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City of San Leandro
<br />Notes to Basic Financial Statements
<br />For the year ended June 30, 2012
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<br />74
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<br />NOTE 7 - LONG-TERM DEBT, Continued
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<br />A. Governmental Activities Long-Term Debt, Continued
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<br />HUD 108 Guarantee Loan
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<br />In 2000, the City received a $1,000,000 20-year federal loan from Housing and Urban Development, at an interest rate of
<br />5.6% to finance the acquisition and construction of affordable housing for seniors within the City of San Leandro. The
<br />loan is secured and payable from the Agency’s 20% Housing Set-Aside Fund.
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<br />At June 30, 2012, future debt service requirements for the HUD 108 Guarantee loan were as follows:
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<br />Ending
<br />June 30,Principal Interest Total
<br />2013 63,000$ 10,925$ 73,925$
<br />2014 63,000 10,232 73,232
<br />2015 63,000 9,243 72,243
<br />2016 63,000 7,983 70,983
<br />2017 63,000 6,452 69,452
<br />2018-2020 181,000 8,403 189,403
<br />Total debt service 496,000$ 53,238$ 549,238$
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<br />HUD 108 Guarantee Loan
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<br />In 2011, the City received a $2,500,000 20-year federal loan from Community Development Block Grant, at an interest
<br />rate of 3% to finance the acquisition and construction of senior center facility within the City of San Leandro. The loan is
<br />secured and payable from the Community Development Block Grant Fund.
<br />
<br />At June 30, 2012 future debt service requirements for the HUD 108 Guarantee loan were as follows:
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<br />June 30,Principal Interest Total
<br />2013 131,000$ 76,534$ 207,534$
<br />2014 131,000 75,093 206,093
<br />2015 131,000 73,037 204,037
<br />2016 131,000 70,417 201,417
<br />2017 131,000 67,233 198,233
<br />2018-2022 658,000 275,852 933,852
<br />2023-2027 660,000 153,760 813,760
<br />2028-2029 396,000 25,991 421,991
<br />Total debt service 2,369,000$ 817,917$ 3,186,917$
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