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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 7 - LONG-TERM DEBT (Continued)
<br />
<br />At June 30, 2015, future debt service requirements for the 2007 COPs follows:
<br />
<br />For The Year
<br /> Ending June 30 Prin c ipal Interest Total
<br />2016 870,000$ 725,119$ 1,595,119$
<br />2017 910,000 689,519 1,599,519
<br />2018 945,000 652,418 1,597,418
<br />2019 985,000 613,818 1,598,818
<br />2020 1,020,000 573,718 1,593,718
<br />2021-2025 5,765,000 2,190,922 7,955,922
<br />2026-2030 7,110,000 803,905 7,913,905
<br />17,605,000$ 6,249,419$ 23,854,419$
<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 />
<br />2013 Refunding Lease Revenue Bonds
<br />
<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 and retire the City’s 2003 COPs and 2001 COPs.
<br />The 2013 RLRBs bear interest rates ranging from 2.0% to 5.00% and are payable semiannually on each
<br />June 1 and December 1. Principal payments are payable annually on December 1.
<br />
<br />The refunding of the 2003 COPs resulted in a present value of savings of $928,703 of the refunded bonds.
<br />At June 30, 2015, future debt service requirements for the City’s portion of the 2013 RLRB follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2016 140,000$ 300,866$ 440,866$
<br />2017 587,000 289,961 876,961
<br />2018 601,000 272,141 873,141
<br />2019 621,000 253,811 874,811
<br />2020 641,000 234,881 875,881
<br />2021-2025 3,550,000 822,016 4,372,016
<br />2026-2028 2,463,000 161,939 2,624,939
<br />8,603,000$ 2,335,615$ 10,938,615$
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