|
City of San Leandro
<br />Notes to Basic Financial Statements
<br />For the year ended June 30, 2013
<br />NOTE 7 - LONG-TERM DEBT (Continued)
<br />At June 30, 2013, future debt service requirements for the City's portion of the 2013 RLRB follows:
<br />For The Year
<br />Ending June 30
<br />Principal
<br />Interest
<br />Total
<br />2014
<br />2014
<br />$140,000
<br />$351,737
<br />$491,737
<br />2015
<br />140,000
<br />304,366
<br />444,366
<br />2016
<br />140,000
<br />300,866
<br />440,866
<br />2017
<br />587,000
<br />289,961
<br />876,961
<br />2018
<br />601,000
<br />272,141
<br />873,141
<br />2019-2023
<br />3,314,000
<br />1,059,855
<br />4,373,855
<br />2024-2028
<br />3,961,000
<br />412,792
<br />4,373,792
<br />$8,883,000
<br />$2,991,718
<br />$11,874,718
<br />2012 Taxable Pension Obligation Bonds
<br />In 2012, the City issued $18,305,000 principal amount of 2012 Taxable Pension Obligation Bonds (2012
<br />POB). The purpose of the 2012 POB is to save the City money, the interest rate, including the cost of
<br />issuance, must be significantly less than the interest rate the Ca1PERS charges to amortize the public
<br />safety side fund which is distinct from the City's other Ca1PERS plans. Side funds are retired over a
<br />fixed term with a fixed amortization schedule based on Ca1PERS actuarial earnings assumption rate
<br />(7.75%). Principal is due annually on December 1 and the interest is due semi-annually on June 1 and
<br />December 1 through June 2024. Debt service is payable from available City resources. For fiscal year
<br />2013, principal and interest paid was $1,615,144.
<br />For The Year
<br />Ending June 30
<br />Principal
<br />Interest
<br />2014
<br />$910,000
<br />$742,962
<br />2015
<br />1,120,000
<br />729,404
<br />2016
<br />1,210,000
<br />708,124
<br />2017
<br />1,305,000
<br />678,236
<br />2018
<br />1,415,000
<br />636,868
<br />2019-2023
<br />9,240,000
<br />2,144,156
<br />2024
<br />2,385,000
<br />132,127
<br />$17,585,000
<br />$5,771,877
<br />2010 Master Equipment Lease/Purchase Agreement
<br />Total
<br />$1,652,962
<br />1,849,404
<br />1,918,124
<br />1,983,236
<br />2,051,868
<br />11,384,156
<br />2,517,127
<br />$23,356,877
<br />On November 23, 2009, the City entered into a Lease/Purchase Agreement with Oshkosh Capital to
<br />Lease/Purchase Equipment in the amount of $461,717. The Equipment was for the Fire Department's
<br />2010 Triple Combination Pumper Truck. The interest rate is 3.99% payable in five (5) years.
<br />64
<br />
|