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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2014
<br />NOTE 17 — SUCCESSOR AGENCY ACTIVITIES (Continued)
<br />2013 Refunding Lease Revenue Bonds
<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, $2,750,000 of capital improvement
<br />funds and a slight reduction was generated in the annual debt service payment.
<br />At June 30, 2014, future debt service requirements for the Successor Agency's portion of the 2013
<br />Refunding Lease Revenue Bonds were as follows:
<br />For The Year
<br />Ending June 30 Principal
<br />2015
<br />$ 175,000
<br />2016
<br />175,000
<br />2017
<br />203,000
<br />2018
<br />204,000
<br />2019
<br />214,000
<br />2020-2024
<br />1,166,000
<br />2025-2027
<br />800,000
<br />$ 2,937,000
<br />Interest
<br />$ 97,790
<br />93,415
<br />87,745
<br />81,640
<br />75,370
<br />265,869
<br />52,819
<br />$ 754,648
<br />Owner Participation Agreements with Agency Commitment
<br />Total
<br />$ 272,790
<br />268,415
<br />290,745
<br />285,640
<br />289,370
<br />1,431, 869
<br />852,819
<br />$ 3,691,648
<br />Balance Balance
<br />June 30, 2013 Retirements June 30, 2014
<br />Ford Motor Company $ 1,885,016 $ (168,979) $ 1,716,037
<br />Total $ 1,885,016 $ (168,979) $ 1,716,037
<br />The Agency entered into the following agreements which represent contingency liabilities for the Agency:
<br />Ford Motor Company Owner Participation Agreement - The agreement required the Agency to make
<br />annual payment equivalent to 50% of the sales tax generated above a base of $277,000 by the sale of
<br />vehicles as part of the Ford Store San Leandro development. The amount due is paid over several years
<br />depending on the volume of auto sales at no interest.
<br />0A,
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