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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2015
<br />
<br />
<br />NOTE 17 – SUCCESSOR AGENCY ACTIVITIES (Continued)
<br />
<br />2004 Tax Allocation Bonds
<br />
<br />In 2004, the City issued $5,500,000 principal amount of 2004 Tax Allocation Bonds (2004 TABs). The
<br />purpose of the 2004 TABs was to assist the former Redevelopment Agency of the City finance
<br />redevelopment activities within the West San Leandro/MacArthur Boulevard former Redevelopment Project
<br />Area of the City.
<br />
<br />As of June 30, 2015, the 2004 Tax Allocation Bonds were refunded and retired by the former
<br />Redevelopment Agency through the issuance of the 2014 Tax Allocation Bonds.
<br />
<br />2008 Tax Allocation Bonds
<br />
<br />In 2008, $27,530,000 principal amount of 2008 Tax Allocation Bond (2008 TABs) was issued. The
<br />purpose of the 2008 TABs was to provide funds to finance capital projects in the Alameda County-City of
<br />San Leandro former Redevelopment Project Area. A portion of the 2008 TABs were used to finance
<br />projects that meet the goals and objectives set forth in the former Redevelopment Plan. These include,
<br />but not limited to, design and construction of a senior center, a proposed parking garage, and
<br />infrastructure improvements on East 14th Street. Interest rates vary from 4.70% to a maximum of 5.00%
<br />and are payable annually. Principal payments are payable annually on November 1.
<br />
<br />At June 30, 2015, future debt service requirements for the 2008 Tax Allocation Bonds were as follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2016 570,000$ 1,259,437$ 1,829,437$
<br />2017 595,000 1,230,313 1,825,313
<br />2018 620,000 1,199,938 1,819,938
<br />2019 645,000 1,168,313 1,813,313
<br />2020 675,000 1,136,325 1,811,325
<br />2021-2025 3,860,000 5,155,870 9,015,870
<br />2026-2030 4,895,000 4,076,745 8,971,745
<br />2031-2035 6,360,000 2,621,753 8,981,753
<br />2036-2039 6,425,000 715,905 7,140,905
<br />24,645,000$ 18,564,599$ 43,209,599$
<br />
<br />2013 Refunding Lease Revenue Bonds
<br />
<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 />
<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.
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