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City of San Leandro
<br />Notes to Basic Financial Statements
<br />For the year ended June 30, 2013
<br />NOTE 17 - SUCCESSOR AGENCY ACTIVITIES (Continued)
<br />The refunding of the outstanding 1993 TABS resulted in a present value loss of $70,679 or 1.1% of the
<br />principal amount of the refunded bonds. The nominal economic loss was necessary in order to raise the
<br />$8,015,000 of new money that was generated through the financing. Because of a prohibitively high
<br />additional bonds test on the 1993 TABs (225%) it was necessary to refund the outstanding bonds in order to
<br />most efficiently raise the new money. According to the analysis completed by the City's financial advisor,
<br />the Agency raised $321,000 more through using the refunding than they could have raised using a
<br />subordinate lien new money only issue.
<br />At June 30, 2013, future debt service requirements for the 2002 Tax Allocation Bonds were as follows:
<br />For The Year
<br />Ending June 30
<br />Principal
<br />Interest
<br />Total
<br />2015
<br />2014
<br />$670,000
<br />$663,482
<br />$1,333,482
<br />2015
<br />705,000
<br />627,380
<br />1,332,380
<br />2016
<br />745,000
<br />588,583
<br />1,333,583
<br />2017
<br />790,000
<br />546,348
<br />1,336,348
<br />2018
<br />835,000
<br />500,430
<br />1,335,430
<br />2019-2023
<br />2,510,000
<br />1,566,016
<br />4,076,016
<br />2024-2028
<br />2,410,000
<br />1,291,966
<br />3,701,966
<br />2029-2033
<br />3,085,000
<br />545,850
<br />3,630,850
<br />$4,975,000
<br />$11,750,000
<br />$6,330,055
<br />$18,080,055
<br />2004 Tax Allocation Bonds
<br />In 2004, the City issued $5,500,000 principal amount of 2004 Tax Allocation Bonds (2004 TABS). The
<br />purpose of the 2004 TABS was to assist the former Redevelopment Agency of the City finance
<br />redevelopment activities within the West San Leandro/MacArthur Boulevard former Redevelopment Project
<br />Area of the City. The 2004 TABs bear interest rates ranging from 5.00% to 5.75% and are payable
<br />semiannually on each March 1 and September 1. Principal payments are payable annually on September 1.
<br />The debt is secured and payable from the tax increment revenues from the West San Leandro/MacArthur
<br />Boulevard former Redevelopment Project area within the City.
<br />At June 30, 2013, future debt service requirements for the 2004 Tax Allocation Bonds were as follows:
<br />For The Year
<br />Ending June 30 Principal
<br />Interest Total
<br />2014
<br />$125,000
<br />$271,056
<br />$396,056
<br />2015
<br />130,000
<br />263,887
<br />393,887
<br />2016
<br />140,000
<br />256,637
<br />396,637
<br />2017
<br />145,000
<br />249,337
<br />394,337
<br />2018
<br />155,000
<br />241,760
<br />396,760
<br />2019-2023
<br />890,000
<br />1,077,917
<br />1,967,917
<br />2024-2028
<br />1,150,000
<br />806,217
<br />1,956,217
<br />2029-2033
<br />1,510,000
<br />436,226
<br />1,946,226
<br />2034-2035
<br />730,000
<br />42,550
<br />772,550
<br />$4,975,000
<br />$3,645,587
<br />$8,620,587
<br />84
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