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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2014 NOTE 17 — SUCCESSOR AGENCY ACTIVITIES (Continued) HUD 108 Guarantee Notes In 2000, the City received a $1,000,000 20 -year federal loan from Housing and Urban Development (HUD 108 Guarantor loan), at an interest rate of 5.6% to finance the acquisition and construction of affordable housing for seniors within the City of San Leandro. The loan is secured and payable from the Agency's 20% Housing Set -Aside Fund. The debt was assumed by the Successor Agency. Future debt service payments for the HUD 108 Guarantee loan were as follows: For The Year Ending June 30 Principal Interest Total 2015 $ 63,000 $ 9,243 $ 72,243 2016 63,000 7,983 70,983 2017 63,000 6,452 69,452 2018 63,000 4,697 67,697 2019 63,000 2,798 65,798 2020 55,000 908 55,908 $ 370,000 $ 32,081 $ 402,081 Authorized but unissued debt On June 16, 2014, the Oversight Board of the Successor Agency to the Redevelopment Agency of the City of San Leandro approved the Issuance of Refunding Bonds in the aggregate principal not to exceed $14,000,000 in Order to Refund the Redevelopment Agency of the City of San Leandro Tax Allocation Bonds, Series 2002 with the outstanding balance of $10,375,000 and the Redevelopment Agency of the City of San Leandro Tax Allocation Bonds, Series 2004, with the outstanding balance of $4,720,000. E. Governmental Accounting Standards Board (GASB) Statement No. 65 Restatement For the fiscal year ended June 30, 2014, the Successor Agency to the Redevelopment Agency Private - purpose Trust Fund is required to implement the provisions of GASB No.65, Items Previously Reported as Assets and Liabilities. The implementation resulted in the write-off of the previously outstanding unamortized bond issuance costs. As a result, beginning net position of the Private -purpose Trust Fund was reduced by $608,831. 011