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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2014
<br />NOTE 7 - LONG-TERM DEBT (Continued)
<br />At June 30, 2014, future debt service requirements for the 2007 COPS follows:
<br />For The Year
<br />Ending June 30
<br />Principal
<br />Interest
<br />Total
<br />2015
<br />$ 840,000
<br />$ 759,319
<br />$ 1,599,319
<br />2016
<br />870,000
<br />725,119
<br />1,595,119
<br />2017
<br />910,000
<br />689,519
<br />1,599,519
<br />2018
<br />945,000
<br />652,418
<br />1,597,418
<br />2019
<br />985,000
<br />613,818
<br />1,598,818
<br />2020-2024
<br />5,535,000
<br />2,426,390
<br />7,961,390
<br />2025-2029
<br />6,815,000
<br />1,108,358
<br />7,923,358
<br />2030
<br />1,545,000
<br />33,797
<br />1,578,797
<br />$ 18,445,000
<br />$ 7,008,738
<br />$ 25,453,738
<br />The proceeds from the 1999 COP refunding issue were placed in irrevocable escrow account overseen by
<br />independent bank fiscal agents. The proceeds are generally invested in U.S. Treasury Securities, which
<br />together with earned interest, will provide amounts sufficient for future payment of interest, principal, and
<br />redemption premium on the defeased bond in the amount of $27,257,815. The escrow account is not
<br />included as assets of the City. The defeased bonds are excluded from the City's long-term obligations
<br />because the arrangement satisfies requirements of defeasance.
<br />2013 Refunding Lease Revenue Bonds
<br />In April 2013, the City issued $8,883,000 principal amount of 2013 Refunding Lease Revenue Bonds (2013
<br />RLRB). The purpose of the 2013 RLRBs was to refund the City's 2003 COPS and 2001 COPs. The 2013
<br />RLRBs bear interest rates ranging from 2.0% to 5.00% and are payable semiannually on each June 1 and
<br />December 1. Principal payments are payable annually on December 1.
<br />The refunding of the 2003 COPs resulted in a present value of savings of $928,703 of the refunded bonds.
<br />At June 30, 2014, future debt service requirements for the City's portion of the 2013 RLRB follows:
<br />For The Year
<br />Ending June 30
<br />Principal
<br />Interest
<br />Total
<br />2015
<br />$ 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
<br />621,000
<br />253,811
<br />874,811
<br />2020-2024
<br />3,429,000
<br />943,880
<br />4,372,880
<br />2025-2028
<br />3,225,000
<br />274,956
<br />3,499,956
<br />$ 8,743,000
<br />$ 2,639,981
<br />$ 11,382,981
<br />roX
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