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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 />2008 Tax Allocation Bonds
<br />In 2008, $27,530,000 principal amount of 2008 Tax Allocation Bond (2008 TABS) was issued. The
<br />purpose of the 2008 TABS was to provide funds to finance capital projects in the Alameda County -City of
<br />San Leandro former Redevelopment Project Area. A portion of the 2008 TABS were used to finance
<br />projects that meet the goals and objectives set forth in the former Redevelopment Plan. These include,
<br />but not limited to, design and construction of a senior center, a proposed parking garage, and
<br />infrastructure improvements on East 14t` Street. Interest rates vary from 4.70% to a maximum of 5.00%
<br />and are payable annually. Principal payments are payable annually on November 1.
<br />At June 30, 2013, future debt service requirements for the 2008 Tax Allocation Bonds were as follows:
<br />For The Year
<br />Ending June 30
<br />Principal
<br />Interest
<br />$291,174
<br />2014
<br />$530,000
<br />$1,314,438
<br />2015
<br />550,000
<br />1,287,438
<br />2016
<br />570,000
<br />1,259,437
<br />2017
<br />595,000
<br />1,230,313
<br />2018
<br />620,000
<br />1,199,938
<br />2019-2023
<br />3,530,000
<br />5,510,907
<br />2024-2028
<br />4,440,000
<br />4,546,019
<br />2029-2033
<br />5,715,000
<br />3,257,790
<br />2034-2038
<br />7,445,000
<br />1,513,485
<br />2039
<br />1,730,000
<br />46,710
<br />$25,725,000
<br />$21,166,475
<br />2013 Refunding Lease Revenue Bonds
<br />Total
<br />$1,844,438
<br />1,837,438
<br />1,829,437
<br />1,825,313
<br />1,819,938
<br />9,040,907
<br />8,986,019
<br />8,972,790
<br />8,958,485
<br />1,776,710
<br />$46,891,475
<br />In 2013, the City issued $11,995,000 principal amount of 2013 Refunding Lease Revenue Bonds (2013
<br />RLRB) was issued. The purpose of the 2013 RLRBs was to refund the 2003 COPS and 2001 COPS. The
<br />2013 RLRBs bear interest rates ranging from 2.0% to 5.00% and are payable semiannually on each June 1
<br />and December 1. Principal payments are payable annually on December 1.
<br />The refunding resulted in a present value of savings of $1,348,397 or 11.24% of the refunded bonds.
<br />Through a five-year extension of debt service on the outstanding COPs, $2,750,000 of capital improvement
<br />funds and a slight reduction was generated in the annual debt service payment.
<br />At June 30, 2013, future debt service requirements for the Successor Agency's portion of the 2013
<br />Refunding Lease Revenue Bonds were as follows:
<br />For The Year
<br />Ending June 30 Principal
<br />Interest Total
<br />2014
<br />$175,000
<br />$116,174
<br />$291,174
<br />2015
<br />175,000
<br />97,790
<br />272,790
<br />2016
<br />175,000
<br />93,415
<br />268,415
<br />2017
<br />203,000
<br />87,745
<br />290,745
<br />2018
<br />204,000
<br />81,640
<br />285,640
<br />2019-2023
<br />1,131,000
<br />305,375
<br />1,436,375
<br />2024-2027
<br />1,049,000
<br />88,683
<br />1,137,683
<br />$3,112,000
<br />$870,822
<br />$3,982,822
<br />85
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