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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2015
<br />
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<br />NOTE 17 – SUCCESSOR AGENCY ACTIVITIES (Continued)
<br />
<br />2014 Tax Allocation Refunding Bonds
<br />
<br />On September 30, 2014, the Successor Agency issued $11,235,000 of Tax Allocation Bonds (2014 TABs)
<br />to prepay the 2002 and 2004 Tax Allocation Bonds and to pay issuance costs. The 2014 TABs are payable
<br />and secured by a pledge of tax revenues from tax increment generated in the Plaza Project Area and the
<br />West San Leandro/MacArthur Boulevard Project Area. The 2014 TABs bear interest rates ranging from
<br />3.5% to 5.00% and are payable semiannually on each Marsh 1st and September 1st. Principal payments are
<br />payable on September 1st.
<br />
<br />Proceeds were deposited in an irrevocable trust with an escrow agent to provide funds to fully redeem, on
<br />October 30, 2014, the principal and accrued interest of the 2002 and 2004 Tax Allocation Bonds. As a
<br />result, the 2002 and 2004 Tax Allocation Bonds are considered redeemed (current refunding) and the
<br />liability for those bonds has been removed from the statement of net position.
<br />
<br />The current refunding of the 2002 and 2004 Tax allocation bonds reduced the total debt service payments
<br />over 20 years by $5,889,081 and to obtain an economic gain (difference between the present values of the
<br />debt service payments on the old and new debt) of $2,648,450.
<br />
<br />At June 30, 2015, future debt service requirements for the 2014 Tax Allocation Refunding Bonds were as
<br />follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2016 $537,825$ 537,825$
<br />2017 $537,825 537,825
<br />2018 $537,825 537,825
<br />2019 $537,825 537,825
<br />2020 405,000 $527,700 932,700
<br />2021-2025 3,385,000 2,196,000 5,581,000
<br />2026-2030 4,130,000 1,235,875 5,365,875
<br />2031-2035 3,315,000 263,613 3,578,613
<br />11,235,000$ 6,374,488$ 17,609,488$
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