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City of San Leandro
<br />Notes to Basic Financial Statements
<br />For the year ended June 30, 2013
<br />NOTE 7 - LONG-TERM DEBT
<br />A. Governmental Activities Long -Term Debt
<br />Summary of changes in governmental activities long-term debt for the year ended June 30, 2013, follows:
<br />Capital Leases:
<br />2010 Pumper Truck
<br />2011 Fire Truck
<br />Total Capital Leases
<br />Other Debt
<br />HUD 108 Loan - Guarantee Loan -
<br />Senior Center
<br />Total Other Debt
<br />Total Government Activity Debt
<br />Plus unamortized:
<br />Discount (2007 TAB)
<br />Discount (2012 POB)
<br />Premium (2003 TAB)
<br />Premum (2013 RLRB)
<br />Total General Long-term Obligations
<br />2003 Certificates of Participation
<br />287,790
<br />Balance
<br />(92,202)
<br />Balance
<br />Due within
<br />Due in more
<br />Governmental Activity Debt:
<br />June 30, 2012
<br />Additions Retirements
<br />June 30, 2013
<br />one year
<br />than one year
<br />Certificates of Participation Bonds:
<br />971,090
<br />(278,060)
<br />980,820
<br />285,828
<br />694,992
<br />2003 Certificates of Participation
<br />$9,490,000
<br />($9,490,000)
<br />2,369,000
<br />2007 Certificates of Participation
<br />20,025,000
<br />(775,000)
<br />$19,250,000
<br />$805,000
<br />$18,445,000
<br />Lease Revenue Bonds:
<br />2,238,000
<br />131,000
<br />2,107,000
<br />2013 Refunding Lease Revenue Bonds
<br />$9,854,090
<br />($11,394,060)
<br />$48,936,820
<br />$2,271,828
<br />$46,664,992
<br />City portion
<br />$8,883,000
<br />8,883,000
<br />140,000
<br />8,743,000
<br />2012 Taxable Pension Obligation Bonds
<br />18,305,000
<br />(720,000)
<br />17,585,000
<br />910,000
<br />16,675,000
<br />Total Governmental Activity Debt
<br />47,820,000
<br />8,883,000 (10,985,000)
<br />45,718,000
<br />1,855,000
<br />43,863,000
<br />Capital Leases:
<br />2010 Pumper Truck
<br />2011 Fire Truck
<br />Total Capital Leases
<br />Other Debt
<br />HUD 108 Loan - Guarantee Loan -
<br />Senior Center
<br />Total Other Debt
<br />Total Government Activity Debt
<br />Plus unamortized:
<br />Discount (2007 TAB)
<br />Discount (2012 POB)
<br />Premium (2003 TAB)
<br />Premum (2013 RLRB)
<br />Total General Long-term Obligations
<br />2003 Certificates of Participation
<br />287,790
<br />(92,202)
<br />195,588
<br />95,881
<br />99,707
<br />971,090
<br />(185,858)
<br />785,232
<br />189,947
<br />595,285
<br />287,790
<br />971,090
<br />(278,060)
<br />980,820
<br />285,828
<br />694,992
<br />2,369,000
<br />(131,000)
<br />2,238,000
<br />131,000
<br />2,107,000
<br />2,369,000
<br />(131,000)
<br />2,238,000
<br />131,000
<br />2,107,000
<br />$50,476,790
<br />$9,854,090
<br />($11,394,060)
<br />$48,936,820
<br />$2,271,828
<br />$46,664,992
<br />($38,483)
<br />$2,264
<br />($36,219)
<br />($2,264)
<br />($33,955)
<br />(120,158)
<br />10,119
<br />(110,039)
<br />(10,119)
<br />(99,920)
<br />388,822
<br />(388,822)
<br />$298,315
<br />(4,972)
<br />293,343
<br />19,888
<br />273,455
<br />$50,706,971 $10,152,405 ($11,775,471) 149,083,905 $2,279,333 $46,804,572
<br />In 2003, the City issued $12,550,000 principal amount of 2003 Certificates of Participation (2003 COPs).
<br />The purpose of the 2003 COPs was to refund the City's 1993 COPs and raise capital funds for a new
<br />aquatics center. The 2003 COPs bear interest rates ranging from 2.5% to 5.00% and are payable
<br />semiannually on each June 1 and December 1. Principal payments are payable annually on June 1. The
<br />COPs evidence fractional interests of the owners in lease payments to be made by the City for use and
<br />occupancy of the San Leandro City Hall.
<br />The 2003 COPS resulted in a present value of savings of $1,166,751 or 11.75% of the refunded bonds.
<br />Through a five-year extension of debt service on the outstanding COPs, the city was able to generate
<br />$2,750,000 of capital improvement funds and a slight reduction in the annual debt service payment.
<br />In fiscal year 2013, the City issued $8,883,000 principal amount of 2013 Refunding Lease Revenue Bonds
<br />(2013 RLRBs) and refunded the 2003 COPs. The outstanding principal amount of $9,490,000 for the 2003
<br />COPS was defeased in fiscal year 2013.
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