-2022 1,175,000 538,118 1,713,118 <br />2023-2027 1,500,000 198,900 1,698,900 <br />Total Debt Service 3,610,000$ 1,549,115$ 5,159,115$ <br />