|
City of San Leandro
<br />Notes to Basic Financial Statements
<br />For the year ended June 30, 2012
<br />
<br />
<br />100
<br />
<br />NOTE 18 – REDEVELOPMET AGENCY DISSOLUTION AND SUCCESSOR AGENCY
<br />ACTIVITIES, continued
<br />
<br />H. Long-Term Debt Obligations, continued
<br />
<br />2008 Tax Allocation Bonds
<br />
<br />In 2008, the City issued $27,530,000 principal amount of 2008 Tax Allocation Bond (2008 TABs). The purpose of the
<br />2008 TABs was to provide funds to finance capital projects in th e Alameda County-City of San Leandro
<br />Redevelopment Project Area. A portion of the 2008 TABs will be used to finance projects that meet the goals and
<br />objectives set forth in the Redevelopment Plan. These include, but not limited to, design and constructio n of a senior
<br />center, a proposed parking garage, and infrastructure improvements on East 14th Street. Interest rates vary from 4.70%
<br />to a maximum of 5.00% and are payable annually. Principal payments are payable annually on November 1.
<br />
<br />At June 30, 2012, future debt service requirements for the 2008 Tax Allocation Bonds were as follows:
<br />
<br />For the Year
<br />Ending
<br />June 30,Principal Interest Total
<br />2013 510,000$ 1,340,438$ 1,850,438$
<br />2014 530,000 1,314,438 1,844,438
<br />2015 550,000 1,287,438 1,837,438
<br />2016 570,000 1,259,438 1,829,438
<br />2017 595,000 1,230,313 1,825,313
<br />2018-2022 3,380,000 5,677,629 9,057,629
<br />2023-2027 4,235,000 4,760,960 8,995,960
<br />2028-2032 5,420,000 3,547,275 8,967,275
<br />2033-2037 7,070,000 1,904,438 8,974,438
<br />2038-2039 3,375,000 184,545 3,559,545
<br />Total Debt Service 26,235,000$ 22,506,909$ 48,741,909$
<br />
|