Laserfiche WebLink
City of San Leandro <br />Notes to Basic Financial Statements <br />For the year ended June 30, 2012 <br /> <br /> <br />76 <br /> <br />NOTE 7 - LONG-TERM DEBT, Continued <br /> <br />B. Long-Term Debt of Business-Type and Proprietary Funds, continued <br /> <br />Notes Payable <br /> <br />Marina Cal Boating Notes Payable <br /> <br />The City entered into various construction loan agreements with the California Department of Boating and Waterways <br />in the total principal amount of $5,331,032. The loans bear an average interest rate of 4.50%. Principal and interest <br />payments are payable annually on each August 1. The debts are secured from Shoreline Enterprise Fund operating <br />revenues. <br /> <br />At June 30, 2012, future debt service requirements for the Marina Cal Boating Notes Payable were as follows: <br /> <br />For the Year <br />Ending <br />June 30,Principal Interest Total <br />2013 190,280$ 102,730$ 293,010$ <br />2014 198,842 94,167 293,009 <br />2015 207,790 85,219 293,009 <br />2016 217,141 75,869 293,010 <br />2017 226,912 66,097 293,009 <br />2018-2022 1,107,721 167,816 1,275,537 <br />2023-2027 132,190 16,256 148,446 <br />Totals 2,280,876$ 608,154$ 2,889,030$ <br /> <br />NOTE 7 - LONG-TERM DEBT, Continued <br /> <br />C. Long-Term Debt of Business-Type and Proprietary Funds, continued <br /> <br />Debt Covenants and Restrictions <br /> <br />For June 30, 2012, the City complied with all general and specific covenants regarding debt proceeds usage and debt <br />repayment. In accordance with bond official statements, the City also maintained adequate reserves for all debt issues.