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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 />B. Long -Term Debt of Business -Type and Proprietary Funds
<br />Summary of changes in long-term debt of business -type and proprietary funds for the year ended June 30,
<br />2014:
<br />Balance Balance Due within Due in more than
<br />June 30, 2013 Additions Retirements June 30, 2014 one year one year
<br />Marina Note $ 2,090,596 $ $ 198,841 $ 1,891,755 $ 207,791 $ 1,683,964
<br />State Water Resources
<br />Control Board 21,336,055 14,686,845 36,022,900 36,022,900
<br />Total $ 23,426,651 $ 14,686,845 $ 198,841 $ 37,914,655 $ 207,791 $ 37,706,864
<br />State Water Resources Control Board
<br />On August 4, 2011, the City entered into a Finance Agreement with the State Water Resources Control
<br />Board in the total principal amount of $43,000,000, for the purpose of financing the Wastewater System
<br />Expansion and Improvement Project. The loan bears an interest rate of 2.6%. Principal and interest
<br />payments are payable annually on July 1. The debt is secured by the WPCP Enterprise Fund operating
<br />revenues. At June 30, 2014, the City has drawn down $36.02 million from the State Water Resource
<br />Control Board and the remaining balance of $6.98 million is expected to be drawn down in fiscal year
<br />2014-15.
<br />There was no debt service payment in fiscal year 2013-14, with the first debt service payment of $4.2
<br />million due in fiscal year ending 2015-16. Future debt service is expected to average $3 million per year
<br />through fiscal year 2034-35 for a total $58.8 million.
<br />Marina Cal Boating Notes Payable
<br />The City entered into various construction loan agreements with the California Department of Boating
<br />and Waterways in the total principal amount of $5,331,032. The loans bear an average interest rate of
<br />4.50%. Principal and interest payments are payable annually on each August 1. The debt is secured by
<br />Shoreline Enterprise Fund operating revenues.
<br />At June 30, 2014, future debt service requirements for the Marina Cal Boating Notes Payable are as
<br />follows:
<br />For The Year
<br />Ending June 30 Principal Interest Total
<br />2015
<br />$ 207,791
<br />$ 85,219
<br />$ 293,010
<br />2016
<br />217,141
<br />75,868
<br />293,009
<br />2017
<br />226,911
<br />66,098
<br />293,009
<br />2018
<br />237,124
<br />55,887
<br />293,011
<br />2019
<br />247,793
<br />45,216
<br />293,009
<br />2020-2024
<br />688,907
<br />76,752
<br />765,659
<br />2025-2027
<br />66,088
<br />6,218
<br />72,306
<br />$ 1,891,755
<br />$ 411,258
<br />$ 2,303,013
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